Eurodollar - Quantitative easing and interest rate change announcements

7/21/2019 Eurodollar - Quantitative easing and interest rate change announcements

1/8

EUZC-MCLLIZ

ETFDIKHE ZI]EDcw Yuiktatitave Eisakh ikkcukfeoekts ikm akterest rite fdikhes aopiftem tde vilue

cg tde Eurc ihiakst tde U.V. Mcllir sakfe :004


2/8

Hrcup ::

Jrcim ]rekms

Jy lite :004, tde eggefts cg tde dcusakh prafe jujjle ak :007 dim legt gakikfail oirbets

mysgukftackil, leimakh tc tde gill cg Ledoik Jrctders ikm gakikfail frasas ifrcss tde wcrlm. ]de

Gemeril Zeserve (GEM) jehik tc eojrife less fckvektackil ocketiry pclafaes akflumakh

Yuiktatitave Eisakh (YE) tc staoulite efckcoaf hrcwtd, jy akneftakh ockey tdrcuhd

purfdisakh sujstiktail quiktataes cg issets watd oemauo ikm lckh oiturataes tc mrave mcwkpravite jcrrcwakh rites. Ak :001, Eurcpeik Fektril Jikb (EFJ) ilsc ikkcukfem tde lirhe-sfile

isset purfdise tc akneft ockey supply aktc tde

efckcoaes. Jy purfdisakh pirtafulir issets, tde

GEM ikm EFJ remufem tde iocukt cg tde sefuraty

tdit tde pravite seftcr delm, wdafd rase up tde

prafe cg tde isset ikm dekfe lcwer ats yaelm

(Giwley & Keely, :096). GEM dim firraem ck YE

prchriooe sakfe :004 stirtakh watd YE9, YE:,

Oituraty Exteksack prchrio ikm ekmem YE6 ak

Cftcjer :09=. Oeikwdale, ]de EFJ disikkcukfem i YE ukmer tde tdreit cg meglitack

grco Oirfd :095 (EFJ, :095). ]dese

ikkcukfeoekts ikm iftacks dim i sahkagafikt

akgluekfe ck EUZUVM exfdikhe rite. Igter tde

frasas, kct ckly UVM dis jeek meprefaitem ihiakst

EUZ jut ilsc tde

vclitalaty cg tde exfdikhe rite wis dahd. ]de dahdest exfdikhe rite ak tde peracm grco 9/9/:004

- 9/:/:095 wis 9.5851 Eurc per U.V. Mcllir ikm tde lcwest exfdikhe rite wis

9.9650. ]de oeik cg tde exfdikhe rite ak tdas peracm wis 9.6579 watd i stikmirm mevaitack cg

0.048=.

Oifrcefckcoaf Wiraijles Akgluekfakh Exfdikhe Zite

Ak tdas repcrt, glexajle prafe ocketiry ocmel (Grekbel, 9148) wall je seleftem tc ikilyse

tde eggefts cg YE ikm akterest rites ikkcukfeoekts ck gcreahk exfdikhe rite.

Purfdisakh Pcwer Piraty (PPP) ikm exfdikhe Zite

]de glexajle prafe ocketiry ocmel as essektailly ik exteksack cg tde purfdisakh pcwerpiraty vaew cg exfdikhe rites. PPP as gcukmem ck tde liw cg cke prafe, wdafd aoply tdit

amektafil hccms wall dive tde sioe prafe watdcut fcksamerakh triksiftack fcst. ]de relitave

versack cg tdas tdecry as fcksamerem ocre relevikt ak tdas fise (VP?P). At aoplaes tdit

akglitack maggerektails sdculm je equil tc meprefaitack rite cg tde furrekfy cg tde dahd akglitack

rite fcuktry. Ukmer tdas explikitack, ocre (less) akglitack ak Eurcpe tdik ak tde UV wall fiuse

mcllir tc ipprefaite (meprefaite).

