International Drivers of Policy Uncertainty in Emerging Economies

Gian Soave

Economics Bulletin, 2020, vol. 40, issue 1, 716-726

Abstract: We investigate whether the international context can affect the economic policy uncertainty in a group of seven emerging market countries. Using a variety of global variables and a Bayesian Panel Vector Autoregression that connects domestic and international variables, we find that the conditions of the global goods market are essential drivers of policy uncertainty. Especially, a central role is played by global uncertainty, with significant and persistent effects coming from both global policy uncertainty and the volatility of global financial markets.

Keywords: Economic policy uncertainty; Emerging markets; Bayesian panel data (search for similar items in EconPapers)
JEL-codes: E3 E6 (search for similar items in EconPapers)
Date: 2020-03-05
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