RIEBセミナー RIEB Seminar
| 日時 | 2014年7月25日（金）午後3時00分から |
|---|---|
| 会場 | 神戸大学経済経営研究所 会議室（新館2階） |
| 対象 | 教員、院生、学部生、および製造企業などで技術・製品開発に関わりを持たれている方 |
| 使用言語 | 英語 |
| 備考 | 論文のコピーは共同研究推進室にご用意しています。 |
3:00pm～
| 報告者 | Kwanho SHIN |
|---|---|
| 所属 | 高麗大学校経済学部 |
| 論題 | Capital Flows during Quantitative Easing and Aftermath: Experiences of Asian Countries |
| 概要 | A potentially important side effect of quantitative easing (QE) by the US Fed is the expansion of capital flows into developing countries. As a result, there is widespread concern that QE tapering may trigger financial instability in those countries. The central objective of our paper is to empirically investigate this important issue by (1) examining the effect of QE on capital flows into developing Asia, and (2) analyzing the different factors which influence the effect of QE tapering on financial instability in order to identify the most significant factors. We find that QE1 had a bigger impact on capital flows than QE2 and QE3, and credit expansion and capital inflows magnified the effect of QE tapering on financial instability. While there is no evidence that macroprudential policies directly reduced the effect of QE tapering, they can nevertheless be useful preemptive measures. |