Resumo

GIL LEON, José Mauricio  e  TOCA TOCA, Julián Santiago. NON-CONVENTIONAL MONETARY POLICY IN THE US AND BEHAVIOR OF EMERGING MARKETS IN LATIN AMERICA. Tend. [online]. 2020, vol.21, n.1, pp.24-51. ISSN 0124-8693.  https://doi.org/10.22267/rtend.202101.126.

This paper intends to determine the incidence of the unconventional monetary policy of the United States implemented since the economic crisis of 2008 on five emerging markets in Latin America. Therefore, a transmission channel for external shocks was identified, which first affected the return of the stock indices, and then the pass-through to changes in exchange rates was generated due to the expansion in the of foreign capital inflows to countries in form of portfolio investment. The positive response of portfolio investment capital flows to the balance sheet expansions in each of the phases of quantitative easing was also evidenced through the estimation of panel data models.

JEL: F32, F36, F44, F49, G01, G11, G19

Palavras-chave : monetary policy; quantitative easing; stock market indices; capital flows..

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