Unit:
Κατεύθυνση ΤραπεζικήLibrary of the Faculty of Economics and of the Faculty of Business Administration
Author:
Papanastasopoulos Andreas
Supervisors info:
Καινούργιος Δημήτριος, Αναπληρωτής Καθηγητής, Τμήμα Οικονομικών Επιστημών, Εθνικό και Καποδιστριακό Πανεπιστήμιο Αθηνών
Original Title:
The impact of unconventional monetary policies on alternative investments
Translated title:
The impact of unconventional monetary policies on alternative investments
Summary:
The paper aims to study the impact of unconventional monetary policies implemented by the FED and ECB on sectors of alternative economy beyond stock markets such as real estate, commodity, wine market, rare coins, and crude oil futures. This will be done by examining the impact of unconventional monetary policies on these alternative assets/sectors using the OLS method and appropriate dummy variables for each QE program.
We see that there is a negative impact on the first period that FED launched the first QE program on real estate, on the contrary ECB’s QE programmes did not have significant effects on real estate. The impact on commodity from the first FED’s QE program is negative. On the wine LVX index, we see that that ECB’s QE programmes were not significant but FED’s programmes created a negative impact on this market with different coefficient for every time period of first and second program that FED launched. We see that we have differences on the impacts on these markets between the programmes that ECB and Federal Reserve launched.
Main subject category:
Social, Political and Economic sciences
Keywords:
unconventional monetary policies
