Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/163216 
Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
ADBI Working Paper No. 707
Verlag: 
Asian Development Bank Institute (ADBI), Tokyo
Zusammenfassung: 
The purpose of this paper is to explore the spillover effects Japan's negative interest rate policy (NIRP) had on Asian financial markets. Unlike the quantitative and qualitative monetary easing (QQE) without a negative interest rate, the NIRP not only had limited impacts on Japan's economy but also raised a serious concern about profitability of local financial institutions. It is thus likely that its spillover effects are very different from those of the QQE without a negative interest rate. In the analysis, we examine spillover effects on Asian stock markets. We find that Japan's long-term interest rate had significant negative effects on Asian stock prices during the NIRP period. We also find that the spillover effects were especially significant through a decline of excess returns in Japan's finance sector. The results imply that the NIRP that lowered the long-term rate below zero might have benefited Asian economies. We discuss that this might have happened because local financial institutions who lost their profit opportunities in domestic markets explored a new profit opportunity in emerging Asia after the NIRP was announced.
Schlagwörter: 
negative interest rate
international spillover
emerging economies
stock markets in Asia
financial institutions
JEL: 
F10
F32
E52
Creative-Commons-Lizenz: 
cc-by-nc-nd Logo
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
1.07 MB





Publikationen in EconStor sind urheberrechtlich geschützt.