The Impacts of Financial Market, Trade and Economic Policy Uncertainties on the Import Performance of Advanced Economies

• 발행기관: 세종대학교 경제통합연구소
• 저자명: Xueting Gong Dinkneh Gebre Borojo Jiang Yushi Miao Miao Peixuan Wu
• 간행물 정보: 『Journal of Economic Integration』제39권 제2호, 394~419쪽, 전체 26쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2024.06.01

국문 초록

This study aims to examine the long-term and short-term diverse effects of economic policy uncertainty, trade policy uncertainty, and financial market uncertainties on the import performance of advanced economies. It employs the Pooled mean group autoregressive distributed lag (PMG/ARDL) method for the panel of 27 advanced economies using quarterly data from the first quarter of 1996 to the fourth quarter of 2020. The study's results reveal that local and global economic and trade policy uncertainties have significant adverse long-term effects on the import performance of advanced economies. Besides, financial market uncertainties negatively impact advanced economies’ imports in the long run. Nonetheless, the results imply that domestic economic and trade policy uncertainties positively affect imports in the short run. Moreover, the Dumitrescu-Hurlin (D-H) panel causality test indicated that bidirectional causality exists between financial market and trade policy uncertainty indicators and imports. However, unidirectional causality exists between economic policy indicators and imports. The results are consistent across different sensitivity analyses. Based on these findings, we propose policy implications to control economic, trade and financial market uncertainties and thereby alleviating their impact on the import performance of advanced economies.

목차

I. Introduction

II. Literature Review

III. Methodology and Data

IV. Results and Discussions

V. Causality Test

VI. Sensitivity Analysis

VII. Discussions and Policy Implications

References

키워드

import performance economic policy uncertainty trade policy uncertainty financial market uncertainty advanced economies heterogeneous panel models