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Does policy uncertainty affect economic globalization? An empirical investigation

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  • Jianchun Fang
  • Giray Gozgor
  • Chi Keung Marco Lau
  • Neelu Seetaram

Abstract

This paper investigates the role of policy uncertainty on indices of economic globalization from 1996 to 2016 in the panel dataset of 142 countries. For this purpose, we use the nine measures of the Revisited KOF Economic Globalization Indices and two new measures of uncertainty: The World Uncertainty Index (WUI) and the Trade Policy Uncertainty Index (TPUI). The findings indicate that both the WUI and the TPUI are negatively associated with the overall index of economic globalization. The benchmark results remain consistent under various model specifications, econometric estimation techniques, and countries at different income levels.

Suggested Citation

  • Jianchun Fang & Giray Gozgor & Chi Keung Marco Lau & Neelu Seetaram, 2022. "Does policy uncertainty affect economic globalization? An empirical investigation," Applied Economics, Taylor & Francis Journals, vol. 54(22), pages 2510-2528, May.
    • Handle: RePEc:taf:applec:v:54:y:2022:i:22:p:2510-2528
    DOI: 10.1080/00036846.2021.1998324
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    Cited by:

    1. Al-Gamrh, Bakr & Farooq, Umar & Ahsan, Tanveer, 2024. "Beyond the balance sheet: Assessing corporate governance through the Lens of debtholders," International Review of Financial Analysis, Elsevier, vol. 96(PA).
    2. Mustafa Ahmed Hamed Mansour & Salem Hamad Aldawsari, 2026. "Quantifying the Spillover Effect of U.S. Trade Policy Uncertainty on Economic Growth of BRICS: A Panel Data Investigation," Advances in Decision Sciences, Asia University, Taiwan, vol. 30(1), pages 72-102, March.
    3. Talay, M. Berk & Akdeniz, M. Billur & Galli Geleilate, José-Mauricio & Newburry, William, 2025. "Inter-partner differences in globalization exposure and national culture and IJV termination: A comparison of emerging versus developed market host countries," International Business Review, Elsevier, vol. 34(4).
    4. Yusuf Bala Zaria & Jasman Tuyon & Hylmee Matahir, 2025. "Causal analysis of fiscal-trade-policies uncertainty and economic growth in Nigeria: recalling economic policy corrective actions," DECISION: Official Journal of the Indian Institute of Management Calcutta, Springer;Indian Institute of Management Calcutta, vol. 52(4), pages 561-579, December.
    5. Dong, Dayong & Yang, Mo & Yang, Gaoju & Chen, Chang-Chih & Zhang, Xinyi, 2022. "Talk less and do more: Expected strategic adjustments vs. actual changes in the Chinese firms," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    6. Chen, Yanhui & Chen, Chujun & Fatema, Kaniz & Mi, Jackson Jinhong, 2025. "The spillover effects of trade policy uncertainty on the shipping industry," Research in Transportation Economics, Elsevier, vol. 114(C).
    7. Hu, Yingde & Bai, Wensong & Farrukh, Muhammad & Koo, Chun Kwong, 2023. "How does environmental policy uncertainty influence corporate green investments?," Technological Forecasting and Social Change, Elsevier, vol. 189(C).
    8. Yang, Chien-Wen & Hsieh, Yi-Shan & Hung, Chih-Yuan, 2024. "Economic uncertainty and corporate cash holdings: Evidence from Taiwan," The North American Journal of Economics and Finance, Elsevier, vol. 73(C).
    9. Lau, Chi Keung & Pal, Shreya & Mahalik, Mantu Kumar & Gozgor, Giray, 2022. "Economic globalization convergence in high and low globalized developing economies: Implications for the post Covid-19 era," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 1027-1039.
    10. Negkakis, Christos I. & Negkakis, Ioannis C. & Pavlou, Christos & Persakis, Antonios, 2025. "Tax avoidance and evasion under economic political uncertainty: The moderating roles of tax morale and religiosity," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 59(C).
    11. Melas Konstantinos D. & Michail Nektarios A. & Louca Kyriaki G., 2025. "Trade Uncertainty, Economic Policy Uncertainty and Shipping Costs," German Economic Review, De Gruyter, vol. 26(1), pages 15-33.

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