This paper examines the effects of monetary authorities in Europe and US unconventional policy announcements on emerging stock markets (BRICS). An event study methodology is used to analyse the impact on the sectors of interest: consumer, financials, and materials. The analysed abnormal returns are significant during some events and are also dependent on the announcing central bank authority, as well as the sector and country investigated, linking the announcements to spillover effects in those countries. In terms of differing magnitude effects regarding the announcements of the central banks, no significant pattern was found. However, magnitudes seem to be unexpectedly, but not always significantly, higher during FED statements.

本文研究了欧洲和美国货币当局的非常规政策公告对新兴股票市场（BRICS）的影响。事件研究方法用于分析对感兴趣的领域的影响：消费者，金融和材料。在某些事件中，分析出的异常收益很重要，并且还取决于宣布的中央银行当局以及所调查的部门和国家，并将这些公告与这些国家的溢出效应联系起来。在有关中央银行公告的不同程度的影响方面，没有发现明显的模式。然而，在FED声明中，幅度似乎出乎意料，但并不总是显着更高。