Asset market response to monetary policy news from SNB press releases

Hüning, Hendrik

doi:10.1016/j.najef.2017.02.003

Cited by 8 publications

(6 citation statements)

References 32 publications

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“…Other studies in the field point out the role of monetary policy but also of the risk and uncertainty about a country's economy [31][32][33][34]. Increased levels of risk and uncertainty influence entrepreneurs but also their motivation, also generating effects at the macroeconomic level.…”

Section: Literature Review On Entrepreneurship and Economic Growthmentioning

confidence: 99%

“…Several studies in the literature [30][31][32][33][34][35][36][37][38][39][40][41][42][43][44][45] have provided evidence that entrepreneurship can be considered a micro driver of innovation and economic growth. As shown in the literature [6], entrepreneurial activity is needed because, in the context of globalization, it is an important determinant of innovation, productivity growth, competitiveness, economic growth, and job creation.…”

Section: In Transition Between Efficiency To Innovation Innovationmentioning

confidence: 99%

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The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries

2020

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Our paper examines the potential effect of different types of entrepreneurship (in particular, early-stage entrepreneurship, opportunity-driven entrepreneurship, and necessity-driven entrepreneurship) on economic growth at a national level and aims to identify whether the contribution of entrepreneurship to economic growth differs according to the stage of economic development of a country. Our empirical analysis is based on the panel data, which covers 17 years (2002–2018) and 22 European countries, classified into two groups. The results suggest that all three types of entrepreneurship have a greater impact on economic growth for the entire sample of European countries, and some types of entrepreneurship are more important than others. We find that opportunity-driven entrepreneurship and early-stage entrepreneurship would be key factors in stimulating economic growth across the sample of European countries. Our estimations also show that opportunity-driven entrepreneurship would have a greater impact in transition countries, while necessity-driven entrepreneurship would have a stronger influence in the innovation-driven countries. The results of our research could be of interest to policymakers, as it can help in identifying and implementing the most appropriate measures to eliminate the obstacles in the macroeconomic environment that entrepreneurs face, and measures to support innovative entrepreneurial activities.

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Section: Literature Review On Entrepreneurship and Economic Growthmentioning

confidence: 99%

Section: In Transition Between Efficiency To Innovation Innovationmentioning

confidence: 99%

The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries

2020

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“…Moreover, there were stronger market reactions during the financial crisis period. Hansen and McMahon (2016) report similar results for Federal Reserve communication between 1998. Huning (2017 finds that pessimism in Swiss National Bank press releases affects exchange rates, and documents a negative relationship between pessimism and medium-and long-term government bond yields.…”

Section: Prior Researchmentioning

confidence: 61%

“…Schmeling and Wagner (2019). Recently, it has also been applied it to analyzing central bank statements (e.g., Hansen and McMahon, 2016;Huning, 2017;Schmeling and Wagner, 2019). 7 As the FSA material we analyze targets the financial market, thus employing a more financerelated language, we consider the LM dictionary as more appropriate for our purposes.…”

Section: Measuring Fsa Communication Contentmentioning

confidence: 99%

Regulator Communication and Market Confidence in Difficult Times: Lessons From the Great Financial Crisis

Gower¹,

Meier²,

Shutes³

2019

EJEF

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Communication with financial markets is an important task carried out by financial market supervisory bodies. In times of crisis, this can contribute to spreading confidence and calming markets. In light of the 10th anniversary of the last financial crisis, we examine the effect the UK Financial Services Authority (FSA), as the financial market regulator during that period, had on market confidence. Our aim is to derive lessons to aid the current supervisor in potential future crises. Analyzing the period 2006-2009, we find that both more positivity and uncertainty in tone in communications could either reduce or increase stock market volatility, depending on the type of communication and communicator. Further analysis also shows distinct impacts on short-term and long-term market volatility. The findings highlight the importance of considering source and type of communication when decisions on who communicates with the market are made. These results can be of use for any regulatory authority that communicates with financial markets to increase effectiveness of their messages.

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“…Through an empirical analysis, Bosma et al (2018) concluded that the quality of the institutional environment (including indicators like the size of government, the perceived skills for creating a new business, and financial stability) stimulates entrepreneurship and, as such, economic growth. Some authors (Marfatia, 2014;Marfatia, 2015;Hüning, 2017;Hüning, 2019) conclude that the levels of risk and uncertainty about the countries' economy, that is, a country's monetary policy influences the motivation of entrepreneurs, with consequences at the product level in macroeconomic terms.…”

Section: Literature Review (And Hypotheses Development)mentioning

confidence: 99%

Entrepreneurial activity and economic growth: A dynamic data panel analysis of European countries

Gomes¹,

Ferreira²

2022

EBER

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The goal of this article is to analyse the impact of different measures of entrepreneurial activity, namely through attitudes and behaviour, on the economic growth of 21 European countries. The goal is to assess the impact of entrepreneurial activity, measured by perceived capabilities, perceived opportunities, entrepreneurial activity, and total early stage, on the economic growth of these countries. Research Design & Methods:This study is based on a quantitative methodology and uses a data panel covering 21 European countries and a period from 2001 to 2019 (196 observations). A statistical analysis of the dependent, independent and control variables was performed, panel data stationarity analysis was carried out, and three multiple linear regression models were estimated using the generalized method of moments (dynamic panel data). Findings: The results suggest that the entrepreneurial activity driven by the opportunity has a positive impact on the gross domestic product per capita and, as such, stimulate the economic growth of the European countries considered in this sample. However, entrepreneurial activity at an early stage and the skills and knowledge to start a new business have a negative impact on the economic growth of these countries. Implications & Recommendations:In general, this study suggests that entrepreneurship driven by opportunity (directly or indirectly by perceived capacities) is a key factor in stimulating the European countries' economic growth considered in this sample. Contribution & Value Added:This study complements the existing literature that analyses the impact of entrepreneurship on economic growth, but using a sample of countries in Europe (there are few empirical studies for this purpose on European countries), and it is innovative because three different measures of entrepreneurial activity are tested, a more generic one and two other measures of entrepreneurial behaviour and attitudes collected by the global entrepreneurship monitor (GEM) to assess their impact of entrepreneurship on countries' economic growth. Article type:research article

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Asset market response to monetary policy news from SNB press releases

Cited by 8 publications

References 32 publications

The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries

The Nexus between Entrepreneurship and Economic Growth: A Comparative Analysis on Groups of Countries

Regulator Communication and Market Confidence in Difficult Times: Lessons From the Great Financial Crisis

Entrepreneurial activity and economic growth: A dynamic data panel analysis of European countries

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