International spillovers of unconventional monetary policy: A meta-analysis

Abstract The impacts of the unconventional monetary policy measures adopted by central banks after the 2007 financial crisis have been the focus of an increasing number of empirical studies. While some studies have focused on the impacts on the domestic economy, others have examined the international spillover effects of the policies adopted by the major central banks. The latter studies have, however, reported heterogeneous results. In this paper, we develop a meta-analysis of the empirical literature that examines the spillover effects of unconventional monetary policy on international capital flows. We find that, while the global average effect is not statistically different from zero, there are specific effects that vary significantly according to the development level of the destination country, the nature of the capital flow, the Central Bank that adopts the UMP, and the type and year of implementation of the UMP measure.