Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?

Since the introduction of the news-based policy uncertainty measure, a few studies have looked at its impact on trade flows by using panel models and aggregate trade data. In this paper we consider the short-run and long-run response of 61 2-digit U.S. exporting industries to Korea and 49 2-digit Ko...

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Autores principales:	Mohsen Bahmani-Oskooee, Jungho Baek
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	economic policy uncertainty the U.S. Korea industry trade Risk in industry. Risk management HD61 Finance HG1-9999
Acceso en línea:	https://doaj.org/article/7406ee7385e34ea9b103b6b3a9114e05
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spelling	oai:doaj.org-article:7406ee7385e34ea9b103b6b3a9114e052021-11-25T18:08:32ZWhose Policy Uncertainty Matters in the Trade between Korea and the U.S.?10.3390/jrfm141105201911-80741911-8066https://doaj.org/article/7406ee7385e34ea9b103b6b3a9114e052021-11-01T00:00:00Zhttps://www.mdpi.com/1911-8074/14/11/520https://doaj.org/toc/1911-8066https://doaj.org/toc/1911-8074Since the introduction of the news-based policy uncertainty measure, a few studies have looked at its impact on trade flows by using panel models and aggregate trade data. In this paper we consider the short-run and long-run response of 61 2-digit U.S. exporting industries to Korea and 49 2-digit Korean exporting industries to the U.S. to policy uncertainty measures of the U.S. and Korea. We find that both measures have short-run effects on exports of almost one-third of industries in either direction. In the long run, however, while nine U.S. exporting industries (with a trade share of 9%) are negatively affected by the Korean uncertainty measure, only five industries (with 6% export share) are affected by the U.S. uncertainty measure. As for the Korean exporting industries, we find that three industries with a 31% export share are affected positively by the Korean uncertainty measure and six industries with a 7% export share are affected positively by the U.S. uncertainty measure.Mohsen Bahmani-OskooeeJungho BaekMDPI AGarticleeconomic policy uncertaintythe U.S.Koreaindustry tradeRisk in industry. Risk managementHD61FinanceHG1-9999ENJournal of Risk and Financial Management, Vol 14, Iss 520, p 520 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	economic policy uncertainty the U.S. Korea industry trade Risk in industry. Risk management HD61 Finance HG1-9999
spellingShingle	economic policy uncertainty the U.S. Korea industry trade Risk in industry. Risk management HD61 Finance HG1-9999 Mohsen Bahmani-Oskooee Jungho Baek Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
description	Since the introduction of the news-based policy uncertainty measure, a few studies have looked at its impact on trade flows by using panel models and aggregate trade data. In this paper we consider the short-run and long-run response of 61 2-digit U.S. exporting industries to Korea and 49 2-digit Korean exporting industries to the U.S. to policy uncertainty measures of the U.S. and Korea. We find that both measures have short-run effects on exports of almost one-third of industries in either direction. In the long run, however, while nine U.S. exporting industries (with a trade share of 9%) are negatively affected by the Korean uncertainty measure, only five industries (with 6% export share) are affected by the U.S. uncertainty measure. As for the Korean exporting industries, we find that three industries with a 31% export share are affected positively by the Korean uncertainty measure and six industries with a 7% export share are affected positively by the U.S. uncertainty measure.
format	article
author	Mohsen Bahmani-Oskooee Jungho Baek
author_facet	Mohsen Bahmani-Oskooee Jungho Baek
author_sort	Mohsen Bahmani-Oskooee
title	Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
title_short	Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
title_full	Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
title_fullStr	Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
title_full_unstemmed	Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?
title_sort	whose policy uncertainty matters in the trade between korea and the u.s.?
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/7406ee7385e34ea9b103b6b3a9114e05
work_keys_str_mv	AT mohsenbahmanioskooee whosepolicyuncertaintymattersinthetradebetweenkoreaandtheus AT junghobaek whosepolicyuncertaintymattersinthetradebetweenkoreaandtheus
_version_	1718411565704675328

Whose Policy Uncertainty Matters in the Trade between Korea and the U.S.?

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