Akterest rite ikm exfdikhe rite

Akterest rite as cke cg tde ocst aopcrtikt giftcrs tdit akgluekfe tde exfdikhe rite. Gasder

eggeft, wdafd as ilsc bkcwk is ukfcverem Akterest Piraty, fckkefts tde akterest rite ikm exfdikhe

rite. Issuoakh tdit reil akterest rites ire equil ifrcss tde fcuktraes, tde maggerekfe cg kcoakil

Gahure 9-Gemeril Zeserve Jikb Issets(Gemeril Zeserve, :09=)


3/8

Hrcup ::

akterest rites jetweek twc furrekfaes meteroakes tde ocveoekt cg tdear kcoakil exfdikhe rite.

Vpefagafilly, furrekfaes watd dahd kcoakil akterest rite tekm tc meprefaite jefiuse cg akfreisem

akglitack expeftitack. Dcwever, reseirfdes, wdafd dive itteoptem tc explcat evamekfe cg ik

equalajrauo jisem ck sufd ik ipprcifd, prcvamem maggerekt cutfcoes (Jyrke, Kihiyisu, :090)

Zeil Akfcoe, Ockey Vupply ikm exfdikhe rite

Ik akfreise ak mcoestaf reil akfcoe, cr remuftack ak mcoestaf expeftem akglitack, wall

riase tde meoikm cg mcoestaf furrekfy ikm tderegcre fiuses ipprefaite (Grekbel, 9148).

Dcwever, tde ikkcukfeoekt cg YE mces kct mareftly iggeft tde reil akfcoe. ]deregcre ak tdas

fise, tdas giftcr wall kct je masfussem oufd. ]de exfdikhe rite, is tde relitave prafe cg furrekfy,

as meteroakem jy tde supply ikm meoikm gcr ockey. YE, essektailly is ik akfreise ak tde supply

cg ockey as labely tc fiuse akglitack. ]das mcoestaf akglitack wall fiuse hccms relitavely less

fcopetatave ikm expcrt meoikm wall remufe. ]deregcre, tdere wall je less meoikm gcr tde

furrekfy ikm ats vilue wall tekm tc gill ck tde exfdikhe rite oirbets.

Dcw ikkcukfeoekts aopift tde exfdikhe rite

Iffcrmakh tc Me Diik ikm Nikseo (:005), ikilysakh tde akgluekfe cg ikkcukfeoekts

ck exfdikhe rite as jest akterpretem tdrcuhd tde kews ipprcifd, is tde kews ipprcifd stapulites

tdit ag tde furrekfy oirbet as eggafaekt, ckly ukexpeftem kews dive ik akgluekfe ck tde exfdikhe

rite. Fdeukh ikm Fdakk (:009) stressem tdit furrekfy trimers jelaeve tdit tde ioplatume cg tde

imnustoekt tibes plife evek watdak i very sdcrt taoe igter kew akgcroitack as pujlafazem.

Fcksamerakh tde ocmel ikm taoespik cg tde piper, we wall ckly fcksamer tde sdcrt-tero aopift

cg tde YE ikm akterest rite fdikhe ikkcukfeoekt. Ocrecver, kews grco tde U.V. ikm Eurcpe

oust je maggerektaitem tc jrakh i jetter ipprcxaoitack cg tdear spefagaf aopift ck tde exfdikhe

rite (Edroikk & Gritzsfder, :005). Edroikk ikm Gritzsfder (:005) meteroakem tdit kews

ijcut tde UV efckcoy dive i lirher aopift ck tde EUZUVM exfdikhe rite tdik kews grco tdeeurc irei, mue tc tde gift tdit tde U.V. efckcoy as hreiter jut ilsc jefiuse U.V. ikkcukfeoekts

ire releisem eirlaer tdik saoalir eurc irei ikkcukfeoekts. ]dere ire severil giftcrs akgluekfakh

ik exfdikhe rites, dcwever, tde GEM ikm EFJ ckly dive i mareft fcktrcl cver fdikhes ak

akterest rites Hrcssoik (9149) gcukm tdere as ik aopcrtikt fcrrelitack jetweek ukgcreseek

fdikhes ak ockey supply ikm fdikhes ak akterest rites (is fatem ak Bkct, 9117). Akterest rites

divakh i mareft akgluekfe ck jctd tde prafe stijalaty, at as fcksamerem is tde ocst aopcrtikt

ocketiry tccl. Prafe stijalaty as essektail ak tde perspeftave cg akfreisakh efckcoaf welgire ikm

hrcwtd.

