Fictional Expectations and the Global Media in the Greek Debt Crisis

A Topic Modeling Approach

Bibliographic Data

ID16476223
AuthorsVolker Daniel (Lehrstuhl für Monetäre Makroökonomik, Martin-Luther-Universität Halle-Wittenberg , Universitätsring 3, D-06108 Halle (Saale) , Germany, corresponding author), Magnus Neubert (0000-0002-2593-1560, Lehrstuhl für Monetäre Makroökonomik, Martin-Luther-Universität Halle-Wittenberg , Universitätsring 3, D-06108 Halle (Saale) , Germany), Agnes Orban (University of Cologne)
Year2018
Volume59
Issue2
Pages525-566
Publication date2018-11-27
Open AccessYes
TypeARTICLE
VenueJahrbuch für Wirtschaftsgeschichte / Economic History Yearbook (JOURNAL)
Journal identifiersISSN: 0075-2800 • E-ISSN: 2196-6842
PublisherWalter de Gruyter GmbH (PUBLISHER • DE)
DOI10.1515/jbwg-2018-0018
OpenAlexW2909494534
LanguageEN
Citations received2

We study the role of global media during the Greek debt crisis and relate it to the transmission of events on financial actors’ expectations. To identify news coverage about the Greek debt crisis, we apply topic modeling to a newly compiled dataset of over 430,000 articles from The International New York Times and Financial Times from 2009 to 2015. We identify a Greek debt crisis topic and relate it to events concerning Greece during this time period. Our finding is that events are only relevant for financial markets when they are covered in the media, whereas events without media coverage have no effect. News coverage without immediate events is equally irrelevant for financial markets

Art · Business · Debt · Debt crisis · Economic policy · Economics · European debt crisis · Financial crisis · Financial market · Financial system · Macroeconomics · Media coverage · Media studies · Monetary economics · Period (music · Political science · Sociology · Computational and Text Analysis Methods · Finance · Media Influence and Politics · Misinformation and Its Impacts

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