TY - JOUR
T1 - The influence of economic policy uncertainty shocks on art market
AU - Abakah, Emmanuel Joel Aikins
AU - Tiwari, Aviral Kumar
AU - Kwesi Arthur, Emmanuel
AU - Gil-Alana, Luis Alberiko
N1 - Publisher Copyright:
© 2022 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2023
Y1 - 2023
N2 - We contribute to the literature by studying the impact of economic policy uncertainty shocks on returns in the global art market, the global paintings market and the U.S.A art market from 1998:Q1 to 2018:Q3. Based on the frequency domain Granger causality test and continuous wavelets analysis, the results show that an increase in policy uncertainty shocks significantly reduces returns on art and paintings and that the effect is stronger during extreme volatility periods. Policy implications are derived at the end of the article.
AB - We contribute to the literature by studying the impact of economic policy uncertainty shocks on returns in the global art market, the global paintings market and the U.S.A art market from 1998:Q1 to 2018:Q3. Based on the frequency domain Granger causality test and continuous wavelets analysis, the results show that an increase in policy uncertainty shocks significantly reduces returns on art and paintings and that the effect is stronger during extreme volatility periods. Policy implications are derived at the end of the article.
KW - Global and USA art markets
KW - global wavelet analysis
KW - painting market returns
KW - policy uncertainty
UR - http://www.scopus.com/inward/record.url?scp=85139046973&partnerID=8YFLogxK
U2 - 10.1080/00036846.2022.2114999
DO - 10.1080/00036846.2022.2114999
M3 - Article
AN - SCOPUS:85139046973
SN - 0003-6846
VL - 55
SP - 3404
EP - 3421
JO - Applied Economics
JF - Applied Economics
IS - 29
ER -