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Macroeconomic Volatility, Institutions and Financial Architectures

Author: J. Fanelli

Publisher: Springer

Published: 2008-01-17

Total Pages: 425

ISBN-13: 0230590187

The deregulation of domestic financial markets and the capital account in developing countries has frequently been associated with financial turmoil and macro volatility. The book analyzes the experiences of several countries, drawing implications for building development-friendly domestic and international financial architectures.

The Political Dimension of Economic Growth

Author: Silvio Borner

Publisher: Springer

Published: 1998-04-12

Total Pages: 403

ISBN-13: 1349262846

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The state and its institutions are crucial for economic development: for better and for worse. This insight informs this important, up-to-date and authoritative survey of new trends in growth economics and the widely divergent economic performance of developing countries - for example, between Latin America and South-east Asia - which seemed to be similarly placed just a generation ago. The decisive role of the political dimension in economic growth seems clear but there are many challenges to be met in getting an analytical handle on the precise determinants and in testing empirically for this. This is the challenge taken up by the international team of contributors.

Macroeconomic Volatility in Reformed Latin America

Author: Ricardo J. Caballero

Publisher: IDB

Published: 2001

Total Pages: 186

ISBN-13: 9781931003070

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Volatility and Growth

Author: Philippe Aghion

Publisher: Oxford University Press, USA

Published: 2005-07-28

Total Pages: 159

ISBN-13: 0199248613

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An original work containing new theory and empirical analyses on the macropolicy of growth. Provides a new approach capable of generating relevant policy prescriptions. Written in an accessible style using simple models.

Finance and Marcoeconomic Volatility

Author: Cevdet Denizer

Publisher: World Bank Publications

Published: 2000

Total Pages: 34

ISBN-13:

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Countries with more developed financial sectors, experience fewer fluctuations in real per capita output, consumption, and investment growth. But the manner in which the financial sector develops matters. The relative importance of banks in the financial system is important in explaining consumption, and investment volatility. The proportion of credit provided to the private sector, best explains volatility of consumption, and output. The authors generate their main results using fixed-effects estimates with panel data from seventy countries for the years 1956-98. Their general findings suggest that the risk management, and information processing provided by banks, maybe especially important in reducing consumption, and investment volatility. The simple availability of credit to the private sector, probably helps smooth consumption, and GDP.

Revisiting the Link Between Finance and Macroeconomic Volatility

Author: Ms.Era Dabla-Norris

Publisher: International Monetary Fund

Published: 2013-01-30

Total Pages: 36

ISBN-13: 1475550820

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This paper examines the impact of financial depth on macroeconomic volatility using a dynamic panel analysis for 110 advanced and developing countries. We find that financial depth plays a significant role in dampening the volatility of output, consumption, and investment growth, but only up to a certain point. At very high levels, such as those observed in many advanced economies, financial depth amplifies consumption and investment volatility. We also find strong evidence that deeper financial systems serve as shock absorbers, mitigating the negative effects of real external shocks on macroeconomic volatility. This smoothing effect is particularly pronounced for consumption volatility in environments of high exposure - when trade and financial openness are high - suggesting significant gains from further financial deepening in developing countries.

Managing Economic Volatility and Crises

Author: Joshua Aizenman

Publisher: Cambridge University Press

Published: 2005-10-03

Total Pages: 615

ISBN-13: 1139446940

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Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.

Financial Integration and Macroeconomic Volatility

Author: Mr.Ayhan Kose

Publisher: International Monetary Fund

Published: 2003-03-01

Total Pages: 29

ISBN-13: 1451846991

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This paper examines the impact of international financial integration on macroeconomic volatility in a large group of industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output growth has, on average, declined in the 1990s relative to the three preceding decades, we also document that, on average, the volatility of consumption growth relative to that of income growth has increased for more financially integrated developing economies in the 1990s. Second, increasing financial openness is associated with rising relative volatility of consumption, but only up to a certain threshold. The benefits of financial integration in terms of improved risk-sharing and consumption-smoothing possibilities appear to accrue only beyond this threshold.

Volatility and Growth

Author: Viktoria Hnatkovska

Publisher: World Bank Publications

Published: 2004

Total Pages: 40

ISBN-13: 4020314225

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Volatility and Growth in Latin America

Author: Rishi Goyal

Publisher: International Monetary Fund

Published: 2006-12-01

Total Pages: 54

ISBN-13: 1451865473

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This paper compares the pattern of macroeconomic volatility in 17 Latin American countries during episodes of high and low growth since 1970, examining in particular the role of policy volatility. Macroeconomic outcomes are distinguished from macroeconomic policies, structural reforms and reversals, shocks, and institutional constraints. Based on previous work, a composite measure of structural reforms is constructed for the 1970-2004 period. We find that outcomes and policies are more volatile in low growth episodes, while shocks (except U.S. interest rates) are similar across episodes. Fiscal policy volatility is associated with lower growth, but fiscal policy procyclicality is not. Low levels of market-oriented reforms and structural reform reversals are also associated with lower growth.