Investment Funds, Monetary Policy, and the Global Financial Cycle
用结构贝叶斯向量自回归模型分析国际投资基金如何将全球金融状况传导至欧元区，发现美国货币政策宽松会推高全球股票和债务基金流入，进而影响欧元区资产价格和发行量。
Abstract This paper examines the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital flows receded significantly in the aftermath of the global financial crisis, portfolio flows from investors actively searching for yield on financial markets worldwide gained importance during the post-crisis “second phase of global liquidity”. The analysis presented in this paper shows that a loosening of US monetary policy leads to higher investment fund inflows to equities and debt globally. Focussing on the euro area, these inflows not only imply elevated asset prices but also coincide with increased debt and equity issuance. The findings demonstrate the growing importance of non-bank financial intermediation over the past decade and hold important policy implications for monetary and financial stability.