聯邦儲備局量化寬鬆政策I&II對印度的影響｜國立清華大學博碩士論文庫

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研究生：	巴溥雅 BHANUPRIYA YATIN PAROLEKAR
論文名稱：	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
指導教授：	林哲群 LIN, CHE-CHUN
口試委員:	張焯然楊屯山
學位類別：	碩士 Master
系所名稱：	科技管理學院 - 國際專業管理碩士班 International Master of Business Administration(IMBA)
論文出版年：	2013
畢業學年度：	101
語文別：	英文
論文頁數：	49
中文關鍵詞：	Quantitative Easing
外文關鍵詞：	Quantitative Easing
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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.

Table of contents
Abstract…………………………………………………………………………………..    I
Acknowledgement…………………………………………………………..III
Table of contents…………………………………………………………….IV
List of figures……………………………………………………………….VII
Chapter I
I.1 Introduction    1
I.2 Data Collection    3
I.3 Limitations    3
Chapter II
 Theory of Quantitative Easing
II.1 Shaping interest rate expectations    5
II.2 Changing the compositions of central bank’s balance sheet    7
II.3 Increasing the size of the central bank balance sheet (Quantitative easing)    7
II.4 Transmission mechanism of monetary policies    8
II.5 Channels involve in transmission of QE    10
II.5.1 Long term interest rate    10
II.5.2 Portfolio rebalancing effect    11
II.5.3 Bank lending, External finance premium and Balance sheet channels    12
II.5.4 Expectations regarding future macroeconomic variables    13
II.5.5 Exchange rates    14
II.6 Past Experiences of QE    14
         II.6.1 Japan    14
II.6.2 United Kingdom    15
Chapter III
Quantitative Easing by United States
III.1 History: Financial crisis of 2007-2008    16
III.1.1 Subprime mortgage crisis    16
III.1.2 Causes of Financial Crisis    18
III.1.3 Impacts of financial crisis    22
III.2 Federal Reserve response over subprime mortgage crisis    22
III.3 US Federal Reserve’s balance sheet policies    22
Chapter IV
Cross Border Impacts of Federal Reserve Balance Sheet Policies
IV.1 Cross border transmission of Quantitative easing    25
IV.1.1 Portfolio Rebalancing channel    25
IV.1.2 Asset Price channel    26
IV.1.3 Exchange rate channel    26
IV.1.4 Tread or external demand channel    27
IV.2 Impacts of QE on emerging economies    27
Chapter V
Republic of India
V.1 Climate and Geography    30
V.2 Demography    30
V.3 Indian economy    31
V.4 India US Economic relations    32
Chapter VI
Impacts of FED’S QE I and QE II on India
VI.1 Event studies (announcement effects of quantitative easing)    34
VI.1.1 Bond yields    35
VI.1.2 Corporate bond yields    35
VI.1.3 Equity prices    35
VI.1.4 USD/ INR exchange rate    35
VI.2 Long term Impacts of QE    36
VI.2.1 Foreign Institutional Investor’s Investments    37
VI.2.2 Stock Market    41
VI.2.3 Foreign Exchange pressure    42
VI.2.4 Inflation Pressure    43
VI.2.5 GDP growth    44
VI.3 Conclusions    45
VII References    47

                                

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Websites
IMF (International Monetary Funds
http://www.imf.org
SEBI (Securities and Exchange Board of India)
http://www.sebi.gov.in
RBI (Reserve Bank of India)
http://www.rbi.org.in
BLOOMBERG
http://www.bloomberg.com
TREADINGECONOMIES
http://www.tradingeconomics.com
FEDERAL RESERVE
http://www.newyorkfed.org

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