{
  "title": "Brexit Referendum and Business Investment in the UK",
  "publication": "IMF Working Papers, November 21, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/11/21/brexit-referendum-and-business-investment-in-the-uk-46318",
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  "summary": "In this paper I apply firm-level analysis to examine how the Brexit process has affected business investment in the UK. An interaction term of potential trade costs after exiting the EU and a measure of firms’ participation in global trade is used as a proxy for firm-level exposure to Brexit-related",
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    {
      "heading": "Research question and methodology",
      "content": "- Applies firm-level analysis to examine how the Brexit process has affected business investment in the UK.\n- Uses an interaction term of potential trade costs after exiting the EU and a measure of firms’ participation in global trade as a proxy for firm-level exposure to Brexit-related effects."
    },
    {
      "heading": "Key findings",
      "content": "- Potential trade costs have had a considerable and statistically significant negative impact on firm investment in the UK after the referendum.\n- The post-referendum sterling depreciation has likely contributed positively to investment expenditure by more foreign-oriented firms."
    },
    {
      "heading": "Subject areas and keywords",
      "content": "- Subject: International trade, National accounts, Private investment, Trade policy\n- Keywords: Brexit, Brexit process, Brexit referendum, business investment, firm, firm investment, firm size, firms' exposure, Global, investment, investment decision, measures of uncertainty, Private investment, trade cost, trade costs, Trade policy, UK company, uncertainty, WP\n\n---\n\n Content in this bundle\n\n- Brexit Referendum and Business Investment in the UK, WP/18/247, November 2018\n  - Brexit Referendum and Business Investment in the UK, WP/18/247, November 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Brexit Referendum and Business Investment in the UK, WP/18/247, November 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/11/21/brexit-referendum-and-business-investment-in-the-uk-46318"
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    "Authors: Lucyna Gornicka",
    "Published: November 21, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484382011.001",
    "Applies firm-level analysis to examine how the Brexit process has affected business investment in the UK.",
    "Uses an interaction term of potential trade costs after exiting the EU and a measure of firms’ participation in global trade as a proxy for firm-level exposure to Brexit-related effects.",
    "Potential trade costs have had a considerable and statistically significant negative impact on firm investment in the UK after the referendum.",
    "The post-referendum sterling depreciation has likely contributed positively to investment expenditure by more foreign-oriented firms.",
    "Subject: International trade, National accounts, Private investment, Trade policy",
    "Keywords: Brexit, Brexit process, Brexit referendum, business investment, firm, firm investment, firm size, firms' exposure, Global, investment, investment decision, measures of uncertainty, Private investment, trade cost, trade costs, Trade policy, UK company, uncertainty, WP",
    "**Brexit Referendum and Business Investment in the UK, WP/18/247, November 2018**"
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