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June 2016
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Sanket Mohapatra is a faculty in
Economics area. His areas of research
interest include International finance, international
macroeconomics, global capital flows, sovereign and sub-sovereign credit
ratings, corporate financing patterns in emerging economies, poverty,
inequality and economic growth, international migration and remittances.
sanketm@iima.ac.in sanketm@iima.ac.in
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Quantitative Easing and the Post-Crisis Surge in Financial Flows to Developing CountriesIn Journal of International Money and Finance, February 19, 2016 (Online Reference: DOI:10.1016/j.jimonfin.2016.02.009)Jamus Jerome Lim and Sanket Mohapatra This paper examines gross financial inflows to developing
countries between 2000 and 2013, with a focus on the potential effects of
quantitative easing (QE) policies in the United States and other high-income
countries. We find evidence for potential transmission of QE along observable
liquidity, portfolio balancing, and confidence channels. Moreover, we find that
QE had an additional latent effect over and above theseobservable channels, one that
survives an array of robustness tests, retains its significance across
different types of financial flows, and which cannot be attributed to changes
in expectations or elasticity. Our baseline estimates place the lower bound of
a QE effect at around 5 percent of gross inflows above trend, for the average
developing economy, which is a magnitude comparable to a one standard deviation
change along the traditional channels. We also find evidence of heterogeneity
among different types of flows; portfolio (especially bond) flows tend to be
more sensitive than FDI to our measured QE effects.
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Abstracts of other articles published in refereed journals included in this issue
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Debjit Roy, Fabiana Tornese, Andres L. Carrano, Brian K. Thorn and Jennifer A. Pazour
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Ernesto Noronha, Premilla D’Cruz and Sarosh Kuruvilla
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Neharika Vohra and Rahul Chandra Sheel
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Poornima Varma and Akash Issar
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Rajesh Chandwani and Rahul Dey
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Viswanath Pingali, Federico Boffa and Francesca Sala
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Navdeep Mathur, Sejal Patel and Richard Sliuzas
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Ankur Sarin and Saravana Jaikumar
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Sachin Jayaswal, Navneet Vidyarthi and Vikranth Babu Tirumala Chetty
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Viswanath Pingali and Ratul Lahkar
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Amit Karna, Christian Landau and Miriam Sailer
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Manish Aggarwal and Madasu Hanmandlu
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