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    Spillover Effects of Japan’s Quantitative and Qualitative Easing on East Asian Economies

    Fukuda, Shin-ichi | January 2017
    Abstract
    This paper explores the spillover effects of Japan’s quantitative and qualitative easing (QQE) on East Asian economies. Under the new monetary policy regime, the Japanese yen depreciated substantially, raising concerns that it would have a regional beggar-thy-neighbor effect. It is thus important to see what effects the QQE had on neighboring economies. Our empirical investigation of East Asian stock markets finds that they first reacted to the yen’s depreciation negatively, yet came to respond positively as the QQE progressed, implying that the QQE had a much smaller beggar-thy-neighbor effect than was originally feared. We show that the QQE benefited East Asian economies because the positive spillover effect of Japan’s stock market recovery dominated the beggar-thy-neighbor effect in the region.
    Citation
    Fukuda, Shin-ichi. 2017. Spillover Effects of Japan’s Quantitative and Qualitative Easing on East Asian Economies. © Asian Development Bank Institute. http://hdl.handle.net/11540/6792.
    Keywords
    International Financial Market
    Multilateral Financial Institutions
    Economic Recession
    Market
    Crisis
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Financial Stability
    Financial Management System
    Financial Restructuring
    Capital Market Development
    Market Development
    Economics
    Erosion
    International Economics
    Macroeconomic
    Macroeconomic Analysis
    Performance Evaluation
    Impact Evaluation
    Business recessions
    Multilateral development banks
    Regulatory reform
    Capital
    Exports
    Economic development projects
    Economic policy
    Economic forecasting
    Show allCollapse
    Citable URI
    http://hdl.handle.net/11540/6792
    Metadata
    Show full item record
    Thumbnail
    adbi-wp631.pdf (1.638Mb)
    Author
    Fukuda, Shin-ichi
    Theme
    Finance
    Economics

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    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise