题目：Unconventional Monetary Policy and the Portfolio Choice of International Mutual Funds
报告人：IlafElard上海对外经贸大学金融管理学院
时间：2018年6月12日下午1:00 -2:30
地点：博萃楼阳光房
论文：学院微信群
【论文摘要】Unconventional monetary policy (UMP) by the US Federal Reserve,Bank of England, Bank of Japan, and European Central Bank affects the geographical portfolio choice of international mutual fund managers. UMP prompts managers of mutual funds to rebalance their portfolios away from the country conducting UMP, and increase their geographical allocation to other developed markets; there is little evidence of rebalancing towards emerging markets. The international spillover effects from UMP announcement surprises are of small economic magnitude, in contrast to the effects of actual UMP operations in the form of large-scale asset purchases (LSAPs). The result simply that while not contributing to QE-induced capital flows to emerging markets, mutual fund managers play a role in the transmission of unconventional monetary policy, in particular LSAPs, across developed markets.
【报告人简介】Ilaf Elard，在牛津大学获得博士学位，现为上海对外经贸大学金融管理学院助理教授，主要研究领域为货币经济学、国际金融。
