Hopes are rising that further unconventional monetary easing by Western central banks – be it a third round of quantitative easing (QE) by the Fed, or Long Term Refinancing Operations (LTROs) by the ECB – will provide a boost to financial markets in Latin America. Yet there is not much evidence to support the common view that previous such policies have raised asset prices in Latin America – and there is little reason to think that the impact of either further LTROs or QE would be any different.