Economic Policy Uncertainty in Emerging and Small Open Economies

Dear Colleagues,

Since the 2008 financial crisis, we have experienced above-average levels of economic policy uncertainty (EPU) in markets around the world. From Brexit to the recent tariff war between China and the United States and increased political conflicts between countries around the world, we have seen how economic policy uncertainty negatively affects economic activity, international trade, and firm-level investment spending.

Despite the research carried out in large and relatively closed economies such as the United States, there is still a limited body of work concerning the impact of EPU in countries with small open economies and countries with emerging economies.

This Special Issue is specifically looking for empirical contributions on how EPU is associated with asset prices, investment behaviors, corporate finance, and enterprise risk management in emerging and small open economies.

We also strongly encourage topics that look at the international spillover effect of EPU via trade and international capital market linkage. Studies that adopt novel dataset and address unique country-specific events are particularly welcome. Some broad topics that are associated with EPU might include but are not limited to the following:

  Asset pricing: EPU risk premium, return predictability, etc.;

  Investments: capital market anomalies, information efficiency, crash risk, etc.;

  Behavioral biases: sentiment, herding, etc.;

  Corporate Finance: corporate investment decisions, cost of capital, corporate innovation, dividend policies, etc.;

  Banking: funding issues, policies, liquidity, etc.;

  Market linkage: EPU spillover, domestic vs. global EPU, economic regions, etc.;

Others: housing markets, corporate sustainable strategies, alternative investments, etc.

Dr. Daniel Chai
Guest Editor

Manuscript Submission Information

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• Economic policy uncertainty (EPU)
• International trade
• Firm-level investment spending
• Small open economies
• Emerging economies
• Asset prices
• Investment behaviors
• Corporate finance
• Banking
• Enterprise risk management
• International spillover effect
• International capital market