The Cross-Border Spillover Effects of U.S. Monetary Policy on Global Asset Prices: Evidence from 27 Global Stock Indices and G7 Government Bonds with Different Maturities

DOI

10.2991/978-2-38476-611-6_76How to use a DOI?

Keywords

Monetary Policy; Cross-Border Spillover Effects; Stock Indices; G7 Government Bonds; Dynamic Long-Tail Effect

Abstract

This paper takes 27 major global stock indices and 1-year, 3-year, and 10-year government bonds of G7 countries as research samples, builds a unified empirical framework, and uses panel data regression models to test the cross-border spillover effects of U.S. monetary policy from four dimensions: contemporaneous impact, dynamic long-tail effect, unexpected monetary policy shocks, and interactive superimposition effects. The results show that U.S. monetary policy presents a significant negative contemporaneous impact and a clear V-shaped long-tail effect on the stock market, and both unexpected shocks and interactive effects significantly exacerbate market volatility. G7 government bonds across all maturities show no significant contemporaneous response; only unexpected shocks display maturity heterogeneity, while interactive superimposition effects are completely insignificant. This paper reveals the asset-level and maturity-level heterogeneity of policy spillovers and provides empirical evidence for global asset allocation and risk prevention and control.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 3.0 International License (http://creativecommons.org/licenses/by-nc/3.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Xuyang Li
PY  - 2026
DA  - 2026/09/07
TI  - The Cross-Border Spillover Effects of U.S. Monetary Policy on Global Asset Prices: Evidence from 27 Global Stock Indices and G7 Government Bonds with Different Maturities
BT  - Proceedings of the 2026 12th International Conference on Digital Humanities and Frontiers in Social Sciences (DHFSS 2026)
PB  - Atlantis Press
SP  - 684
EP  - 696
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-611-6_76
DO  - 10.2991/978-2-38476-611-6_76
ID  - Li2026
ER  -