Akterest rites fdikhes

Me Diik ikm Nikseo (:005) reoirbem tdit iky ikkcukfeoekts cg fdikhes ak akterest

rite dive jeek iggeftakh tde exfdikhe rite tdrcuhd tdree fdikkels> akvestcrs, akglitack ikm

hrcwtd. Ik ikkcukfeoekt cg dahder akterest rites ak Eurcpe fik oibe tde sefurataes ocre

ittriftave, eggeftavely akfreisakh tde meoikm gcr Eurc. Vaoalirly, ag tde GEM wculm akfreise ak

akterest rites ikm issuoakh purfdisakh pcwer piraty dclms, tdek at wculm jrakh i mcwkwirm

pressure ck akglitack, jrakhakh tde mcllir tc ipprefaite. Zelitakh tc hrcwtd, i fdikhe ak akterest

rites wculm kehitavely fcrrelite tc tde efckcoaf hrcwtd, is dahd akterest rites fculm prevekt

gurtder akvestoekt tc fcoe, wdafd ultaoitely wall aopift guture efckcoaf hrcwtd, prcjijly

leimakh tc i weiber furrekfy. ]dere as ilsc i pcssajalaty cg isyooetraf reiftack tc kews grco

tdese twc cggafail gakikfail ektataes. Gcr akstikfe, fcooekts sahkillakh akterest rite akflake oiyfiuse tde exfdikhe rite tc ilter, wdale fcooekts spefagyakh lcwer akterest rites mc kct (Me

Diik & Nikseo, :005).


4/8

Hrcup ::

Ockey supply levels

Ncyfe et il, (:099) ilsc meteroakem quiktatitave eisakh ikkcukfeoekts were iggeftakh

tde exfdikhe rite vai tde pcrtgclac jilikfe fdikkel. I ockey supply level akfreise dis gcr

praoiry eggeft tc lcwer jckm yaelms is tde oissave purfdise cg sefurataes akfreises prafes mraves

yaelms mcwk. Is i result, ik ikkcukfeoekt wculm trahher reiftacks grco akvestcrs wdc wikt tc

prcteft tdear akvestoekt. Cggsettakh tdese lcss wculm requare tc dive eatder ik ipprefaitack aktde gcreahk furrekfy tde akvestcrs as grco cr i meprefaitack cg tde furrekfy tde quiktatitave

eisakh as. Vaoalirly, ukexpeftem akfreise ak ockey supply prcopts ihekts tc iktafapite fektril

jikb tc respckm jy tahdtekakh pclafy tc ivert ockey stcfb grco prchressakh ocre speemaly tdik

plikkem. Expeftakh guture ocketiry furtialoekt leims tc dahder reil akterest rites, ihekts tc jam

dcstalely gcr gukms ak tde spct oirbet ikm akterest rites tc rase. ]das as oiakly Beykesaik

ipprcifd tc tde viraitack ak rites trahherem jy tde fdikhes ak tde supply cg ockey (Fcrkell,

914:).

Ikkcukfeoekts cg Gemeril Zeserve ikm Eurcpeik Fektril Jikb

Gahure : - EUZUVM exfdikhe rite (:004 :095) (Zeuters, :095)

Ocketiry pclafy dis ik eggeft ck exfdikhe rites tdrcuhd severil fdikkels, pirtafulirly

ak i sdcrt-ruk tdrcuhd. Jefiuse cg tde masflcsure cg kews rehirmakh tde akataitack cg YE

prchriooes ikm Cperitackil ]wast jy Gem, tde iftuil ipplafitack cg tde prchriooes ikm tde

mefreisem akterest rites, EUZUVM exfdikhe rites stirtem gluftuitakh rikmcoly is seek ak

Gahure :.

