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Economic policy uncertainty and exchange rates before and during the COVID-19 pandemic

Year 2021, Volume: 3 Issue: 2, 119 - 127, 31.12.2021

Nagmi Aimer

Abstract

Recently, the extent to which economic policy uncertainty (EPU) affects exchange rate movements has been an important research question. Therefore, this paper examines the effects of both economic policy uncertainty (EPU) and the volatility index (VIX) on exchange rates for the case of four countries, which recorded the highest number of deaths due to the COVID-19 pandemic. Furthermore, we use the bounds testing approach to cointegration and error correction model, developed within an ARDL model. The findings show that: (i) during the pre-pandemic period, the co-integration tests showed that there is a positive effect of the VIX index on the Brazilian real in the long run. Likewise, there is a positive effect of the volatility index on the exchange rates of both the Indian rupee and the Swedish krona during the pandemic period, as well as between the volatility index and the Indian rupee before and during the COVID-19. Regarding the effect of EPU on the exchange rates, we found that during the pre-pandemic period there was no statistically significant effect for the four countries, while during the pandemic period, there is a positive relationship between the EPU and the Brazilian reals. While the case of the before and during the COVID-19, we find that there is a positive relationship between the EPU index and the exchange rates of both the Indian rupees and Mexican new pesos. (ii) we note that the error correction coefficients for the period before the outbreak of the epidemic are lower than during the pandemic period. Specifically, the exchange rate correction in the epidemic period is faster than in the period preceding the outbreak of the epidemic. This indicates that before a pandemic period is more vulnerable to fundamental shocks. (iii) the impact of the VIX shock is greater than the EPU shock. Our results offer practical implications for policymakers and investors.

