| Summary: | 碩士 === 國立臺北大學 === 國際企業研究所 === 106 === After the global financial crisis in 2008, the Fed started to implement quantitative easing policy (QE policy) to improve the economy of the United States. Based on the above, this study aims to examine how U.S. QE policy affected Exchange Market Pressure (EMP) in emerging countries. By comparing with the impact of the United States conventional monetary policy on EMP in emerging countries before the financial crisis, we discussed whether unconventional monetary policy such as QE caused a more dramatic impact on the foreign exchange market in emerging countries than conventional monetary policy. In addition, we also compared the impact of each period of QE on the EMP of these countries.
By using Panel OLS Regression Model and collecting the data of EMP in 42 emerging countries from 2002Q2 to 2015Q1, our empirical results evidenced that QE policy and U.S. conventional monetary policy caused different influences, QE policy caused the appreciation pressure in other countries. In addition, from the research of the impact of QE1, QE2, and QE3, we also found the influences were different, the influence of QE2 was significant, but both QE1 and QE3 were not significant. Besides that, we also divided emerging countries according their exchange rate regime and geographical location, respectively. In the part of different regions, the results reported that countries adopting free floating regime were most likely affected by QE policy. In the part of different regions, we found QE policy caused appreciation pressure in each region except emerging Latin America.
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