Pham, Van Anh2025-08-062025-08-06https://hdl.handle.net/1885/733767284Other than the introduction and conclusion, this thesis is structured around three main papers that thoroughly investigate the monetary policy spillovers of the United States (US) on the macroeconomics of other economies, such as the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC). The papers employ qualitative and quantitative research methodologies to understand the topic comprehensively. The first paper (Chapter 2) provides the background of the US monetary policy spillovers. The Federal Reserve, as the US central bank, is pivotal in shaping domestic and international economic landscapes through its decisions on monetary policy. This study not only delves into its monetary policy framework but also provides an in-depth examination of its practical implications. By monitoring conventional and unconventional monetary instruments, the Federal Reserve influences US economic variables and substantially influences other countries' macroeconomic stability and financial dynamics. The effects of US monetary policy extend well beyond its borders, creating complex spillovers that impact foreign interest rates, exchange rates, capital flows, and trade balances with wide-reaching consequences for global price and output levels. This paper presents both theoretical foundations and empirical evidence on these transmission effects, highlighting the Federal Reserve's role within an increasingly interconnected world economy. The analysis underscores the pressing need for a comprehensive understanding of US monetary policy as it continues to shape the economic conditions of countries across the globe. The second paper (Chapter 3) examines the US conventional monetary policy spillovers on critical variables of ASEAN economies. The findings show that increasing US interest rates causes monetary policy contraction, exchange rate depreciation, and net capital reduction in ASEAN economies. This work is further developed by accounting for ASEAN characteristics that shape the responses to US monetary policy shocks. The first characteristic is the tendency of flexible exchange rates and closed capital flows analyzed from legislation and transaction frameworks. Under two frameworks, the paper reaffirms the significant effects of US monetary transmission and reveals the discrepancy between stipulated regulations and actual activities in ASEAN. The second characteristic sticks to the heterogeneous growth of international reserves among ASEAN members. The results argue that the economies with considerable reserve accumulations react to US monetary shocks better than the remaining economies. The third paper (Chapter 4) explores the impacts of unconventional monetary policy implemented by the US on the macro variables of APEC economies. The findings reveal that the unconventional instruments estimated by shadow interest rates have significant spillovers to APEC members, depending on the economic development disparity. Notably, the large and advanced countries in APEC respond more markedly to the shock of the US rates than developing countries. Moreover, the study disentangles the unconventional monetary toolkit into its main components: forward guidance and quantitative easing. This work delves into the effects of these monetary measures on APEC macroeconomic indexes. The results demonstrate that both measures significantly impact various economic variables, with the transmission impacts of forward guidance generally outweighing those of quantitative easing. Finally, the paper conducts forecast error variance decompositions to evaluate the contributions of US unconventional monetary shock in explaining the macro factor variation of APEC members. This analysis underscores the pivotal role of the US shock in the APEC region, indicating a globally robust integration in this area, with the US assuming a dominant role.en-AU