聯邦儲備局量化寬鬆政策I&II對印度的影響

QUANTITATIVE EASING I & II BY FEDERAL RESERVE AND ITS IMPACTS ON INDIA

巴溥雅(BHANUPRIYA YATIN PAROLEKAR)

指導教授 ： 林哲群

國立清華大學/科技管理學院/國際專業管理碩士班/碩士(2013年)

摘要

The present work deals with the study of Quantitative easing I and II by Federal Reserve of United States and its impact on India. Global financial crisis 2007-2008 resulted by US subprime mortgage crisis brought deep global recession of 2008-2009. To recover from this, Federal Reserve of US implemented conventional as well as unconventional monetary policies. Quantitative easing (QE) or large scale asset purchase program (LSAP) is one of these unconventional policies. Until middle of 2011, two rounds of QE were carried out (called QE I & QE II) to ensure the economic growth in US. QE has cross border transmission channels through which it could affect global financial markets. One needs to consider these effects as it interferes with the policy making. This research uses trend analysis to examine longer term effects of QE I and QEII on Indian economy. The result suggests that QE policy had some impacts on India. It brought Foreign Institutional Investor’s (FII’s) investments to India, exerted appreciation pressure on currency. However, Impacts on stock market are not clear; however bilateral effects of stock market performances and FII’s investments are strongly suspected. There was no significant interference observed on the inflation pressure. Also, India’s GDP path too was not influenced by both QE policies. However, much detailed investigation is needed to confirm these inferences and to find the exact intensity of these impacts on Indian economy.

關鍵字

Quantitative Easing

並列摘要

無資料

並列關鍵字

Quantitative Easing

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