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Persistent link: https://www.econbiz.de/10003363952
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10011604662
Persistent link: https://www.econbiz.de/10003898986
The paper shows that US monetary policy has been an important determinant of global equity markets. Analysing 50 equity markets worldwide, we find that returns fall on average around 3.8% in response to a 100 basis point tightening of US monetary policy, ranging from a zero response in some to a...
Persistent link: https://www.econbiz.de/10003320671
Persistent link: https://www.econbiz.de/10003800129
alternative measures, and find that, in the 2000s, financial globalization has grown only marginally and international portfolio … globalization for local market deepening, international risk diversification, financial contagion, and financial dollarization, and …Financial globalization, defined as global linkages through cross-border financial flows, has become increasingly …
Persistent link: https://www.econbiz.de/10013068213
This paper evaluates the spillovers from U.S. monetary policy to China's domestic interest rates over 1999-2016, focusing on the impacts of long-term interest rate and exchange rate regimes on the capacity of China to moderate external interest rate shocks. We find that China's central bank owns...
Persistent link: https://www.econbiz.de/10012949609
Persistent link: https://www.econbiz.de/10012801531
distinct impact of financial integration and globalization on several dimensions of real activity. We find that: (a) financial … financial integration predict better growth prospects; (c) both advances in financial integration and globalization are … financial integration and globalization indeed foster countries' growth, and there appears to be no trade-off between these …
Persistent link: https://www.econbiz.de/10009490605
This working paper evaluates the economic sources of the stock market responses of 40 countries to surprises in the fed funds rate (FFR), the Fed's forward guidance (FG) and large-scale asset purchases (LSAP). We decompose stock market returns into different components reflecting investors'...
Persistent link: https://www.econbiz.de/10012520011