Measuring Economic Uncertainty in China<sup>†</sup>
نویسندگان
چکیده
This study develops a new economic uncertainty (EU) index based on Chinese newspapers to address the media coverage bias of existing measures. We investigate how EU affects China’s macroeconomy. Our results suggest that reduces aggregate output. find predicts fluctuations in activity and actual also EU, but nonlinearly. Furthermore, we show United States leads China, implying negative economy is coming from U.S. Finally, conduct some asset-pricing tests, showing can predict stock returns commands risk premium. are helpful for both researchers policymakers stabilize financial markets China.
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ژورنال
عنوان ژورنال: Emerging Markets Finance and Trade
سال: 2021
ISSN: ['1540-496X', '1558-0938']
DOI: https://doi.org/10.1080/1540496x.2021.1873764