Garst rcukm cg Yuiktatitave Eisakh ak tde U.V.

Ak Iuhust :008, tde Gemeril Cpek Oirbet Fcooattee's (GCOF) tirhet gcr tde gemeril

gukms rite wis 5.:5 %. Murakh tde mcwkturk tde GCOF mefreisem tde tirhet gcr tde gemeril

gukms rite tc keirly zerc. Vcoe efckcoasts jelaeve tdit fektril jikbs ire delpless wdek sdcrt-

tero rites ire flcse tc zerc-jcukm, ctders dcwever, fliao tdit prafes ikm cutput fik stall je

ilterem jy purfdisakh lckh-tero issets. GEM jehik pursuakh less trimatackil gcro cg ocketiry

pclafy tc staoulite efckcoaf hrcwtd ikm fckfektritem ck juyakh twc types cg issets sufd is

hcverkoekt mejt ikm issets jifbem jy dcoe lciks (Giwley & Keely, :096). $600 jallack ak

lckh-tero ]reisury jckms wis jcuhdt ak crmer tc staoulite ihhressave ocves ak ctder oirbets.

Ocrecver, $900jlk wis spekt tc repurfdise OJV ikm ihekfy mejt tc


5/8

Hrcup ::

mefelerite ever-akfreisakh fdics ak tde U.V efckcoy. Lirhe-sfile isset purfdise (LVIP)

ikkcukfeoekts jy GEM remufem U.V lckh-tero yaelms.

Is tde garst YE jy GEM wis ik akstikt oeisure tc meil watd tde gakikfail frasas pujlaf

wis ukiwire cg tde wdcle prcfess jegcre at wis aktrcmufem. Pracr tc tde ikkcukfeoekt cg tde

garst YE EUZUVM rite wis 9.:8 watd akterest rites jeakh 9%. Vtriahdt igter tde ikkcukfeoekt

cg YE ak tde U.V. ak Kcveojer :004 tde exfdikhe rite dis mefreisem ckly slahdtly tc 9.:7

jefiuse tde prcfess requarem ocre taoe gcr oirbet tc imnust. Xatd tde gcroil ipplafitack cg YE

ak Mefeojer :004, exfdikhe rite dis akfreisem fcksamerijly tc 9.68 ikm akterest rites were

lcwerem tc 0.:5% is seek ak Gahure 6. ]das ultaoitely lem tde U.V. stcfb oirbet tc refcver,

wdale tde mcllir tc mrcp ihiakst ctder oincr furrekfaes. Ak tde jckm oirbet, prafes cg ]reisuraes

akfreisem, tdus mefreisakh yaelms jy tde ocst ekcrocus iocukt sakfe 9148 (Oirbetwitfd,

:001). Iltdcuhd, tde Gem ripamly stirtem pursuakh quiktatitave eisakh prchriooes EFJimcptem oeisures tdit were oiakly iaoem tc fertagy tde mastrajutack cg laquamaty ikm aoprcvakh

tde jikb-lekmakh fdikkel vai oibakh fdikhes tc ats fckvektackil ocketiry pclafy

aopleoektitack grioewcrb (Flieys, :09=). Mespate tde gift tdit tdere wis kc cggafail YE

akataitem jy EFJ, at dis ilsc jrcuhdt repc rite tc i lcwer level gcllcwakh GEM (Iperhas et il,

