危机时期美国非常规货币政策对越南的影响

Q2 Economics, Econometrics and Finance

Investment Management and Financial Innovations Pub Date : 2023-05-29 DOI:10.21511/imfi.20(2).2023.20

Nam Sy Ngo, Ha Thanh Doan

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引用次数: 0

摘要

该研究调查了美国非常规货币政策对越南经济的影响，重点关注产出和价格指数。此外，还探讨了这些指标对美国在全球金融危机和大流行危机期间实施的非传统工具带来的冲击的反应差异。运用结构向量自回归模型对2007年1月至2022年4月的月度数据进行分析，结果表明，美国非常规扩张性货币政策导致越南产出和物价指数上升。此外，风险承担渠道和投资组合再平衡渠道在向越南传递美国货币政策方面也很重要，它们通过资本流动激增导致资产价格飙升。此外，另一个重要发现是，在全球金融危机期间，美国非常规货币政策对越南经济的影响一般是疫情危机期间的两倍。

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Impact of the US unconventional monetary policy in times of crises on Vietnam

The study investigates the effects of the US unconventional monetary policy on the Vietnamese economy, focusing on the output and price index. Besides, the differences in the response of these indicators to the shock related to non-traditional tools implemented by the US in the Global Financial Crisis and during the pandemic crisis are also explored. By applying the Structural Vector Autoregressive model on the monthly dataset from January 2007 to April 2022, the results show that an expansionary monetary policy of the US by unconventional measures leads to a rise in the output and price index of Vietnam. In addition, risk-taking channels and portfolio rebalancing channels are important in the transmission of the US monetary policy to Vietnam, they cause booms in asset prices via the surge of capital flows. Moreover, another important finding is that the impact of US UMP on the Vietnamese economy during the Global Financial Crisis was generally two times higher than during the epidemic crisis.

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来源期刊

Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance

CiteScore

2.50

自引率

0.00%

发文量

审稿时长

11 weeks

期刊介绍： The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.