An import(ant) price of Brexit uncertainty

IF 3.8 1区经济学 Q1 ECONOMICS

Journal of International Economics Pub Date : 2024-11-01 DOI:10.1016/j.jinteco.2024.104012

Alejandro G. Graziano , Kyle Handley , Nuno Limão

引用次数: 0

Abstract

We estimate the impact of trade policy uncertainty (TPU) on CES import price indices, focusing on the implications of Britain’s exit from the European Union (Brexit). Our analysis reveals that a higher probability of Brexit increases U.K. import price indices by raising the prices of existing products and reducing product variety from the E.U. We find evidence that the risk of higher import protection from the 2016 referendum increased current import price indices by 11 log points. This amounted to a 2 log point increase in manufactured goods prices and a 0.6 log point decrease in consumers’ real income.

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英国脱欧不确定性的进口（蚂蚁）代价

我们估算了贸易政策不确定性（TPU）对 CES 进口价格指数的影响，重点关注英国退出欧盟（脱欧）的影响。我们的分析表明，英国脱欧的可能性越高，英国的进口价格指数就越高，因为现有产品的价格会提高，来自欧盟的产品种类会减少。我们发现有证据表明，2016 年公投带来的更高进口保护风险使当前的进口价格指数提高了 11 个对数点。这相当于制成品价格上涨 2 个对数点，消费者实际收入减少 0.6 个对数点。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Economics ECONOMICS-

CiteScore

5.80

自引率

6.10%

发文量

期刊介绍： The Journal of International Economics is intended to serve as the primary outlet for theoretical and empirical research in all areas of international economics. These include, but are not limited to the following: trade patterns, commercial policy; international institutions; exchange rates; open economy macroeconomics; international finance; international factor mobility. The Journal especially encourages the submission of articles which are empirical in nature, or deal with issues of open economy macroeconomics and international finance. Theoretical work submitted to the Journal should be original in its motivation or modelling structure. Empirical analysis should be based on a theoretical framework, and should be capable of replication.