Unconventional monetary policy and international equity capital flows to emerging markets
研究美联储、欧央行和日本央行的资产增长及其意外变动如何影响全球投资基金对新兴市场的股权资本流入，发现美联储资产增长有正向溢出效应，而资产增长意外则与资本流入负相关。
Abstract This paper examines the relationship between monetary policies pursued by three major central banks (U.S. Federal Reserve, European Central Bank and Bank of Japan) and net equity capital flows to emerging markets (EMs) by global investment funds. We focus on two aspects of central bank policy: The growth of central bank assets and the surprise element of asset growth. We find, first, positive, economically large and statistically significant spillovers from the U.S. Federal Reserve asset growth to EM equity inflows following the adoption of unconventional monetary policies. Second, U.S. Federal Reserve and (to a lesser extent) European Central Bank asset growth surprises are negatively related to EM capital flows.