Keywords

COVID-19 Exchange rate EPU VIX Bound test

References

  • Abid, A. (2020). Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence. Finance Research Letters, 37, 101378.
  • Abid, A. (2020). Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence. Finance Research Letters, 37, 101378.
  • Aimer, N. (2016). Conditional Correlations and Volatility Spillovers between Crude Oil and Stock Index Returns of Middle East Countries. Open Access Library Journal, 3(12), 1.
  • Aimer, N. (2016). Conditional Correlations and Volatility Spillovers between Crude Oil and Stock Index Returns of Middle East Countries. Open Access Library Journal, 3(12), 1.
  • Aimer, N. (2017). The role of oil price fluctuations on the USD/EUR exchange rate: an ARDL bounds testing approach to cointegration. EUR Exchange Rate: An ARDL Bounds Testing Approach to Cointegration (October 11, 2017).
  • Aimer, N. (2017). The role of oil price fluctuations on the USD/EUR exchange rate: an ARDL bounds testing approach to cointegration. EUR Exchange Rate: An ARDL Bounds Testing Approach to Cointegration (October 11, 2017).
  • Aimer, N. (2019). The Impact of Exchange Rate Volatility on Stock Prices: A Case Study of Middle East Countries. Asian Development Policy Review, 7(2), 98–110.
  • Aimer, N. (2019). The Impact of Exchange Rate Volatility on Stock Prices: A Case Study of Middle East Countries. Asian Development Policy Review, 7(2), 98–110.
  • Al-Thaqeb, S. A., Algharabali, B. G. and Alabdulghafour, K. T. (2020). The pandemic and economic policy uncertainty. International Journal of Finance & Economics.
  • Al-Thaqeb, S. A., Algharabali, B. G. and Alabdulghafour, K. T. (2020). The pandemic and economic policy uncertainty. International Journal of Finance & Economics.
  • Albulescu, C. (2020). Do COVID-19 and crude oil prices drive the US economic policy uncertainty? ArXiv Preprint ArXiv:2003.07591.
  • Albulescu, C. (2020). Do COVID-19 and crude oil prices drive the US economic policy uncertainty? ArXiv Preprint ArXiv:2003.07591.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets volatility. Finance Research Letters, 38, 101699.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets volatility. Finance Research Letters, 38, 101699.
  • Alesina, A. and Wagner, A. F. (2006). Choosing (and reneging on) exchange rate regimes. Journal of the European Economic Association, 4(4), 770–799.
  • Alesina, A. and Wagner, A. F. (2006). Choosing (and reneging on) exchange rate regimes. Journal of the European Economic Association, 4(4), 770–799.
  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., … others. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274.
  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., … others. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274.
  • Asari, F., Baharuddin, N. S., Jusoh, N., Mohamad, Z., Shamsudin, N. and Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World Applied Sciences Journal, 12(3), 49–56.
  • Asari, F., Baharuddin, N. S., Jusoh, N., Mohamad, Z., Shamsudin, N. and Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World Applied Sciences Journal, 12(3), 49–56.
  • Baker, S. R., Bloom, N. and Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.
  • Baker, S. R., Bloom, N. and Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.
  • Baker, S. R., Bloom, N., Davis, S. J. and Terry, S. J. (2020). Covid-induced economic uncertainty.
  • Baker, S. R., Bloom, N., Davis, S. J. and Terry, S. J. (2020). Covid-induced economic uncertainty.
  • Basu, S. and Bundick, B. (2017). Uncertainty shocks in a model of effective demand. Econometrica, 85(3), 937–958.
  • Basu, S. and Bundick, B. (2017). Uncertainty shocks in a model of effective demand. Econometrica, 85(3), 937–958.
  • Beckmann, J. and Czudaj, R. (2017). Exchange rate expectations and economic policy uncertainty. European J. of Political Economy, 47, 148–162.
  • Bloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I. and Terry, S. J. (2018). Really uncertain business cycles. Econometrica, 86(3), 1031–1065.
  • Brown, R. L., Durbin, J., and Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149–163. Bush, G. and Noria, G. L. (2019). Uncertainty and Exchange Rate Volatility: the Case of Mexico.
  • Bush, G. and Noria, G. L. (2021). Uncertainty and exchange rate volatility: Evidence from Mexico. International Review of Economics \& Finance.
