@article{THESIS,
      recid = {2914},
      author = {Zhang, Qian},
      title = {How does  U.S. Quantitative Easing policy affect stock  prices in emerging economies? : Evidence from China},
      publisher = {University of Chicago},
      school = {M.A.},
      address = {2021-06},
      number = {THESIS},
      abstract = {This paper estimates the effect of Quantitative Easing  (QE) in the United States on the stock prices in emerging  economies. We especially focus on China. The spillover  effect of QE shock to stock markets in other emerging  economies is also discussed. The estimation is done in two  steps. We first select one best measurement of QE policy to  be implemented in the subsequent analysis. Then we use the  selected QE measurement to fit a structural VAR model to  study the response of stock market in China to the QE  policy shocks. We estimate the model with both short-run  and long-run restrictions under various identification  schemes to evaluate sensitivity of our results. Our  empirical results show that the QE policy shock  significantly increases the stock prices in China in both  short and long term. Our analysis provides empirical  evidence on the influence and transmission channel of  unconventional monetary policies. Based on the result, we  suggest that Chinese government should implement proper  regulations to the domestic overheating stock market in  reaction to the U.S. QE shock. },
      url = {http://knowledge.uchicago.edu/record/2914},
      doi = {https://doi.org/10.6082/uchicago.2914},
}