Measuring Geopolitical Risk
نویسندگان
چکیده
We present a news-based measure of adverse geopolitical events and associated risks. The risk (GPR) index spikes around the two world wars, at beginning Korean War, during Cuban Missile Crisis, after 9/11. Higher foreshadows lower investment employment is with higher disaster probability larger downside consequences GPR are driven by both threat realization events. We complement our aggregate measures industry- firm-level indicators risk. Investment drops more in industries that exposed to investment.
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ژورنال
عنوان ژورنال: International finance discussion papers
سال: 2022
ISSN: ['2767-4509', '1073-2500']
DOI: https://doi.org/10.17016/ifdp.2018.1222r1