  • Chen, L., Du, Z. and Hu, Z. (2020). Impact of economic policy uncertainty on exchange rate volatility of China. Finance Research Letters, 32, 101266.
  • D’Mello, R., and Toscano, F. (2020). Economic policy uncertainty and short-term financing: The case of trade credit. Journal of Corporate Finance, 64, 101686.
  • Dickey, D. A. and Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 1057–1072.
  • Engle, R. F. and Granger, C. W. J. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276.
  • Grossmann, A., Love, I. and Orlov, A. G. (2014). The dynamics of exchange rate volatility: A panel VAR approach. Journal of International Financial Markets, Institutions and Money, 33, 1–27.
  • Günay, F., Bayraktaroğlu, E. and Özkul, K. (2020). Assessing the short-term impacts of COVID-19 pandemic on foreign visitor’s demand for Turkey: A scenario analysis. Journal of Ekonomi, 2(2), 80–85.
  • Hitt, M. A., Holmes Jr, R. M. and Arregle, J.-L. (2021). The (COVID-19) pandemic and the new world (dis) order. J. of World Business, 56(4), 101210.
  • Işık, C., Sirakaya-Turk, E. and Ongan, S. (2020). Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence. Tourism Economics, 26(8), 1344–1357.
  • Keynes, J. M. (1937). The general theory of employment. The Quarterly Journal of Economics, 51(2), 209–223.
  • Kilian, L. (1998). Small-sample confidence intervals for impulse response functions. Review of Economics and Statistics, 80(2), 218–230.
  • Krol, R. (2014). Economic policy uncertainty and exchange rate volatility. International Finance, 17(2), 241–256.
  • Kwiatkowski, D., Phillips, P. C. B., Schmidt, P. and Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1–3), 159–178.
  • Liu, Y., Gayle, A. A., Wilder-Smith, A. and Rocklöv, J. (2020). The reproductive number of COVID-19 is higher compared to SARS coronavirus. Journal of Travel Medicine.
  • Lombardi, S., e Cunha, M. P. and Giustiniano, L. (2021). Improvising resilience: The unfolding of resilient leadership in COVID-19 times. International Journal of Hospitality Management, 95, 102904.
  • Longstaff, F. A. (2010). The subprime credit crisis and contagion in financial markets. Journal of Financial Economics, 97(3), 436–450.
  • Naqvi, S. M. J. (2021). Economic Policy Uncertainty and Dollar Rupee Exchange Rate Volatility. Available at SSRN 3768239.
  • Nilavongse, R., Michał, R. and Uddin, G. S. (2020). Economic policy uncertainty shocks, economic activity, and exchange rate adjustments. Economics Letters, 186, 108765.
  • Özçatalbaş, O. (2020). Is Coronavirus the worst of the worst for the Human and Earth? Journal of Ekonomi, 2(2), 98.
  • Padhan, R. and Prabheesh, K. P. (2021). The economics of COVID-19 pandemic: A survey. Economic Analysis and Policy, 70, 220–237.
  • Payne, J. E., Topcu, M., Hajille, M. and Niroomand, F. (2021). Economic policy uncertainty shocks and US overseas travel. The International Trade Journal, 35(1), 115–122.
  • Pesaran, M. H. and Shin, Y. (1998). An autoregressive distributed-lag modelling approach to cointegration analysis. Econometric Society Monographs, 31, 371–413.
  • Pesaran, M. H., Shin, Y. and Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
  • Phan, D. H. B., Iyke, B. N., Sharma, S. S. and Affandi, Y. (2021). Economic policy uncertainty and financial stability--Is there a relation? Economic Modelling, 94, 1018–1029.
  • Phillips, P. C. B. and Perron, P. (1988). Testing for a unit root in time series regression. Biometrika.
  • Ranasinghe, R., Callaghan, D. and Stive, M. J. F. (2012). Estimating coastal recession due to sea level rise: beyond the Bruun rule. Climatic Change, 110(3), 561–574.
  • Sharif, A., Aloui, C. and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 101496.
  • Spiteri, G., Fielding, J., Diercke, M., Campese, C., Enouf, V., Gaymard, A., … others. (2020). First cases of coronavirus disease 2019 (COVID-19) in the WHO European Region, 24 January to 21 February 2020. Eurosurveillance, 25(9), 2000178.
  • Yu, H., Fang, L. and Sun, W. (2018). Forecasting performance of global economic policy uncertainty for volatility of Chinese stock market. Physica A: Statistical Mechanics and Its Applications, 505, 931–940.
  • Zhang, Y.-J. and Wang, J.-L. (2019). Do high-frequency stock market data help forecast crude oil prices? Evidence from the MIDAS models. Energy Economics, 78, 192–201.

