Working papers, Department of Economics, WU (Wirtschaftsuniversität Wien)
No 123:
Financial uncertainty and business investment
Engelbert Stockhammer ()
and Lucas Grafl ()
Abstract: The paper seeks to contribute to the empirical analysis of
financial uncertainty and investment from a Post Keynesian perspective. The
paper uses the volatility of the exchange rate, the volatility of the stock
market index, and the real gold price as indicators for financial
uncertainty. An increase in the volatility of a variable is a sufficient,
but not a necessary condition for an increase in uncertainty (regarding
this variable). The effects of changes in uncertainty on investment are
investigated econometrically for the USA, the UK, the Netherlands, Germany,
and France. Financial uncertainty has significant negative effects in the
USA and the Netherlands.
JEL-Codes: E12; E20; E22; E25; E61; (follow links to similar papers)
August 2008
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