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This study investigates the dynamic spillovers and asymmetric connectedness of economic policy uncertainty across different economies that primarily affect Korea, that is, the US, Europe, China, and Japan. We find that dynamic connectedness over time is closely associated with substantial economic disruptions because shocks to economic policy uncertainty tend to spill over to a greater extent during turbulent times. The investigation of the economic policy uncertainty transmission mechanism reveals that while the US and Europe are the main transmitters of uncertainty shocks, China, Japan, and Korea are the receivers over the sample period. However, China became a strong transmitter to other economies in 2020. Overall, our findings suggest that economic circumstances can lead to asymmetric connectedness among the corresponding economies and significant spillovers from major economies to Korea through economic policy uncertainty.

Dynamic Spillovers of Economic Policy Uncertainty Across the US, Europe, and East Asia