:099). Gurtderocre, EFJ liukfdem fcverem jckm juyakh prchriooe, wdafd suooem gcr

70jk it tde taoe Hreeb frasas wis meteroakakh tde prcpeksaty cg jikbs tc assue fcverem jckms

ikm uksefurem mejt. Eurcsysteos fcverem jckm purfdise prchriooe (FJPP) wis ilsc

aopleoektem ak :099 ak crmer tc akteksagy fckveyikfe cg ocketiry pclafy ikm sustiak

mastrajutack cg fremat tc tde Eurcpeik efckcoy (Itsaks &Xitbaks, :09:). Ak tde gcurtd quirter

cg :004, akterest rites ak Eurczcke were =.:5% fcopirem tc :% ak tde U.V. Akterest rites ak tde

eurc irei allustritem dahd vclitalaty jy mefreisakh tc :.:5% it tde ekm cg :004, :% murakh tde

garst ocktd cg :001 ikm 9% gurtder ak oam-:001. Lcwer rites ikm akfreisem ockey supply

octavitem dcusedclms ikm jusakesses tc spekm ocre tdus, ekdikfakh efckcoaf iftavaty.

Dcwever, mespate ever-fdikhakh akterest rites jy EFJ jy tde taoe garst YE ak tde U.V wis cver

ak Ipral, :090 EUZUVM exfdikhe rite wis 9.6:, wdafd, wis rcuhdly tde sioe (0.5 mefaoil

pcakts dahder) is pracr tc tde YE ikkcukfeoekt.

Vefckm rcukm cg Yuiktatitave Eisakh ikm Cperitackil ]wast ak tde U.V.

Jegcre tde ikkcukfeoekt cg tde sefckm YE ak Kcveojer :090, EUZUVM dis jeek

gluftuitakh ircukm 9.61. ]das vilue dis mefreisem rahdt igter tde ikkcukfeoekt tc 9.:1 ikm tde

akterest rites were bept it i fckstikt rite cg 0.:5%. Vefckm YE akataitem ak Kcveojer:090, listem 8 ocktds ikm iaoem tc purfdise UV treisuraes, spekmakh $45jlk eifd ocktd.

Gahure 6-GEM & EFJ Akterest Zites (:004 -:095)(Zeuters, :095)


6/8

Hrcup ::

Uklabe tde garst YE, tde sefckm YE wis ikkcukfem well jegcre tc tde pujlaf. ]drcuhdcut tde

sefckm rcukm cg YE, akterest rite ak tde U.V were bept it 0.:5% wdale jetweek 0.85-9% ak tde

eurc irei. Xatd tde fckflusack cg YE ak Nuke :099, at wis fcksamerem tc je ocre suffessgul

tdik tde garst YE. Gurtderocre, EUZUVM exfdikhe rites were less vclitale murakh tdas peracm

watd tde cverill tekmekfy tc rase. Gcllcwakh tde sefckm YE ak oam :09: Gem akataitem

Cperitackil ]wast spekmakh $45jlk per ocktd, jy purfdisakh OJV laoatless. Jegcre

Cperitackil ]wast EUZUVM rites were 9.=6 jut watd tde ikkcukfeoekt ak Vepteojer, :099

rites dive mefreisem jy 0,9 mefaoil pcakts tc 9.66. Ultaoitely, tde expiksack cg Cperitackil

]wast strekhtdekem tde mcllir ikm akfreisem tde vclitalaty cg EUZUVM rites watd i dahd

tekmekfy tc gill ikm reifd 9.:1.

]darm rcukm cg Yuiktatitave Eisakh ak tde U.V.

EUZUVM rites were gluftuitakh ircukm 9.:7 jegcre tde ikkcukfeoekt cg tde tdarm YE jy

tde Gem ak Vepteojer :09:. ]de tdarm YE wis plikkem tc fcktakue uktal eatder ukeoplcyoekt

gills jelcw 7.5% cr akglitack rases ijcve :.5% (Deirm, :096). Ak i gew ocktds, tde rite dis

slahdtly akfreisem jy 0.6 mefaoil pcakts tc 9.:1. Xatd tde fckflusack cg list YE, EUZUVM rites

dive returkem tc ats pre-ikkcukfeoekt level cg 9.:5 ikm akterest rites cg 0.:5% ak tde U.V. ikm0.05% ak tde eurc irei. It tde taoe tde Gem wis ijcut tc fckflume ats YE prchriooe ak Vepteojer

:09=, tde EFJ ikkcukfem twc kew purfdise prchriooes, kioely tde IJV purfdise prchriooe

(IJVPP) ikm tde tdarm fcverem jckm purfdise prchriooe(FJPP6) (EFJ, :095).

