Fictional expectations and the global media in the Greek debt crisis: A topic modeling approach

Volker Daniel, Magnus Neubert and Agnes Orban

No 4, Working Papers from German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin

Abstract: We study the role of global media during the Greek debt crisis and relate it to the transmission of events on financial actors' expectations. To identify news coverage about the Greek debt crisis, we apply topic modeling to a newly compiled dataset of over 430,000 articles from The International New York Times and Financial Times from 2009 to 2015. We identify a Greek debt crisis topic and relate it to events concerning Greece during this time period. Our finding is that events are only relevant for financial markets when they are covered in the media, whereas events without media coverage have no effect. News coverage without immediate events is equally irrelevant for financial markets.

Keywords: Greek Debt Crisis; Machine Learning; Topic Models; Expectations; Economic Sociology; Big Data; Financial Crises; Media (search for similar items in EconPapers)
JEL-codes: C55 D84 G01 L82 Z13 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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Journal Article: Fictional Expectations and the Global Media in the Greek Debt Crisis: A Topic Modeling Approach (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:pp1859:4

DOI: 10.18452/18967

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