Spillover Network among Economic Sentiment and Economic Policy Uncertainty in Europe
Abstract
:1. Introduction
2. Literature Review
3. Methodology
4. Sample Data
5. Empirical Results
6. Conclusions
Author Contributions
Funding
Data Availability Statement
Acknowledgments
Conflicts of Interest
References
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Region and Countries | ||||
---|---|---|---|---|
European Union (EU) | 0.0248 | 1.6972 | 2.6474 | −53.8544 |
Euro area (EA) | 0.0271 | 1.6280 | 2.7417 | −66.8804 |
France (FR) | 0.0289 | 2.0694 | 3.0368 | −55.0148 |
Belgium (BE) | 0.0600 | 2.6199 | 1.5022 | −18.7913 |
Germany (DE) | 0.0311 | 1.7011 | 1.8669 | −35.3646 |
Italy (IT) | 0.0256 | 2.6803 | 0.6132 | −14.2798 |
Netherlands (NL) | 0.0507 | 2.1895 | 5.7345 | −84.0602 |
Luxembourg (LU) | 0.0760 | 3.5933 | 1.2300 | −3.7932 |
Austria (AT) | 0.0726 | 2.6169 | 1.6005 | 11.2576 |
Greece (EL) | 0.0402 | 2.5024 | 2.2225 | −10.2550 |
Ireland (IE) | 0.0997 | 3.4383 | 0.3740 | 3.4844 |
Denmark (DK) | 0.0973 | 3.6469 | 1.9691 | 4.7634 |
Finland (FI) | 0.0354 | 3.0878 | 2.9165 | 42.2523 |
European EPU | 0.04 | 0.32 | 7.72 | 2.03 |
FR | BE | DE | IT | NL | LU | AT | EL | IE | DK | FI | From | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
FR | 45.43 | 13.45 | 9.31 | 5.94 | 6.28 | 2.43 | 6.47 | 0.79 | 3.83 | 2.33 | 3.72 | 54.6 |
BE | 11.10 | 45.05 | 10.98 | 5.49 | 7.15 | 2.62 | 7.74 | 0.99 | 3.09 | 2.74 | 3.05 | 55.0 |
DE | 8.53 | 10.66 | 49.14 | 6.95 | 7.06 | 1.55 | 9.48 | 1.36 | 2.60 | 1.17 | 1.51 | 50.9 |
IT | 6.41 | 8.38 | 8.00 | 58.14 | 2.88 | 3.06 | 4.45 | 0.59 | 2.51 | 1.82 | 3.76 | 41.9 |
NL | 6.51 | 11.82 | 12.08 | 4.00 | 46.4 | 2.93 | 7.86 | 1.69 | 1.99 | 2.76 | 1.94 | 53.6 |
LU | 3.58 | 3.91 | 4.00 | 3.81 | 2.07 | 75.19 | 2.85 | 0.37 | 1.86 | 0.67 | 1.69 | 24.8 |
AT | 8.10 | 8.95 | 10.54 | 4.50 | 6.84 | 2.64 | 52.09 | 0.36 | 1.91 | 2.51 | 1.56 | 47.9 |
EL | 2.25 | 3.37 | 3.32 | 1.05 | 2.80 | 0.54 | 2.10 | 81.87 | 1.13 | 1.21 | 0.34 | 18.1 |
IE | 4.24 | 5.01 | 3.49 | 2.28 | 2.97 | 1.65 | 1.98 | 1.43 | 73.49 | 2.60 | 0.85 | 26.5 |
DK | 5.44 | 5.63 | 3.77 | 2.47 | 3.67 | 1.28 | 3.27 | 1.43 | 2.86 | 67.84 | 2.32 | 32.2 |
