The Effect of American Quantitative Easing Policy on Foreign Exchange Rate in the Emerging Asian Countries- A Case Study of Vietnam, Thai, Philippines and Indonesians

• Main Authors: Wang, Li-Fan, 王立帆
• Other Authors: Ko, Po-Sheng
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/tjt659

碩士 === 國立高雄應用科技大學 === 財富與稅務管理系碩士在職專班 === 102 === The subprime mortgage crisis triggered the financial crisis in the U.S. in 2008. In order to stabilize the financial market, the Federal Reserve took several measures during this period and one of the critical monetary policies was the Quantitative Easing (QE). After QE was implemented in the States, the monetary policies started to turn loose in Asian countries as well. This inevitably caused Asian nations difficult to sustain their economic growth and at the same time, to stabilize inflation influenced both domestically and internationally within a reasonable range. This Study investigates the effects of QEs in U.S. on the exchange rate movements of Vietnam, Thailand, the Philippines and Indonesia by using linear regression model. The result shows that after the implementation of Quantitative Easing Monetary Policy, it not only has a significant influence on exchange rate movement in Thailand and Indonesia which are the emerging countries that are more opened to the flexible foreign exchange market. On the other hand, Vietnam and the Philippines do not show as much influences due to the foreign exchange intervention and protective policies.