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Impact of global uncertainty on the global economy and large developed and developing economies

Citation

Kang, W and Ratti, RA and Vespignani, J, Impact of global uncertainty on the global economy and large developed and developing economies, Applied Economics pp. 1-16. ISSN 0003-6846 (2019) [Refereed Article]


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DOI: doi:10.1080/00036846.2019.1690629

Abstract

Global uncertainty shocks are associated with a sharp decline in global inflation, growth and interest rate. Global uncertainty shocks have more protracted, statistically significant and substantial effects on global growth, inflation and interest rate than U.S. uncertainty shocks. When controlling for domestic uncertainty, the decline in output following a rise in global uncertainty is statistically significant in each large country, except for the decline for China. For most economies, a positive shock to global uncertainty has a depressing effect on prices and official interest rates exceptions are Brazil, Mexico and Russia, which are economies with large capital outflows during financial crises.

Item Details

Item Type:Refereed Article
Keywords:global, uncertainty shocks, monetary policy, FAVAR
Research Division:Economics
Research Group:Applied Economics
Research Field:International Economics and International Finance
Objective Division:Economic Framework
Objective Group:International Trade
Objective Field:International Trade not elsewhere classified
UTAS Author:Vespignani, J (Associate Professor Joaquin Vespignani)
ID Code:136692
Year Published:2019
Deposited By:TSBE
Deposited On:2020-01-14
Last Modified:2020-01-14
Downloads:3 View Download Statistics

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