Economic uncertainty and economic crisis : their relationship in the global literature and the case of Greece

• Main Author: Ελ-Άνυ, Ντία-Γεράσιμος
• Other Authors: Βενέτης, Ιωάννης
• Format: Thesis
• Language: English
• Published: 2018
• Subjects: Economic uncertainty; Macroeconomic shocks; Οικονομική αβεβαιότητα; Μακροοικονομικά σοκ; 330.904 945

In this dissertation, we examine the phenomenon of economic uncertainty and we are going to measure uncertainty using economic policy data that are performed by the governments . Our aim is to highlight the response of the indices of uncertainty in periods of economic crisis and generally in periods that the economic and political system is facing a shock which brings fluctuations in the basic macroeconomic and financial aggregates. We are going to estimate dynamic models(specifically Vector Autoregressive models) in order to perform our calculations. We are emphasizing in the relationship between uncertainty and the basic macroeconomic aggregates as they have been estimated in the US and in Europe, in order to evaluate if they could be used as an efficient tool of interpretation of economic phenomenons and trends. Finally, we produce an uncertainty index for the Greek case based on the volatility of the Greek stock-market. We examine the relationship between economic crisis and the economic uncertainty for the case of Greece and how the Greek index responds in shocks of the indices of the US and Europe.