Over the last two decades, the unprecedented increase in non-bank financial intermediation,
particularly the rise of open-end mutual funds and exchange-traded funds, accounts for …

Abstract In November 2008, the Federal Reserve faced a deteriorating economy and a
financial crisis. The federal funds rate had already been reduced to virtually zero. Thus, the …

This study quantifies the importance of a Global Financial Cycle (GFCy) for capital flows. We
use capital flow data dis-aggregated by direction and type between 1990Q1 and 2015Q5 for …

Climate change is already a systemic risk to the global economy. While there is a large body
of literature documenting potential economic consequences, there is scarce research on the …

Countries' gross capital inflows are not equally affected by changes in global conditions.
Analyzing 21 advanced countries (ACs) and 33 emerging markets (EMs) between 2001 and …

This chapter analyses the empirical literature on the effectiveness of unconventional
monetary policies (UMP) in responding to financial crises and boosting economic activity. It …

We employ a structural global VAR model to analyze whether US unconventional monetary
policy shocks, identified through changes in the central bank's balance sheet, have an …

We estimate international spillover effects of US Quantitative Easing (QE) on emerging
market economies (EMEs). Using a Bayesian panel VAR we find that an expansionary US …

We assess the importance of economic fundamentals in the transmission of international
shocks to financial markets in various emerging market economies (EMEs), covering the so …

Unconventional monetary policy such as Quantitative Easing (QE) is often considered to
have considerable spillover effects on emerging market economies (EME). Aims at …