Macroeconomic Shocks and Unconventional Monetary Policy

Naoyuki Yoshino is Dean of the Asian Development Bank Institute (ADBI) and Professor Emeritus at Keio University, Tokyo, Japan. Professor Yoshino has been a visiting scholar at the Massachusetts Institute of Technology, US, and a Visiting Professor at various universities including the University of New South Wales, Australia, Fondation Nationale des Sciences Politiques, France, and University of Gothenburg, Sweden. Naoyuki's professional career includes membership in numerous government committees. He was named Director of the Japan Financial Services Agency's (FSA) Financial Research Center (FSA Institute) in 2004 and is now Chief Advisor. He was appointed as Chair of the Financial Planning Standards Board in 2007. He has served as Chairperson of the Japanese Ministry of Finance's Council on Foreign Exchange as well as its Fiscal System Council, and has been a Board Member of the Deposit Insurance Corporation of Japan and President of the Financial System Council of the Japanese Government.Pornpinun Chantapacdepong is an Assistant Director at the Balance of Payment Analysis Division, Economic and Policy Department, Monetary policy Group, Bank of Thailand. She was a research fellow at the Asian Development Bank Institute (ADBI) from March 2015- March 2017. She specializes in monetary policy, exchange rate policy, international capital flows, volatility in asset prices, and central bank balance sheets. She holds economics degrees from Thammasat University (BA), the University of Warwick (MSc), and the University of Bristol (PhD). She also taught at Thammasat University, Kasetsart University, University of Tokyo, and Hitotsubashi University.Matthias Helble is Senior Economist and Co-Chair of the Research Department of the Asian Development Bank Institute (ADBI). His research focus lies in the areas of international economics as well as health economics. His work has been published in flagship reports of international organizations as well as in numerous books and scientific journals. Matthias began his professional career in the trade team of the Development Research Group of the World Bank in Washington, DC, before joining the World Health Organization in Geneva, Switzerland. He then worked as an economist for the World Trade Organization in the areas of environment, climate change, and technical standards. Matthias Helble joined ADBI in August 2013. He holds degrees in economics from the University of Tübingen (BA, MSc) in Germany, the University of Wisconsin-Madison (MA) in the United States, and the Graduate Institute of International and Development Studies (MSc, PhD) in Geneva.

• Part I: Overview: The Empirics of Spillovers1: Pornpinun Chantapacdepong, Matthias Helble, and Naoyuki Yoshino: An Overview of the Issues and the Book2: Atish R. Ghosh and Mahvash S. Qureshi: Capital Flow Surges and ConsequencesPart II: Mechanism Driving Financial Spillovers during the Recent Crisis: Price-Oriented and Quantity-Oriented3: Peter Tillmann: Uncertainty about Federal Reserve Policy and its Transmission to Emerging Economies: Evidence from Twitter4: Shin-Ichi Fukuda: Spillover Effects of Japan's Quantitative and Qualitative Easing on East Asian Economies5: Masazumi Hattori, Ilhyock Shim, and Yoshihiko Sugihara: Volatility Contagion across the Equity Markets of Developed and Emerging Market Economies6: Ying Xu and Hai Anh La: Spillovers of the United States' Unconventional Monetary Policy to Emerging Asia: The Bank Lending Channel7: Joshua Aizenman, Yothin Jinjarak, and Huanhuan Zheng: Measuring Systemic Risk Contribution of International Mutual FundsPart III: Case Studies of Implications of Spillovers on the Real Economies during the Recent Crisis8: Qianying Chen, Andrew Filardo, Dong He, and Feng Zhu: Domestic and Cross-border Impact of US Monetary Policy at the Zero Lower Bound9: Maria Teresa Punzi and Pornpinun Chantapacdepong: Spillover Effects of Unconventional Monetary Policy on Asia and the Pacific10: Berry Harahap, Pakasa Bary, Linda Panjaitan, and Redianto Satyanugroho: Spillovers of United States and People's Republic of China Shocks on Small Open Economies: The Case of Indonesia11: Hongyi Chen and Andrew Tsang: The Impacts of US Monetary Policy and Other External Shocks on the Hong Kong, China Economy: A Factor-Augmented VAR ApproachPart IV: Implications for Monetary Policy and Macroprudential Policy12: Angsar Belke and Ulrich Volz: The role of institutions and macroprudential policy in managing spillovers from quantitative easing policies13: Gunther Schnabl: Ultra-Low Interest Rates and Growth in Emerging East Asia from a Hayekian Perspective