Growth and Volatility in an Era of Globalization

Ayhan Kose, Eswar Prasad and Marco Terrones

IMF Staff Papers, 2005, vol. 52, issue si, 31-63

Abstract: We extend the analysis in Kose, Prasad, and Terrones (2005) to provide a comprehensive examination of the cross-sectional relationship between growth and macroeconomic volatility over the past four decades. We also document that while there has generally been a negative relationship between volatility and growth during this period, the nature of this relationship has been changing over time and across different country groups. In particular, we detect major shifts in this relationship after trade and financial liberalizations. In addition, our results show that volatility stemming from the main components of domestic demand is negatively associated with economic growth. Copyright 2005, International Monetary Fund

JEL-codes: E32 F36 F43 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (58)

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