Investigation of a single direction

Investigation of the bidirectional effect

Impact of uncertainty on growth

Impact of uncert. on growth

Impact of growth on uncert.

Positive link

Negative link

Positive link

Negat. link

Positive link

Negat. link

Kormendi and Meguire [34], cross-section analysis, 47 countries, Grier and Tullock [35], pooled cross-section time series for 113 countries, Caporale and McKiernan [9] for the UK, Caporale and McKiernan [36] for the US, Fountas and Karanasos [37] for five of the G7 investigated countries¹, Andreou et al. [23] in three (Canada, France and the US) of the G7 when tested individually and within the framework of a multiple significance test approach, Narayan [38] for China, Jiranyakul [39] for two (Japan and South Korea) of the five crisis-affected Asian economies examined

Ramey and Ramey [2] for a panel of 92 countries and a subset of 24 OECD countries, Lensink [40] for a cross-section of 100 countries, Martin and Rogers [41] for several European regions and 24 industrialized countries, Macri and Sinha [42] for Australia, Kneller and Young [5]² for a panel of 24 OECD economies, Henry and Olekalns [43] for the US (focusing on accounting for asymmetries), Asteriou and Price [44] for a panel of 59 industrial and developing countries, Bredin and Fountas [45] for six of the 14 European countries examined, Badinger [14] for a large cross-section of 128 countries, incl. developing economies, Baker and Bloom [46], for 60 countries, Denis and Kannan [47], for the UK, Haddow et al. [48], for the UK

Fountas and Karanasos [6] for Germany and Japan, Fountas et al. [30] for six of the G7 (except Japan), Fountas and Karanasos [49] for three of the five investigated countries, Lee [7] for the G7 (dynamic panel GARCH, no reverse effect)

Karanasos and Schurer [50] for Italy (reverse effects qualitatively depend on the formulation of the underlying model)³, Fang et al. [12] only for Japan out of six (except France) of the G7⁴, Chapsa et al. [3] for Greece

Fountas et al. [51] for Japan (while no reverse effect), Fang et al. [12] only for Japan out of six (except France) of the G7, Conrad et al. [52] for the UK (through the inflation channel)⁵, Chapsa et al. [3] for Greece

Fountas and Karanasos [6] for Germany and the US, Fountas et al. [30] for three of the G7 (Japan, US, Germany) Fountas and Karanasos [48] for four of the G7, Fang et al. [12] only for Germany out of six (except France) of the G7