The influence of economic policy uncertainty shocks on art market

Emmanuel Joel Aikins Abakah; Aviral Kumar Tiwari; Emmanuel Kwesi Arthur; Luis Alberiko Gil-Alana

doi:10.1080/00036846.2022.2114999

The influence of economic policy uncertainty shocks on art market

Emmanuel Joel Aikins Abakah
, Aviral Kumar Tiwari
, Emmanuel Kwesi Arthur
, Luis Alberiko Gil-Alana

University of Ghana Business School
Indian Institute of Management Bodh Gaya
Rajagiri Business School
Kenyatta University
University of Navarra
Francisco de Vitoria University

Research output: Contribution to journal › Article › peer-review

1 Citation (Scopus)

Abstract

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.

Original language	English
Pages (from-to)	3404-3421
Number of pages	18
Journal	Applied Economics
Volume	55
Issue number	29
DOIs	https://doi.org/10.1080/00036846.2022.2114999
Publication status	Published - 2023
Externally published	Yes

Keywords

Global and USA art markets
global wavelet analysis
painting market returns
policy uncertainty

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10.1080/00036846.2022.2114999

Cite this

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title = "The influence of economic policy uncertainty shocks on art market",

abstract = "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.",

keywords = "Global and USA art markets, global wavelet analysis, painting market returns, policy uncertainty",

author = "Abakah, \{Emmanuel Joel Aikins\} and Tiwari, \{Aviral Kumar\} and \{Kwesi Arthur\}, Emmanuel and Gil-Alana, \{Luis Alberiko\}",

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year = "2023",

doi = "10.1080/00036846.2022.2114999",

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AU - Abakah, Emmanuel Joel Aikins

AU - Tiwari, Aviral Kumar

AU - Kwesi Arthur, Emmanuel

AU - Gil-Alana, Luis Alberiko

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 - https://www.scopus.com/pages/publications/85139046973

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DO - 10.1080/00036846.2022.2114999

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JO - Applied Economics

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ER -

The influence of economic policy uncertainty shocks on art market

Abstract

Keywords

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