The Measurement of Real-Time Perceptions of Financial Stress
Implications for Political Science
Bibliographic Data
| ID | 6228772 |
|---|---|
| Authors | Christopher Gandrud (0000-0003-4723-7585), Mark Hallerberg (0000-0002-4617-9929) |
| Year | 2019 |
| Volume | 49 |
| Issue | 4 |
| Pages | 1577-1589 |
| Publication date | 2019-10-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | British Journal of Political Science (JOURNAL) |
| Journal identifiers | ISSN: 0007-1234 • E-ISSN: 1469-2112 |
| Publisher | Cambridge University Press (CUP) (PUBLISHER) |
| DOI | 10.1017/s0007123417000291 |
| OpenAlex | W2765874611 |
| Language | EN |
| Citations received | 1 |
| References cited | 30 |
Responding to financial market disruptions is a defining challenge for policymakers and a central topic of political research. Yet established measures of financial conditions have significant shortcomings. Annual binary crisis variables limit our ability to explore non-linear relationships and the political effects of rapidly changing conditions. Continuous indicators have their own flaws in operationalization and reproducability. We create a continuous measure of real-time perceived stress using a kernel principal component analysis (KPCA) of Economist monthly country reports. We demonstrate the usefulness of our measure by showing that it more accurately captures the effect of financial market stress levels on electoral volatility. We also show how KPCA can be used to efficiently summarize large quantities of texts into cross-sectional time-series variables
Business · Content (measure theory · Content analysis · Perception · Political science · Politics · Social science · Sociology · Finance · Financial Markets and Investment Strategies · Fiscal Policies and Political Economy · Mathematics · Monetary Policy and Economic Impact · Psychology
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Political Liabilities
| Unique citing works | 1 |
|---|---|
| Citations per year | 0,17 |
| Citation span | 2020 - 2020 (1) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 1 |