FI | 5.53 | 5.48 | 6.43 | 1.92 | 1.44 | 2.12 | 2.40 | 0.87 | 1.40 | 0.85 | 71.56 | 28.4 |
To | 61.7 | 76.7 | 71.9 | 38.4 | 43.2 | 20.8 | 48.6 | 9.9 | 23.2 | 18.7 | 20.8 | 433.8 |
All | 107.1 | 121.7 | 121.1 | 96.6 | 89.6 | 96.0 | 100.7 | 91.8 | 96.7 | 86.5 | 92.3 | 39.4% |
Net | 7.1 | 21.7 | 21.0 | −3.5 | −10.4 | −4.0 | 0.7 | −8.2 | −3.3 | −13.5 | −7.6 |
FR | BE | DE | IT | NL | LU | AT | EL | IE | DK | FI | EU | EA | From | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FR | 31.31 | 8.78 | 5.96 | 3.95 | 4.03 | 1.57 | 4.19 | 0.42 | 2.52 | 1.42 | 2.36 | 16.24 | 17.25 | 68.7 |
BE | 7.99 | 32.69 | 7.46 | 3.87 | 4.81 | 1.81 | 5.33 | 0.52 | 2.12 | 1.75 | 1.99 | 14.79 | 14.88 | 67.3 |
DE | 5.17 | 6.12 | 30.21 | 4.19 | 4.06 | 0.85 | 5.52 | 0.64 | 1.57 | 0.61 | 0.82 | 18.77 | 21.48 | 69.8 |
IT | 4.25 | 5.33 | 5.12 | 40.02 | 1.78 | 2.01 | 2.81 | 0.31 | 1.63 | 1.08 | 2.39 | 14.97 | 18.30 | 60.0 |
NL | 4.80 | 8.26 | 8.53 | 2.94 | 35.04 | 2.06 | 5.48 | 0.98 | 1.47 | 1.81 | 1.29 | 13.90 | 13.43 | 65.0 |
LU | 3.09 | 3.31 | 3.43 | 3.42 | 1.72 | 68.08 | 2.29 | 0.30 | 1.68 | 0.54 | 1.36 | 4.71 | 6.06 | 31.9 |
AT | 5.99 | 6.45 | 7.71 | 3.39 | 4.91 | 1.83 | 39.62 | 0.24 | 1.49 | 1.80 | 0.98 | 12.03 | 13.56 | 60.4 |
EL | 1.91 | 2.63 | 2.65 | 0.99 | 2.14 | 0.40 | 1.84 | 73.57 | 0.99 | 0.89 | 0.26 | 6.19 | 5.55 | 26.4 |
IE | 3.72 | 3.85 | 2.66 | 1.89 | 2.29 | 1.45 | 1.65 | 1.03 | 64.47 | 2.02 | 0.67 | 7.67 | 6.64 | 35.5 |
DK | 4.59 | 4.33 | 2.80 | 1.99 | 2.80 | 1.10 | 2.73 | 0.99 | 2.37 | 58.58 | 1.85 | 9.12 | 6.74 | 41.4 |
FI | 4.52 | 4.25 | 5.33 | 1.58 | 1.16 | 1.67 | 1.82 | 0.71 | 1.15 | 0.61 | 61.23 | 7.79 | 8.19 | 38.8 |
EU | 9.00 | 7.95 | 11.60 | 6.84 | 4.76 | 1.22 | 4.72 | 0.77 | 2.68 | 1.60 | 1.72 | 25.25 | 21.89 | 74.7 |
EA | 8.78 | 8.07 | 13.40 | 7.88 | 4.50 | 1.37 | 5.05 | 0.69 | 2.42 | 1.16 | 1.64 | 21.13 | 23.92 | 76.1 |
To | 63.8 | 69.3 | 76.7 | 42.9 | 39.0 | 17.3 | 43.4 | 7.6 | 22.1 | 15.3 | 17.3 | 147.3 | 154.0 | 716.0 |
All | 95.1 | 102.0 | 106.9 | 82.9 | 74.0 | 85.4 | 83.1 | 81.2 | 86.5 | 73.9 | 78.5 | 172.6 | 177.9 | 55.1% |
Net | −4.9 | 2.0 | 6.9 | −17.1 | −26.0 | −14.6 | −17.0 | −18.8 | −13.4 | −26.1 | −21.5 | 72.6 | 77.9 |
