Lo Duca, Marco; Nicoletti, Giulio; Vidal Martinez, Ariadna - European Central Bank - 2014
The paper investigates the impact of US quantitative easing (QE) on global non-financial corporate bond issuance. It … bond issuance, especially in emerging markets, and that flow effects (i.e. portfolio rebalancing) were the main … transmission channel of QE. A counterfactual analysis shows that bond issuance in emerging markets since 2009 would have been …