Description

Using the texts of the Business Perceptions Report published quarterly by the Central Bank of Chile, we construct a numerical index that reflects the emotional feeling or tone contained in the documents. For the construction of the index, we use the Sentiment Analysis (SA) or opinion mining methodology to extract the sentiment orientation of the documents, taking into account the positive or negative contextual polarity of their language. The results show that the IPN index has a high and significant correlation with various indices referring to business confidence and economic expectations in the medium term. The correlation with quantitative indicators of activity such as GDP growth, consumption or investment, is lower but still significant. The main contribution of this work is the formulation of a dictionary in Spanish language for SA and the generation of a numerical index through the application of the Sentiment Analysis methodology.