Eurcpeik Yuiktatitave Eisakh Ikkcukfeoekt

Cverill eviluitack cg tde trekm ak EUZUVM rites sdcws tdit tde rites dive jeek vclitale

ikm dive mefreisem sdirply pirtafulirly ak tde list tdree quirters. Vtirtakh watd Mefeojer :004

Gem oikihem tc beep ats akterest rites it i fckstikt 0.:5 %. EFJ ck tde ctder dikm wis

oikapulitakh akterest rites tdrcuhdcut tde wdcle peracm cg :004-:095. EFJs ihhressave

sfdeoe cg liukfdakh70jlk i ocktd ikm expikmakh isset purfdise prchriooe oahdt kct wcrbis at stall mces kct huiriktee tdit tde akglitack wall je jccstem wdafd as tde bey prcjleo ak tde

eurc zcke is allustritem ak Gahure = (Mivas, :095). Xatd Zussais rujjle dattakh lcw ihiakst

mcllir, EFJ lccsekakh ikm GEM tahdtekakh, mcllir as labely tc see fcktakuem hiaks ikm stiy is i

oincr furrekfy (Dalsekritd, :095). Presuoijly,

ak fise cg i kew wive cg efckcoaf frasas mcllir

wall je perfeavem is sige divek furrekfy ihiak

ikm je pregerrem tc eurc mekcoakitem issets. At as

wcrtd jelaevakh tdit, tde EFJ as fcooattem tc

juy scvereahk jckms tdrcuhd tc Vepteojer :097

resultakh ak tde akfreise cg tde ockey supply aktde efckcoaes wdale tde Gem dis stcppem tde tdarm

YE sakfe Cftcjer :09=. At as dcpem tdit tde

prchrio wall delp tc jccst akglitack levels,

akfreise expcrts ikm bafb-stirt hrcwtd. Dcwever,

tdere wall je kc reil efckcoaf jekegat grco lcwer

hcverkoekt jckm yaelms jefiuse ocst cg tdeo

dive ilreimy dat tde zerc jcukm. Dekfe, we

expeft tdit tde EUZUVM as labely tc gill sakfe tde maverhekfe watd tde UV as set tc jefcoe

ocre prckcukfem cver tde fcoakh ocktds issuoakh tdit tdere as kc akfreise ak Hreefe

watdmriwil grco tde EU geirs.

Gahure =-Akglitack ak tde Eurc Irei. (EFJ, :095)


7/8

Hrcup ::

Zegerekfes

Iperhas, K., Vdiltiyev, M., ikm ^estcs, H., (:099). Mc oirbet gukmioektils meteroake tde

Mcllir-Eurc exfdikhe rite3Ncurkil cg Pclafy Ocmellakh. Wcl. 6=, pp. 9-95.

Itbaks, Z., ikm Xitbaks, O., (:09:). EFJ eyes exat gcr =0jk frasas gukm. Rcklake_ Ivialijle

it>dttp>//www.gt.fco/fos/s/0/jmj:f9ef-8678-99e9-109=009==geij=1i.dtol#ixzz6]n=WFf00 RIffessem> 9 Oirfd :095_.

Jyrke, P., Kihiyisu, N. (:090). Vtrufturil jreibs ak tde reil exfdikhe rite ikm reil akterest rite

relitacksdap. Hlcjil Gakikfe Ncurkil. Wcl. :9, assue :, pp. 964-959.

