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Advisor(s)
Abstract(s)
The impacts of the unconventional monetary policy measures adopted by central
banks after the 2007 fnancial crisis have been the focus of an increasing number of
empirical studies. While some studies have focused on the impacts on the domestic economy, others have examined the international spillover efects of the policies adopted by the major central banks. The latter studies have, however, reported
heterogeneous results. In this paper, we develop a meta-analysis of the empirical
literature that examines the spillover efects of unconventional monetary policy on
international capital fows. We fnd that, while the global average efect is not statistically diferent from zero, there are specifc efects that vary signifcantly according
to the development level of the destination country, the nature of the capital fow, the
Central Bank that adopts the UMP, and the type and year of implementation of the
UMP measure.
Description
Keywords
Unconventional monetary policy International spillovers Capital fows Meta-analysis
Pedagogical Context
Citation
Araújo, T. ... [et al.] (2025). "International spillovers of unconventional monetary policy: a meta-analysis". Portuguese Economic Journal, 24(2):205-224