Economic policy uncertainty and exchange rates before and during the COVID-19 pandemic

Year 2021, Volume: 3 Issue: 2, 119 - 127, 31.12.2021

Nagmi Aimer

Abstract

Recently, the extent to which economic policy uncertainty (EPU) affects exchange rate movements has been an important research question. Therefore, this paper examines the effects of both economic policy uncertainty (EPU) and the volatility index (VIX) on exchange rates for the case of four countries, which recorded the highest number of deaths due to the COVID-19 pandemic. Furthermore, we use the bounds testing approach to cointegration and error correction model, developed within an ARDL model. The findings show that: (i) during the pre-pandemic period, the co-integration tests showed that there is a positive effect of the VIX index on the Brazilian real in the long run. Likewise, there is a positive effect of the volatility index on the exchange rates of both the Indian rupee and the Swedish krona during the pandemic period, as well as between the volatility index and the Indian rupee before and during the COVID-19. Regarding the effect of EPU on the exchange rates, we found that during the pre-pandemic period there was no statistically significant effect for the four countries, while during the pandemic period, there is a positive relationship between the EPU and the Brazilian reals. While the case of the before and during the COVID-19, we find that there is a positive relationship between the EPU index and the exchange rates of both the Indian rupees and Mexican new pesos. (ii) we note that the error correction coefficients for the period before the outbreak of the epidemic are lower than during the pandemic period. Specifically, the exchange rate correction in the epidemic period is faster than in the period preceding the outbreak of the epidemic. This indicates that before a pandemic period is more vulnerable to fundamental shocks. (iii) the impact of the VIX shock is greater than the EPU shock. Our results offer practical implications for policymakers and investors.

Keywords

COVID-19 Exchange rate EPU Bound test Volatility index (VIX)

