This paper analyses how unconventional monetary policy by the major central banks in developed markets affects the geographical portfolio choice of international mutual fund managers. We find that large-scale asset purchases have significant international spillover effects, in contrast to unconventional monetary policy announcement surprises. Specifically, we document that mutual fund managers rebalance their portfolios away from the developed country conducting large-scale asset purchases and towards other developed markets. We find little evidence for fund managers contributing to QE-induced capital flows to emerging markets.

中文翻译：

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非常规货币政策与国际共同基金的投资组合选择

本文分析了发达市场中主要中央银行的非常规货币政策如何影响国际共同基金经理的地域投资组合选择。我们发现，与非常规的货币政策宣布意外相比，大规模资产购买具有重大的国际溢出效应。具体来说，我们记录到共同基金经理将资产组合从进行大规模资产购买的发达国家转移到其他发达市场，从而实现了资产组合的平衡。我们发现，几乎没有证据表明基金经理为量化宽松引发的流入新兴市场的资金做出了贡献。