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Economic Policy Uncertainty
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Economic Policy Uncertainty

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (10 August 2024) | Viewed by 4491

Special Issue Editors

Dr. Jinghua Wang

E-Mail Website
Guest Editor
Martin Tuchman School of Management, New Jersey Institute of Technology, Newark, NJ 07103, USA
Interests: financial economics; intersection of investment and FinTech; machine learning in finance; international finance
Special Issues, Collections and Topics in MDPI journals
Dr. Geoffrey Ngene

E-Mail Website
Guest Editor
Stetson School of Business and Economics, Mercer University, 1501 Mercer University Drive, Macon, GA 31207, USA
Interests: climate change; investor sentiment; macro-finance analysis
Special Issues, Collections and Topics in MDPI journals
Dr. Yan Shi

E-Mail Website
Guest Editor
College of Engineering, Mathematics and Science, University of Wisconsin-Platteville, Platteville, WI 53818, USA
Interests: data engineering; software verification; smart fault localization; machine learning
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

This Special Issue focuses on the broad topic of “Economic Policy Uncertainty” (EPU) and its impact on financial markets. Uncertainty creates both opportunities and poses risks to financial markets. EPU emphasizes the uncertainty generated by economy-related policies, and has gathered significant attention. It has the potential to amplify and propagate the effects of substantial negative shocks (Baker et al. 2016). Financial markets face uncertainty from various sources, among which EPU has been a critical one.

The aim of this Special Issue is to explore the potential influence of EPU on the performance of financial markets. Areas of interest include, but are not limited to, the following: the connectedness between EPU and financial markets, the price volatility of financial assets, investment returns and risks, and climate change. Submissions addressing the intersection of EPU and FinTech (e.g., cryptocurrency, blockchain technologies) are particularly encouraged.

Reference

Baker, Scott R., Nicholas Bloom, and Steven J. Davis. 2016. Measuring economic policy uncertainty. The quarterly journal of economics 131: 1593-636.

Dr. Jinghua Wang
Dr. Geoffrey Ngene
Dr. Yan Shi
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • economic policy uncertainty
  • financial markets
  • asset volatility
  • investment
  • fintech
  • climate change

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Published Papers (3 papers)

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Research

17 pages, 5190 KiB  
Article
Research on the Dynamic Interrelationship between Economic Policy Uncertainty and Stock Market Returns
by Mingguo Zhao and Hail Park
J. Risk Financial Manag. 2024, 17(8), 347; https://doi.org/10.3390/jrfm17080347 - 11 Aug 2024
Viewed by 936
Abstract
This paper employs the Panel Vector Autoregression (PVAR) method to examine the dynamic interrelationship between Economic Policy Uncertainty (EPU) and stock market returns. The existing literature has not reached a consensus on the relationship between EPU and stock market returns, and there is [...] Read more.
This paper employs the Panel Vector Autoregression (PVAR) method to examine the dynamic interrelationship between Economic Policy Uncertainty (EPU) and stock market returns. The existing literature has not reached a consensus on the relationship between EPU and stock market returns, and there is a lack of comparative analysis of domestic and foreign EPU. Therefore, this paper is the first to incorporate domestic and foreign EPU, stock market returns, and output into a unified framework, considering the dual impact of domestic and foreign EPU shocks. Additionally, the generalizability of the results is ensured by including a large sample of nine emerging and eleven advanced economies. The main findings are as follows: First, a positive shock to foreign EPU leads to a decline in stock market returns and is stronger than the impact of domestic EPU. Second, a positive shock to stock market returns reduces both domestic and foreign EPU. Third, a rise in stock market returns promotes domestic output growth, while increases in domestic and foreign EPU suppress domestic output growth. Finally, the United States is a net exporter of EPU rather than a net importer. Full article
(This article belongs to the Special Issue Economic Policy Uncertainty)
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14 pages, 253 KiB  
Article
CEO Characteristics and Risk-Taking under Economic Policy Uncertainty
by Ivan Stetsyuk, Ayca Altintig, Kerim Peren Arin and Moo Sung Kim
J. Risk Financial Manag. 2024, 17(6), 238; https://doi.org/10.3390/jrfm17060238 - 7 Jun 2024
Viewed by 1176
Abstract
This paper investigates the effects of such CEO characteristics as gender, age, and education on the CEOs’ risk-taking behavior during periods of economic policy uncertainty. The paper utilizes Execucomp, BoardEx, and Compustat data from 2005 to 2017 in order to give a novel [...] Read more.
This paper investigates the effects of such CEO characteristics as gender, age, and education on the CEOs’ risk-taking behavior during periods of economic policy uncertainty. The paper utilizes Execucomp, BoardEx, and Compustat data from 2005 to 2017 in order to give a novel perspective on how CEO characteristics may provide differing risk-taking positions when faced with varying levels of uncertainty. The results offer robust evidence that older CEOs generally take less risk—regardless of the level of economic policy uncertainty. However, more educated CEOs take less risk only during economically uncertain times. The results also indicate that while female CEOs tend to be younger and have lower levels of education, gender does not provide a significant difference in risk-taking behavior during periods of economic policy uncertainty. Furthermore, we do not find any significant effect of insider status or corporate governance variables on CEO risk-taking under economic policy uncertainty once gender, age, and education are controlled for. Full article
(This article belongs to the Special Issue Economic Policy Uncertainty)
16 pages, 1739 KiB  
Article
Asymmetric Effects of Economic Policy Uncertainty on Food Security in Nigeria
by Lydia N. Kotur, Goodness C. Aye and Josephine B. Ayoola
J. Risk Financial Manag. 2024, 17(3), 114; https://doi.org/10.3390/jrfm17030114 - 11 Mar 2024
Viewed by 1735
Abstract
This study investigates the asymmetric effects of economic policy uncertainty (EPU) on food security in Nigeria, utilizing annual time series data from 1970 to 2021. The study used descriptive statistics, unit root tests, the nonlinear autoregressive distributed lag (NARDL) model and its associated [...] Read more.
This study investigates the asymmetric effects of economic policy uncertainty (EPU) on food security in Nigeria, utilizing annual time series data from 1970 to 2021. The study used descriptive statistics, unit root tests, the nonlinear autoregressive distributed lag (NARDL) model and its associated Bounds tests to analyze the data. The analysis reveals that adult population, environmental degradation, exchange rate uncertainty (EXRU), financial deepening, food security (FS), government expenditure in agriculture uncertainty (GEAU), inflation, and interest rate uncertainty (INRU) exhibit positive mean values over the period, with varying degrees of volatility. Cointegration tests indicate a long-term relationship between EPU variables (GEAU, INRU, and EXRU) and food security. The study finds that cumulative positive and negative EPU variables have significant effects on food security in the short run. Specifically, negative GEAU, positive INRU, positive and negative EXRU have significant effects in the short run. In the long run, negative GEAU, positive and negative EXRU have significant effects on food security. Additionally, the research highlights asymmetric effects, showing that the influence of GEAU and EXRU on food security differs in the short- and long-run. The study underscores the importance of increased government expenditure on agriculture, control of exchange rate and interest rate uncertainty, and the reduction in economic policy uncertainty to mitigate risks in the agricultural sector and enhance food security. Recommendations include strategies to stabilize exchange rates to safeguard food supply and overall food security. Full article
(This article belongs to the Special Issue Economic Policy Uncertainty)
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