Thanks

Thank you for your attention

References

  • Abid, A. (2020). Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence. Finance Research Letters, 37, 101378.
  • Abid, A. (2020). Economic policy uncertainty and exchange rates in emerging markets: Short and long runs evidence. Finance Research Letters, 37, 101378.
  • Aimer, N. (2016). Conditional Correlations and Volatility Spillovers between Crude Oil and Stock Index Returns of Middle East Countries. Open Access Library Journal, 3(12), 1.
  • Aimer, N. (2016). Conditional Correlations and Volatility Spillovers between Crude Oil and Stock Index Returns of Middle East Countries. Open Access Library Journal, 3(12), 1.
  • Aimer, N. (2017). The role of oil price fluctuations on the USD/EUR exchange rate: an ARDL bounds testing approach to cointegration. EUR Exchange Rate: An ARDL Bounds Testing Approach to Cointegration (October 11, 2017).
  • Aimer, N. (2017). The role of oil price fluctuations on the USD/EUR exchange rate: an ARDL bounds testing approach to cointegration. EUR Exchange Rate: An ARDL Bounds Testing Approach to Cointegration (October 11, 2017).
  • Aimer, N. (2019). The Impact of Exchange Rate Volatility on Stock Prices: A Case Study of Middle East Countries. Asian Development Policy Review, 7(2), 98–110.
  • Aimer, N. (2019). The Impact of Exchange Rate Volatility on Stock Prices: A Case Study of Middle East Countries. Asian Development Policy Review, 7(2), 98–110.
  • Al-Thaqeb, S. A., Algharabali, B. G. and Alabdulghafour, K. T. (2020). The pandemic and economic policy uncertainty. International Journal of Finance & Economics.
  • Al-Thaqeb, S. A., Algharabali, B. G. and Alabdulghafour, K. T. (2020). The pandemic and economic policy uncertainty. International Journal of Finance & Economics.
  • Albulescu, C. (2020). Do COVID-19 and crude oil prices drive the US economic policy uncertainty? ArXiv Preprint ArXiv:2003.07591.
  • Albulescu, C. (2020). Do COVID-19 and crude oil prices drive the US economic policy uncertainty? ArXiv Preprint ArXiv:2003.07591.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets volatility. Finance Research Letters, 38, 101699.
  • Albulescu, C. T. (2021). COVID-19 and the United States financial markets volatility. Finance Research Letters, 38, 101699.
  • Alesina, A. and Wagner, A. F. (2006). Choosing (and reneging on) exchange rate regimes. Journal of the European Economic Association, 4(4), 770–799.
  • Alesina, A. and Wagner, A. F. (2006). Choosing (and reneging on) exchange rate regimes. Journal of the European Economic Association, 4(4), 770–799.
  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., … others. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274.
  • Altig, D., Baker, S., Barrero, J. M., Bloom, N., Bunn, P., Chen, S., … others. (2020). Economic uncertainty before and during the COVID-19 pandemic. Journal of Public Economics, 191, 104274.
  • Asari, F., Baharuddin, N. S., Jusoh, N., Mohamad, Z., Shamsudin, N. and Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World Applied Sciences Journal, 12(3), 49–56.
  • Asari, F., Baharuddin, N. S., Jusoh, N., Mohamad, Z., Shamsudin, N. and Jusoff, K. (2011). A vector error correction model (VECM) approach in explaining the relationship between interest rate and inflation towards exchange rate volatility in Malaysia. World Applied Sciences Journal, 12(3), 49–56.
  • Baker, S. R., Bloom, N. and Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.
  • Baker, S. R., Bloom, N. and Davis, S. J. (2016). Measuring economic policy uncertainty. The Quarterly Journal of Economics, 131(4), 1593–1636.
  • Baker, S. R., Bloom, N., Davis, S. J. and Terry, S. J. (2020). Covid-induced economic uncertainty.
  • Baker, S. R., Bloom, N., Davis, S. J. and Terry, S. J. (2020). Covid-induced economic uncertainty.
  • Basu, S. and Bundick, B. (2017). Uncertainty shocks in a model of effective demand. Econometrica, 85(3), 937–958.
  • Basu, S. and Bundick, B. (2017). Uncertainty shocks in a model of effective demand. Econometrica, 85(3), 937–958.
  • Beckmann, J. and Czudaj, R. (2017). Exchange rate expectations and economic policy uncertainty. European J. of Political Economy, 47, 148–162.
  • Bloom, N., Floetotto, M., Jaimovich, N., Saporta-Eksten, I. and Terry, S. J. (2018). Really uncertain business cycles. Econometrica, 86(3), 1031–1065.
  • Brown, R. L., Durbin, J., and Evans, J. M. (1975). Techniques for testing the constancy of regression relationships over time. Journal of the Royal Statistical Society: Series B (Methodological), 37(2), 149–163. Bush, G. and Noria, G. L. (2019). Uncertainty and Exchange Rate Volatility: the Case of Mexico.
  • Bush, G. and Noria, G. L. (2021). Uncertainty and exchange rate volatility: Evidence from Mexico. International Review of Economics \& Finance.
  • Chen, L., Du, Z. and Hu, Z. (2020). Impact of economic policy uncertainty on exchange rate volatility of China. Finance Research Letters, 32, 101266.
