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! 21 " ! # 2019 $ % &'())*+,-).JournalofChanganUniversity SocialScienceEdition Vol21 No1 Jan.2019 !"#$20181125 %&'(/0123$456771625007 ); /089-)45:;-)<=>6771573006 ); ?@<AB+,- )CDEF4G6715JJD780001 )*+,HI11976 ), JKLMNA?OPQ)RSRSEFTUVW(RXYZ?O&[)\/013 ]^\!"#$%&'()*+ ,-./#$01 !"#$%& '()* +,-./01 2+34/025'( 100871 - .6789:;<=>?@A@BCD89EFGHIJKLMNOPQ89E FGHIJRS34TUVWXYZ[\]89EFGHIJT^]/0_89EFGHI JT`aUVbcEFd= ef`ghPQ/0iO89EFGHIJjk]lmnRS opqrstuvwUVTxykvz34{|2}~]l\-u89 EFGHIJ)`MNsopopqrTbJR34tu fITRn]lEF89I\S89EFGHIJ Nopqr¡|34¢£¤¥+E¦§Iv¨]l©ª«¬¤-®v¨]l©ª ¯°+T89EF GHIJ_±²³´nTµ¶·¸/01+z34¹89º»¼½89EFGHIJvw¾¿ÀÁ 23456F745.3   789:;A    7<=616716248 2019 01000000 Measurement ImpactandPolicyImplicationsof TradePolicyUncertainty YUMiaojie ZHUHuihuang ChinaCenterforEconomicResearch/NationalSchoolofDevelopment PekingUniversity Beijing100871 China Abstract Atpresent withtheintensifiedtradeprotectionism globaltradepolicyuncertaintyis rising.Thus itisnecessarytoanalyzetheimpactoftradepolicyuncertaintyontheeconomy.Thispaper reviewsrecentresearchontradepolicyuncertaintyfromthreedimensions themeasurementoftrade

$01 · 2019. 12. 9. · 书!21" !1# 2019$1% &’( )*(+,-).) JournalofChang anUniversity(SocialScienceEdition) Vol21 No1

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Page 1: $01 · 2019. 12. 9. · 书!21" !1# 2019$1% &’( )*(+,-).) JournalofChang anUniversity(SocialScienceEdition) Vol21 No1

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Measurement,ImpactandPolicyImplicationsofTradePolicyUncertainty

YUMiaojie,ZHUHuihuang

(ChinaCenterforEconomicResearch/NationalSchoolofDevelopment,

PekingUniversity,Beijing100871,China)

Abstract:Atpresent,withtheintensifiedtradeprotectionism,globaltradepolicyuncertaintyis

rising.Thus,itisnecessarytoanalyzetheimpactoftradepolicyuncertaintyontheeconomy.Thispaper

reviewsrecentresearchontradepolicyuncertaintyfromthreedimensions:themeasurementoftrade

Page 2: $01 · 2019. 12. 9. · 书!21" !1# 2019$1% &’( )*(+,-).) JournalofChang anUniversity(SocialScienceEdition) Vol21 No1

policyuncertainty,theimpactoftradepolicyuncertaintyanditspolicyimplications.Tradeuncertainty

referstofactorsthatsubstantiallyaffectcompanyexportsbeyondtariffs.Inactualeconomicactivities,

evenwhentheaveragetariffhasnotchanged,ifthetradepolicyuncertaintyrisessharply,itwilllead

enterprisestodelayinvestmentandbecomeunlikelytoexporttonewmarkets,whichwillhavesevere

consequencesontheeconomy.Furthermore,wefindthatmaintainingastabletariffpolicyandsigning

tradeagreementscanhelpthecountrytoreducetradepolicyuncertainty,thereforeenhancingcompany

exportsanddrivingeconomicgrowth.Whenagovernmentdecidestoimplementatariffthreat,

considerationshouldbegiventopotentialincreaseofthecountry'stradepolicyuncertainty,resultingin

additionalwelfarelosses.

Keywords:internationaleconomicsandtrade;literaturereview;tradepolicyuncertainty;

investment;realoptionmodel

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