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首页> 外文期刊>Journal of the European Economic Association >Investment Funds, Monetary Policy, and the Global Financial Cycle
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Investment Funds, Monetary Policy, and the Global Financial Cycle

机译：投资基金、货币政策与全球金融周期

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摘要

This paper examines the role of international investment funds in the transmission of global financial conditions to the euro area using structural Bayesian vector auto regressions. While cross-border banking sector capital flows receded significantly in the aftermath of the global financial crisis, portfolio flows from investors actively searching for yield on financial markets worldwide gained importance during the post-crisis "second phase of global liquidity". The analysis presented in this paper shows that a loosening of US monetary policy leads to higher investment fund inflows to equities and debt globally. Focussing on the euro area, these inflows not only imply elevated asset prices but also coincide with increased debt and equity issuance. The findings demonstrate the growing importance of non-bank financial intermediation over the past decade and hold important policy implications for monetary and financial stability.
机译：本文探讨了国际的角色投资基金在全球的传播欧元区金融环境的使用构造贝叶斯向量自动回归。而跨境银行业资本流动明显消退之后所发生的事情全球金融危机以来,投资组合流动投资者积极寻求收益率全球金融市场获得的重要性在危机后全球的“第二阶段流动性”。显示,美国货币政策的放松导致更高的投资资金流入全球股票和债券。区,这些流入不仅意味着较高的资产价格也配合债务和增加股票发行。非银行金融越来越重要中介在过去十年并持有重要的货币和政策影响金融稳定。

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