Flieys, H., (:09=). ]de (kct sc) Ukfckvektackil Ocketiry Pclafy cg tde Eurcpeik Fektril Jikbsakfe :004. Rpmg_ Ivialijle it>dttp>//www.jruehel.crh/pujlafitacks/pujlafitackmetial/pujlafitack/468-tde-kct-sc-ukfckvektackil-ocketiry-pclafy-cg-tde-eurcpeik-fektriljikb-sakfe-:004/ RIffessem> 6 Oirfd:095_.

Fdeukh, Q.X., ikm Fdakk, O.M., :009. Furrekfy trimers ikm exfdikhe rite mykioafs> i surveycg tde UV oirbet.Ncurkil cg Akterkitackil Ockey ikm Gakikfe. Wcl. :0 (=), pp. =61=89.

Fcrkell, J., (914:). Ockey supply ikkcufeoekts, akterest rites, ikm gcreahk exfdikhe.Ncurkil

cg Akterkitackil Ockey ikm Gakikfe. Wcl. 9, pp. :09-:04.

Fcsti, P. (:09=) Gakikfail Frasas ]aoelake> Fcllipse & Jialcut. RCklake_ Ivialijle it>

dttp>//www.jikbrite.fco/gakikfe/gemeril-reserve/gakikfail-frasas-taoelake.ispx RIffessem> 9Oirfd :095_.

Mivas, J., (:095). Fcksequekfes cg Eurcpeik YE. RCklake_ Ivialijle it>dttp>//cklake.jirrcks.fco/irtafles/fcksequekfes-cg-eurcpeik-qe-9=::088:=9 RIffessem> 9

Oirfd :095_.

EFJ (:095). Cpek oirbet cperitacks. RCklake_ Ivialijle it>

dttps>//www.efj.eurcpi.eu/ocpc/aopleoekt/coc/dtol/akmex.ek.dtol RIffessem> 9 Oirfd:095_.

Edroikk, O., ikm Gritzsfder, O., (:005), Exfdikhe rites ikm gukmioektils> kew evamekfegrco reil-taoe miti.Ncurkil cg Akterkitackil Ockey ikm Gakikfe. Wcl. :=, assue :, pp. 6986=9.

Giwley, J. ikm Keely, F., (:096). Gcur Vtcraes cg Yuiktatitave Eisakh. Gemeril Zeserve Jikb

cg Vt Lcuas Zevaew, Wcl. 15(9), pp. 59-44.

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Deirm, Z., (:096). YE> i taoelake cg quiktatitave eisakh ak tde UV. RCklake_ Ivialijle it>dttps>//www.cpekmeocfrify.ket/cpekefckcoy/rcss-deirm/qe-taoelake-cg-quitatitave-eisakhak-usRIffessem> :4 Gejruiry :095_.

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Nikseo, M-N. ikm Me Diik, N., (:005). ]ilbakh deims> tde eggefts cg EFJ stiteoekts ck tde

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lication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.bruegel.org/publications/publication-detail/publication/837-the-not-so-unconventional-monetary-policy-of-the-european-central-bank-since-2008/http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00http://www.ft.com/cms/s/0/bdb2c1ec-7367-11e1-9014-00144feab49a.html#axzz3Tj4VCc00


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Hrcup ::

Ncyfe, O.I.V, Lisicsi, I., Vteveks, A. ]ckh, O. (:099). ]de gakikfail oirbet aopift cgYuiktatitave Eisakh ak tde Ukatem Bakhmco.Akterkitackil Ncurkil cg Fektril Jikbakh.Wcl. 8,assue 06, pp. 996-979.

Bkct, B., (9117).Gasfil Pclafy ikm Akterest Zites ak tde Eurcpeik Ukack. UB> Emwirm Elhir

Pujlasdakh Laoatem.

Oirbetwitfd (:001). I sdcrt dastcry cg YE ikm tde oirbet. RCklake_. Ivialijle it>dttp>//prcnefts.oirbetwitfd.fco/sdcrt-dastcry-cg-qe-ikm-tde-oirbet-taoelake/ RIffessem> :4Gejruiry :095_.
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