Áhrif vaxtaákvarðana bandaríska seðlabankans á vexti í þróunarlöndunum

Kristin Van Gaasbeck heldur erindi á málstofu Hagfræðideildar í fundarherberginu á 3. Hæð í Odda (vesturenda). Kristin Van Gaasbeck er doktor í hagfræði, dósent við California State University og styrkþegi Fulbrights. Hún kennir nú peningamálahagfræði í meistaranámi við Hagfræðideild Háskóla Íslands.

 

Erindi hennar fjallar um áhrif vaxtaákvarðana bandaríska seðlabankans á vexti í þróunarlöndunum. Fyrirlesturinnfer fram á ensku.

 

Ágrip á ensku:

NEW TOOLS FOR A NEW ERA: AN ANALYSIS OF THE FEDERAL RESERVE’S INFLUENCE ON EMERGING MARKET INTEREST RATES

 

The 2007-2009 financial crisis rendered the Federal Reserve’s primary policy tool, the federal funds rate, ineffective once it reached its lower bound. The Fed's unconventional use of quantitative easing allowed emerging markets to obtain record low interest rates on debt financing and influenced the direction of their local monetary policies. This research explores the impact of Federal Reserve policy on emerging market interest rates  before and after the global financial crisis using weekly data from January 2000 through April 2012. We find that capital controls provide some buffer in emerging markets, but the strength of this effect varies considerably. The overall effect of the quantitative easing in the post-crisis period is downward pressure on domestic interest rates; those countries with capital controls in place partially mitigate this effect.