Global Economic Policy Uncertainty and Tourism of Fragile Five Countries: Evidence from Time and Frequency Approaches

2020 ◽  
pp. 004728752092124
Author(s):  
Tsung-Pao Wu ◽  
Hung-Che Wu
Keyword(s):  
Economic Policy ◽  
National Security ◽  
High Frequency ◽  
Annual Data ◽  
Frequency Change ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
The Government ◽  
Changes Over Time ◽  
The Relationship

The purpose of this study is to examine the relationship between global economic policy uncertainty (GEPU) and tourism activities in the Fragile Five (F5) countries, namely, Brazil, India, Indonesia, South Africa, and Turkey. By using wavelet transform context structures and the annual data during the period of 1997–2016. The finding shows that the relationship is generally positive but changes over time, displaying low- to high-frequency cycles. Moreover, the timing and frequency change when GEPU co-moves with tourism. It can be recommended that the government maintain the national security and peace protocols.

The influence of economic policy uncertainty on PIIGS tourism: Evidence from three-dimensional wavelet analyses

2020 ◽  
Author(s):  
Yu-Yu Wu
Keyword(s):  
Economic Policy ◽  
Time Domain ◽  
High Frequency ◽  
Three Dimensional ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
The Time Domain ◽  
Changes Over Time ◽  
The Relationship ◽  
Wavelet Analyses

This paper aims to examine the relationship between Economic Policy Uncertainty (EPU) and tourism activities in Portugal, Ireland, Italy, Greece and Spain (PIIGS) using wavelet transform context structures. The results indicate that the relationships among the variables evolve through time and frequencies. From the time-domain view, we show strong evidence of the relationships between these variables. From the frequency-domain view, we uncover significant wavelet coherences and strong lead-lag interrelationships changes over time, displaying low to high frequency cycles over the whole sample period.

Causality between European Economic Policy Uncertainty and Tourism Using Wavelet-Based Approaches

2018 ◽  
Vol 58 (8) ◽  
pp. 1347-1356 ◽  
Author(s):  
Tsung-Pao Wu ◽  
Hung-Che Wu
Keyword(s):  
Economic Policy ◽  
Annual Data ◽  
Policy Uncertainty ◽  
Causality Analysis ◽  
Economic Policy Uncertainty ◽  
Causal Influence ◽  
European Economic ◽  
Continuous Wavelets ◽  
The Government ◽  
Wavelet Coherency

This article aims to examine the link between European economic policy uncertainty (EPU) and tourism activities in Portugal, Ireland, Italy, Greece, and Spain using wavelet transform context structures. This innovative technique allows the decomposition of time-series at different time frequencies. In this work, we used continuous wavelets, wavelet coherency, and wavelet phase difference based on Granger causality analysis to investigate the relationship between European EPU and tourism using the annual data from 1995 to 2015. The results indicate that there is a unidirectional causal influence of European EPU on international tourism receipts (ITR) in the short run and a bidirectional causal influence of European EPU on ITR in European countries in the long run. Accordingly, it can be recommended that the government needs to increase and promote tourism demand and to further provide and nurture the expansion of tourism supply.

scholarly journals Economic Policy Uncertainty and Enterprise Financialization under the Condition of Informationization

2021 ◽  
Vol 251 ◽  
pp. 01026
Author(s):  
Miao He
Keyword(s):  
Economic Policy ◽  
Relevant Literature ◽  
Information Age ◽  
Development Trend ◽  
Practical Significance ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
The Government ◽  
And Control ◽  
The Relationship

Information is the current global development trend, is an important force driving economic change. The incompleteness of information leads to the fluctuation of economy, which urges the government to carry on the macro-policy regulation and control, thus affects the micro-enterprise decision-making. Based on the perspective of financialization, this paper empirically tests the relationship between economic policy uncertainty and enterprise financialization under informatization, and finds that there is a significant positive correlation between them. This paper enriches the relevant literature on the uncertainty of economic policy and the financialization of enterprises under the information age, and has some practical significance for enterprises to make rational decisions when they face the uncertainty of economic policy under the information age.

scholarly journals Impact of US Economic Policy Uncertainty on Geopolitical Risk. Evidence from BRIC Economies

2020 ◽  
Vol 65 (4) ◽  
pp. 485-496
Author(s):  
Imtiaz Arif ◽  
Amna Sohail Rawat ◽  
Muhammad Shahbaz
Keyword(s):  
Economic Policy ◽  
Financial Market ◽  
Investment Decisions ◽  
Policy Uncertainty ◽  
Estimation Technique ◽  
Economic Policy Uncertainty ◽  
Bric Countries ◽  
The Us ◽  
Asymmetric Relation ◽  
The Relationship

