経済政策の不確実性と企業行動: 先行研究のレビューと日本企業の投資行動の検証, Effects of Economic Policy Uncertainty on Corporate Investment: Review of Literature and Evidence from Japan

Ryosuke Fujitani, Masazumi Hattori and Yukihiro Yasuda

Economic Review, 2022, vol. 73, issue 4, 289-305

Abstract: 本稿では，近年注目が高まっている経済政策の不確実性（Economic Policy Uncertainty）に関する近年の研究を概観する．特に，Baker et al. (2016）によって作成された経済政策の不確実性指数を利用する研究に焦点を当てている．併せて，日本における Arbatli-Saxegaard et al. (2022）らの不確実性指数に基づき，日本企業の投資行動に与える影響について検証し，経済政策の不確実性が高いと投資が抑制されることを含意する結果であることを報告する．, This study reviews recent research on economic policy uncertainty（EPU）, which has received increasing attention. In particular, we focus on studies that utilize an index of EPU. Then, we empirically examine the effects of EPU on the investment behaviors of Japanese firms. We find that Japanese firms invest less when EPU increases. Our findings suggest that Japanese managers are more cautious when making investment decisions in response to a rise in EPU in Japan.

JEL-codes: D25 G31 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:hit:ecorev:v:73:y:2022:i:4:p:289-305

DOI: 10.15057/74340

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