FR | BE | DE | IT | NL | LU | AT | EL | IE | DK | FI | EPU | From | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FR | 45.19 | 13.35 | 9.07 | 5.67 | 6.03 | 2.19 | 6.25 | 0.83 | 3.75 | 2.25 | 3.54 | 1.89 | 54.8 |
BE | 10.93 | 45.05 | 10.77 | 5.25 | 6.92 | 2.41 | 7.55 | 1.02 | 3.03 | 2.68 | 2.91 | 1.48 | 55.0 |
DE | 8.35 | 10.60 | 48.76 | 6.54 | 6.66 | 1.25 | 9.22 | 1.42 | 2.57 | 1.07 | 1.40 | 2.17 | 51.2 |
IT | 6.26 | 8.30 | 7.68 | 57.70 | 2.74 | 2.76 | 4.31 | 0.62 | 2.45 | 1.75 | 3.66 | 1.74 | 42.3 |
NL | 6.32 | 11.78 | 11.84 | 3.81 | 46.2 | 2.70 | 7.63 | 1.74 | 1.96 | 2.68 | 1.84 | 1.50 | 53.8 |
LU | 3.53 | 3.86 | 3.96 | 3.36 | 1.91 | 74.8 | 2.63 | 0.41 | 1.78 | 0.63 | 1.53 | 1.61 | 25.2 |
AT | 7.97 | 8.91 | 10.34 | 4.31 | 6.62 | 2.41 | 52.10 | 0.39 | 1.89 | 2.45 | 1.46 | 1.12 | 47.9 |
EL | 2.20 | 3.33 | 3.25 | 0.99 | 2.73 | 0.48 | 2.04 | 81.40 | 1.13 | 1.19 | 0.32 | 0.99 | 18.6 |
IE | 4.11 | 4.98 | 3.41 | 2.14 | 2.90 | 1.50 | 1.88 | 1.45 | 73.60 | 2.59 | 0.79 | 0.68 | 26.4 |
DK | 5.34 | 5.59 | 3.67 | 2.35 | 3.55 | 1.17 | 3.17 | 1.45 | 2.82 | 67.80 | 2.24 | 0.84 | 32.2 |
FI | 5.38 | 5.41 | 6.48 | 1.76 | 1.35 | 1.94 | 2.29 | 0.89 | 1.37 | 0.80 | 71.50 | 0.87 | 28.5 |
EPU | 1.66 | 1.31 | 0.27 | 1.62 | 0.10 | 0.12 | 0.60 | 0.90 | 0.54 | 0.66 | 0.11 | 92.11 | 7.9 |
To | 62.1 | 77.4 | 70.7 | 37.8 | 41.5 | 18.9 | 47.6 | 11.1 | 23.3 | 18.7 | 19.8 | 14.9 | 443.8 |
All | 107.2 | 122.5 | 119.5 | 95.5 | 87.7 | 93.7 | 99.7 | 92.5 | 96.9 | 86.5 | 91.2 | 107.0 | 37.0% |
Net | 7.3 | 22.4 | 19.5 | −4.5 | −12.3 | −6.3 | −0.3 | −7.5 | −3.1 | −13.5 | −8.7 | 7.0 |
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Arreola Hernandez, J.; Kang, S.H.; Jiang, Z.; Yoon, S.-M. Spillover Network among Economic Sentiment and Economic Policy Uncertainty in Europe. Systems 2022, 10, 93. https://doi.org/10.3390/systems10040093
Arreola Hernandez J, Kang SH, Jiang Z, Yoon S-M. Spillover Network among Economic Sentiment and Economic Policy Uncertainty in Europe. Systems. 2022; 10(4):93. https://doi.org/10.3390/systems10040093
Chicago/Turabian StyleArreola Hernandez, Jose, Sang Hoon Kang, Zhuhua Jiang, and Seong-Min Yoon. 2022. "Spillover Network among Economic Sentiment and Economic Policy Uncertainty in Europe" Systems 10, no. 4: 93. https://doi.org/10.3390/systems10040093