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Policy Uncertainty And Risk

Policy Uncertainty And Risk
Author: Tomas Hellström
Publisher: Springer Science & Business Media
ISBN: 1461515599
Size: 14.13 MB
Format: PDF, Mobi
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Policy Uncertainty and Risk presents a contribution to risk analysis and risk management in public policy and management at large. Special emphasis is put on the utilization of scientific knowledge by decision-makers in instances where knowledge in both spheres of science and administration is highly uncertain and contested. The book therefore contributes a model of science-practitioner interaction in a policy area of strong current relevance. The perspective is a realist constructivist one, which means that risk and policy are taken to be socially predicated insofar as we can choose and change the way we define and interact with its practices. It is realist insofar as we continually use such constructions to re-define and re-structure the world we live in. Although essentially theory-driven and conceptually oriented, the authors develop their argument for a new interpretation of policy-relevant science through a number of pressing case studies. These studies include the recent BSE/CJD crises in the UK, the introduction of Marine Protected Areas in Sweden, and the current practices surrounding risk management in corporate bodies. Drawing on empirical cases and theoretical explication, the book provides a number of suggestions as to how risk analysis and risk management may be more properly conceived of both from a practitioner as well as from an academic point of view.
Policy Uncertainty and Risk
Language: en
Pages: 135
Authors: Tomas Hellström, Merle Jacob
Categories: Political Science
Type: BOOK - Published: 2011-06-28 - Publisher: Springer Science & Business Media
Policy Uncertainty and Risk presents a contribution to risk analysis and risk management in public policy and management at large. Special emphasis is put on the utilization of scientific knowledge by decision-makers in instances where knowledge in both spheres of science and administration is highly uncertain and contested. The book
Political uncertainty and risk premia
Language: en
Pages: 51
Authors: Ľuboš Pástor, Pietro Veronesi, Skerdilajda Zanaj
Categories: Economics
Type: BOOK - Published: 2011 - Publisher:
We study the pricing of political uncertainty in a general equilibrium model of government policy choice. We find that political uncertainty commands a risk premium whose magnitude is larger in poorer economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides to the market.
Political Uncertainty and Risk Premia
Language: en
Pages: 58
Authors: Lubos Pastor
Categories: Economics
Type: BOOK - Published: 2014 - Publisher:
We develop a general equilibrium model of government policy choice in which stock prices respond to political news. The model implies that political uncertainty commands a risk premium whose magnitude is larger in weaker economic conditions. Political uncertainty reduces the value of the implicit put protection that the government provides
Economic Policy Uncertainty and Risk Spillovers in the Eurozone
Language: en
Pages: 26
Authors: Oscar Bernal
Categories: Economics
Type: BOOK - Published: 2015 - Publisher:
This paper focuses on the impact of economic policy uncertainty on risk spillovers within the Eurozone and contributes to these two growing literatures. To this end, we adapt the two-step procedure developed by Adrian and Brunnermeier (2011) in the framework of financial systemic risk to sovereign bond market. Accordingly, we
Political Uncertainty and Risk Premium in the Brazilian Stock Market
Language: en
Pages:
Authors: Talieh Ferreira
Categories: Economics
Type: BOOK - Published: 2018 - Publisher:
Objectives: Analyze how the political uncertainty affects the risk premium in the Brazilian market from January 1996 to December 2016.Methodology: This study adopting the econometric model proposed by Pastor and Veronesi (2013) to analyse five approaches to measure risk premium in Brazil, a country where is difficult to estimate a
Risk, Uncertainty and Policy
Language: en
Pages: 128
Authors: Patrick Brown, Anna Olofsson
Categories: Social Science
Type: BOOK - Published: 2017-10-02 - Publisher: Routledge
Policy-making has always involved uncertainty; however the presence of unknowns has become far more conspicuous and problematic in recent times. One important way in which policy-makers have increasingly sought to deal with such uncertainty is through approaches rooted in understandings of risk. This book comprises a rather diverse collection of
Risk, uncertainty and monetary policy
Language: en
Pages: 40
Authors: Geert Bekaert, Marie Hoerova, Marco Lo Duca
Categories: Business cycles
Type: BOOK - Published: 2010 - Publisher:
We document a strong co-movement between the VIX, the stock market option-based implied volatility, and monetary policy. We decompose the VIX into two components, a proxy for risk aversion and expected stock market volatility ("uncertainty"), and analyze their dynamic interactions with monetary policy in a structural vector autoregressive framework. A
Monetary Policy Uncertainty and Bond Risk Premium
Language: en
Pages: 41
Authors: Fuwei Jiang
Categories: Business cycles
Type: BOOK - Published: 2017 - Publisher:
We show that uncertainty of monetary policy (MPU) commands a risk premium in the US Treasury bond market. Using the news based MPU measure in Baker, Bloom, and Davis (2016) to capture monetary policy uncertainty, we find that MPU forecasts significantly and positively future monthly Treasury bond excess returns. This
New Evidence on Economic Policy Uncertainty and Equity Risk Premium
Language: en
Pages: 61
Authors: Xiaoming Li
Categories: Business cycles
Type: BOOK - Published: 2017 - Publisher:
Contrary to the recently reported US evidence of a negative premium, this study shows that China's economic policy uncertainty (EPU) commands a positive equity risk premium. Motivated by the observation that Chinese stock traders have a strong risk appetite and a cognitive bias, we modify the assumption underlying the orthodox
Risk Premia to Political Uncertainty in Global Equity Markets
Language: en
Pages: 43
Authors: Maximilian Sauer
Categories: Business cycles
Type: BOOK - Published: 2018 - Publisher:
Political uncertainty drives markets. Among macroeconomic forces, it is one of the fewfactors that systematically affect most assets - hence it qualifies as a state variable in the senseof the ICAPM and should carry a risk premium. We employ static and conditional factormodels using data in Emerging Markets, the European