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首页> 外文期刊>Global Economy Journal >THE ECONOMIC POLICY UNCERTAINTY EXTREME DYNAMICS AND ITS EFFECT ON THE EXCHANGE RATE
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THE ECONOMIC POLICY UNCERTAINTY EXTREME DYNAMICS AND ITS EFFECT ON THE EXCHANGE RATE

机译：经济政策不确定性、极端动态及其对汇率的影响

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摘要

The effect of economic policy uncertainty (EPU) on other macroeconomic and financial variables has been the subject of prior research investigations. However, a dearth of work explicitly examines the connection between EPU exchange rate changes. By utilizing both nonlinear ARDL (NARDL) and multiple threshold NARDL (MTNARDL) models, we add to the body of literature by analyzing the nonlinear impact of EPU on exchange rates. The MTNARDL model, which distinguishes between the impacts of very small changes in the EPU from very large changes in the EPU on the exchange rate, is an expanded version of the NARDL model. The MTNARDL results confirm an asymmetric effect of EPU on exchange rates in the long run for all sample countries, contrary to the NARDL estimates, which show that EPU has an asymmetric effect in Brazil, Turkey, and China only. Similarly, only one country is supported by NARDL estimates for the short-run asymmetric effect, but MTNARDL estimates support the effect in five countries. Therefore, in our study, the MTNARDL model aids the prior literature in examining the more comprehensive impact of EPU on the exchange rates.
机译：经济政策的不确定性(EPU)的影响其他宏观经济和金融变量先前的研究的主题调查。显式地检查EPU之间的联系汇率的变化。非线性ARDL (NARDL)和多个阈值NARDL (MTNARDL)模型,我们的身体文学通过分析的非线性影响EPU汇率。区分的影响很小EPU变化非常大的变化EPU汇率,是一个扩展的版本NARDL模型。非对称EPU对汇率的影响所有样本的长期国家,相反NARDL估计,这表明EPU非对称效应在巴西、土耳其和中国只有。NARDL估计短期内不对称的效果,但是MTNARDL估计支持效果在五个国家。艾滋病之前文献MTNARDL模型检查EPU的更全面的影响的汇率。

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  • 来源
    《Global Economy Journal》 |2022年第3期|1-22|共22页
  • 作者

    RAHEEL GOHAR; MOHAMED OSMAN; EMMANUEL UCHEP. A. MARY AUXILIABISHARAT HUSSAIN CHANG;

  • 作者单位

    College of Business Administration Al Yamamah University, Riyadh, Saudi Arabia;

    Dubai Business School University of Dubai, Dubai, UAE;

    Department of Economics, Abia State University, Uturu Abia State, NigeriaLoyola Institute of Business Administration Chennai, Tamil Nadu, IndiaDepartment of Business Administration Sukkur IBA University, Sukkur, Pakistan;

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