Updated June 1, 2022
The Macao economic policy uncertainty (henceforth Macao EPU) index is constructed following the method by Bloom, Baker and Davis (2016). The index is updated on this website on the first day of each month.
The index starts in June 2000 and runs through the present. We use four local newspapers to construct the index, namely Jornal Do Cidadao, Jornal “Va Kio”, Macao Daily News, and Tai Chung Pou. We count the frequency of newspaper articles that contain at least one word in each of the four term sets shown in Table 1. We scale the number of articles meeting all criteria in each month by those that meet only criteria (1) and (2) for the same month. We then standardize the scaled series to a unit standard deviation using data prior to December 2009, followed by an averaging of the resulting monthly series across the ten newspapers. At last we normalize the index to have a mean of 100 for the period of June 2000 to December 2009.
A detailed discussion of Macao EPU index is in the paper: Luk, P. (2018) “Economic Policy Uncertainty Index for Macao,” Issue No.50, Macao Monetary Research Bulletin. Monetary Authority of Macao.