  • D’Mello, R., and Toscano, F. (2020). Economic policy uncertainty and short-term financing: The case of trade credit. Journal of Corporate Finance, 64, 101686.
  • Dickey, D. A. and Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica: Journal of the Econometric Society, 1057–1072.
  • Engle, R. F. and Granger, C. W. J. (1987). Co-integration and error correction: representation, estimation, and testing. Econometrica: Journal of the Econometric Society, 251–276.
  • Grossmann, A., Love, I. and Orlov, A. G. (2014). The dynamics of exchange rate volatility: A panel VAR approach. Journal of International Financial Markets, Institutions and Money, 33, 1–27.
  • Günay, F., Bayraktaroğlu, E. and Özkul, K. (2020). Assessing the short-term impacts of COVID-19 pandemic on foreign visitor’s demand for Turkey: A scenario analysis. Journal of Ekonomi, 2(2), 80–85.
  • Hitt, M. A., Holmes Jr, R. M. and Arregle, J.-L. (2021). The (COVID-19) pandemic and the new world (dis) order. J. of World Business, 56(4), 101210.
  • Işık, C., Sirakaya-Turk, E. and Ongan, S. (2020). Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA: Theory and evidence. Tourism Economics, 26(8), 1344–1357.
  • Keynes, J. M. (1937). The general theory of employment. The Quarterly Journal of Economics, 51(2), 209–223.
  • Kilian, L. (1998). Small-sample confidence intervals for impulse response functions. Review of Economics and Statistics, 80(2), 218–230.
  • Krol, R. (2014). Economic policy uncertainty and exchange rate volatility. International Finance, 17(2), 241–256.
  • Kwiatkowski, D., Phillips, P. C. B., Schmidt, P. and Shin, Y. (1992). Testing the null hypothesis of stationarity against the alternative of a unit root: How sure are we that economic time series have a unit root? Journal of Econometrics, 54(1–3), 159–178.
  • Liu, Y., Gayle, A. A., Wilder-Smith, A. and Rocklöv, J. (2020). The reproductive number of COVID-19 is higher compared to SARS coronavirus. Journal of Travel Medicine.
  • Lombardi, S., e Cunha, M. P. and Giustiniano, L. (2021). Improvising resilience: The unfolding of resilient leadership in COVID-19 times. International Journal of Hospitality Management, 95, 102904.
  • Longstaff, F. A. (2010). The subprime credit crisis and contagion in financial markets. Journal of Financial Economics, 97(3), 436–450.
  • Naqvi, S. M. J. (2021). Economic Policy Uncertainty and Dollar Rupee Exchange Rate Volatility. Available at SSRN 3768239.
  • Nilavongse, R., Michał, R. and Uddin, G. S. (2020). Economic policy uncertainty shocks, economic activity, and exchange rate adjustments. Economics Letters, 186, 108765.
  • Özçatalbaş, O. (2020). Is Coronavirus the worst of the worst for the Human and Earth? Journal of Ekonomi, 2(2), 98.
  • Padhan, R. and Prabheesh, K. P. (2021). The economics of COVID-19 pandemic: A survey. Economic Analysis and Policy, 70, 220–237.
  • Payne, J. E., Topcu, M., Hajille, M. and Niroomand, F. (2021). Economic policy uncertainty shocks and US overseas travel. The International Trade Journal, 35(1), 115–122.
  • Pesaran, M. H. and Shin, Y. (1998). An autoregressive distributed-lag modelling approach to cointegration analysis. Econometric Society Monographs, 31, 371–413.
  • Pesaran, M. H., Shin, Y. and Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16(3), 289–326.
  • Phan, D. H. B., Iyke, B. N., Sharma, S. S. and Affandi, Y. (2021). Economic policy uncertainty and financial stability--Is there a relation? Economic Modelling, 94, 1018–1029.
  • Phillips, P. C. B. and Perron, P. (1988). Testing for a unit root in time series regression. Biometrika.
  • Ranasinghe, R., Callaghan, D. and Stive, M. J. F. (2012). Estimating coastal recession due to sea level rise: beyond the Bruun rule. Climatic Change, 110(3), 561–574.
  • Sharif, A., Aloui, C. and Yarovaya, L. (2020). COVID-19 pandemic, oil prices, stock market, geopolitical risk and policy uncertainty nexus in the US economy: Fresh evidence from the wavelet-based approach. International Review of Financial Analysis, 101496.
  • Spiteri, G., Fielding, J., Diercke, M., Campese, C., Enouf, V., Gaymard, A., … others. (2020). First cases of coronavirus disease 2019 (COVID-19) in the WHO European Region, 24 January to 21 February 2020. Eurosurveillance, 25(9), 2000178.
  • Yu, H., Fang, L. and Sun, W. (2018). Forecasting performance of global economic policy uncertainty for volatility of Chinese stock market. Physica A: Statistical Mechanics and Its Applications, 505, 931–940.
  • Zhang, Y.-J. and Wang, J.-L. (2019). Do high-frequency stock market data help forecast crude oil prices? Evidence from the MIDAS models. Energy Economics, 78, 192–201.
There are 59 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Nagmi Aimer 0000-0003-1739-2509

Publication Date December 31, 2021
Submission Date March 21, 2021
Published in Issue Year 2021 Volume: 3 Issue: 2

Cite

APA Aimer, N. (2021). Economic policy uncertainty and exchange rates before and during the COVID-19 pandemic. Journal of Ekonomi, 3(2), 119-127.
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