Spillover Effects of U.S.Monetary Policy on Global Financial Stability
With the deepening of globalization,the possible impact and spillover effect of U.S.monetary policy on global financial stability has attracted the attention of many scholars.This paper analyzes the mechanisms and channels of U.S.monetary policy affecting global financial stability,selects 12 core indicators from five dimensions to construct a financial stability index covering 61 economies around the world,and constructs a panel model to test the spillover effect of U.S.monetary policy changes on global financial stability.We find that U.S.monetary policy has a significant negative impact on global financial stability through the channels of interest rates,capital flows,and policies.We also find that,the negative impact of expansionary monetary policy on global financial stability is stronger than that of tight monetary policy.What's more,the negative impact of U.S.monetary policy on global financial stability after the financial crisis is stronger than that before the financial crisis.At last,the impact of U.S.monetary policy on the financial stability of emerging economies is more pronounced.Economies with pegged exchange rate regimes,a higher degree of capital account openness and closer trade ties with the United States have been hit to a greater extent.Therefore,China should comprehensively improve the resilience of the financial system,so as to ensure China's financial stability.
万方数据
维普