This paper estimates the relationship between US economic policy uncertainty and geopolitical risk in the BRIC economies.1 Due to the assumption of a non-linear and asymmetric relation between US economic policy uncertainty and geopolitical risk of BRIC countries, a nonparametric estimation technique, Quantile on Quantile approach has been used for empirical analysis. The empirical results revealed that the relationship between the US economic policy uncertainty and geopolitical risk of BRIC economies is heterogeneous in nature. We noted that economic policy uncertainty in the US is negatively related to geopolitical risk in Chinese and Russian economies. However, for Indian and Brazilian economies US economic policy uncertainty is positively related to geopolitical risk. The outcomes of the study will be helpful for the investors and financial market players for taking investment decisions. It will also benefit the legislators and policymakers in making policies that could make their respective economies insulated from foreign policy risks.

THE RELATIONSHIP BETWEEN ECONOMIC POLICY UNCERTAINTY AND CORPORATE TAX RATES

2021 ◽  
pp. 2150002
Author(s):  
MATTHEW CLANCE ◽  
GIRAY GOZGOR ◽  
RANGAN GUPTA ◽  
CHI KEUNG MARCO LAU
Keyword(s):  
Economic Policy ◽  
Policy Uncertainty ◽  
Tax Rates ◽  
Corporate Tax ◽  
Economic Policy Uncertainty ◽  
Estimation Techniques ◽  
Uncertainty Index ◽  
Corporate Tax Rates ◽  
The Relationship

This paper investigates the relationship between economic policy uncertainty and corporate tax rates in a panel dataset of 126 countries throughout 2003–2018. We use the so-called “World Uncertainty Index” to measure the level of economic policy uncertainty. We utilize various estimation techniques and find a one-way causality from economic policy uncertainty to corporate tax rates. Specifically, a rise in economic policy uncertainty leads to higher corporate tax rates. We also discuss potential implications.

Economic policy uncertainty and gold return dynamics: Evidence from high-frequency data

2021 ◽  
Vol 72 ◽  
pp. 102078
Author(s):  
Hongwei Zhang ◽  
Riza Demirer ◽  
Jianbai Huang ◽  
Wanjun Huang ◽  
Muhammad Tahir Suleman
Keyword(s):  
Economic Policy ◽  
High Frequency ◽  
High Frequency Data ◽  
Policy Uncertainty ◽  
Frequency Data ◽  
Economic Policy Uncertainty ◽  
Return Dynamics

scholarly journals Impact of Economic Policy Uncertainty on Carbon Emissions: Evidence from 137 Multinational Countries

2021 ◽  
Vol 19 (1) ◽  
pp. 4
Author(s):  
Hai-Jie Wang ◽  
Yong Geng ◽  
Xi-Qiang Xia ◽  
Quan-Jing Wang
Keyword(s):  
Economic Policy ◽  
World Bank ◽  
Carbon Emissions ◽  
Policy Implications ◽  
Policy Uncertainty ◽  
International Treaties ◽  
Stirpat Model ◽  
Economic Policy Uncertainty ◽  
Cross Country ◽  
The Relationship

With growing economic policy uncertainty (EPU) and the importance of protecting the natural environment worldwide, the relationship between EPU and carbon emissions should be investigated further. However, conclusions in the existing literature on the relationship between EPU and carbon emission are inconclusive. This paper aims to examine the influence of EPU on carbon emissions according to the Stochastic Impacts by Regression on Population, Affluence and Technology (STIRPAT) model. To investigate such essential issues, we conduct GMM estimations by utilizing cross-country data covering 137 countries during the period 1970–2018, obtained from World Bank and OECD statistics. Our empirical estimations support that EPU would bring about more carbon emissions, while we conduct empirical analysis by changing the system of measurement, employing alternative estimation and constructing new samples. Our study provides substantial policy implications for government participation in international treaties on environmental protection to mitigate environmental degradation.

scholarly journals Financial reporting under economic policy uncertainty

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Peterson Kitakogelu Ozili
Keyword(s):  
Economic Policy ◽  
Financial Reporting ◽  
Fair Value ◽  
Policy Uncertainty ◽  
Fair Value Accounting ◽  
Content Type ◽  
Economic Policy Uncertainty ◽  
New Information ◽  
Accounting Numbers ◽  
The Relationship

Purpose This paper aims to discuss financial reporting under economic policy uncertainty. Design/methodology/approach The paper uses discourse analysis to examine financial reporting under economic policy uncertainty. Findings The paper identifies the link between economic policy uncertainty and financial reporting, in terms of earnings management and fair value accounting. It argues that high economic policy uncertainty will transmit fewer new information to firms which can motivate managers to influence accounting numbers in the direction of the desired financial reporting outcome. Originality/value The relationship between economic policy uncertainty and financial reporting has not been studied. This paper is one of the first papers to relate economic policy uncertainty to financial reporting behavior.

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