Regional effects of uncertainty shocks : Evidence from South Korea
- 주제(키워드) Regional Effects , Economic Policy Uncertainty , Financial Uncertainty , "Wait-and-See" Effect , "Exchange Rate" Effect
- 발행기관 서강대학교 일반대학원
- 지도교수 이윤수
- 발행년도 2019
- 학위수여년월 2019. 8
- 학위명 석사
- 학과 및 전공 일반대학원 경제학과
- 실제URI http://www.dcollection.net/handler/sogang/000000064553
- UCI I804:11029-000000064553
- 본문언어 영어
- 저작권 서강대학교 논문은 저작권보호를 받습니다.
초록/요약
This paper explores the regional impacts of financial uncertainty shock and economic policy uncertainty shock on South Korea’s real economy via vector autoregression (VAR) models by using the data of the fifteen regions in Korea. First, I find that regional real economy is more sensitive to financial uncertainty than to economic policy uncertainty, which is similar to the finding at the country-level. Second, the effects of financial uncertainty on regional industrial production and regional unemployment rate are heterogeneous. For regional industrial production, the effect of financial uncertainty is not large in the regions that heavily depend on heavy-chemical industry, while is large in the regions with a greater share of exports. In contrast to the result of regional industrial production, the impact of financial uncertainty on regional unemployment rate is large in the regions with a large share of heavy-chemical industry, while is not great in the regions with a high proportion of exports.
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