The assessment of the United States quantitative easing policy: Evidence from global stock markets
研究了美国量化宽松政策对全球股票市场的影响，发现商业周期和GDP对多数国家股市有负面影响，而购买美国国债和抵押贷款支持证券对股市有正面影响，且危机后波动易受坏消息影响。
Abstract This study assesses the performance of the quantitative easing policy implemented by the United States (US) on the stock markets with a framework of structure break. The empirical results show that the business cycle or the value of gross domestic production has a negative impact on the stock markets for most of the countries even if both gross domestic production and many stock prices are procyclical. Moreover, the purchases of US Treasury securities and mortgage‐backed securities respectively affect the stock markets synchronously and laggardly. Notably, they both have a positive impact on the stock markets during the study period. Finally, during the after structure break period, the volatility can be easily affected by bad news, and the investors have the lower profit or even the greater loss and bear the greater risk and variation of risk owing to the global financial crisis caused by the US. On the basis of the above findings, some policy implications are offered in this study.