期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：The paper investigates the impact of US quantitative easing (QE) on global non-financialcorporate bond issuance. It distinguishes between two QE instruments, MBS/GSE debt andTreasury bonds, and disentangles between two channels of transmission of QE to global bondmarkets, namely flow effects (purchases) and stock effects (holdings). We control for a number ofdomestic and global macro-financial factors. In particular, we control for weaknesses in crossborderand domestic banking which might have induced the corporate sector to issue more bonds.The results indicate that US QE had a large impact on corporate bond issuance, especially inemerging markets, and that flow effects (i.e. portfolio rebalancing) were the main transmissionchannel of QE. A counterfactual analysis shows that bond issuance in emerging markets since2009 would have been halved without QE.
关键词：monetary policy; quantitative easing; spill-overs; bond issuance; Federal Reserve; United;States; crisis management; emerging markets.
