Volatility And Growth
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Volatility And Growth
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Author : Philippe Aghion
language : en
Publisher: Oxford University Press
Release Date : 2005-07-28
Volatility And Growth written by Philippe Aghion and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-07-28 with Business & Economics categories.
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.
Volatility And Growth
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Author : Viktoria Hnatkovska
language : en
Publisher: World Bank Publications
Release Date : 2004
Volatility And Growth written by Viktoria Hnatkovska and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business cycles categories.
Volatility And Growth
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Author : Viktoria Hnatkovska
language : en
Publisher:
Release Date : 2013
Volatility And Growth written by Viktoria Hnatkovska and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013 with categories.
The authors study the empirical, cross-country relationship between macroeconomic volatility and long-run economic growth. They address four central questions: 1) Does the volatility-growth link depend on country and policy characteristics, such as the level of development or trade openness? 2) Does this link reflect a statistically and economically significant causal effect from volatility to growth? 3) Has this relationship been stable over time and has it become stronger in recent decades? 4) Does the volatility-growth connection actually reveal the impact of crises rather than the overall effect of cyclical fluctuations? The authors find that macroeconomic volatility, and long-run economic growth are indeed negatively related. This negative link is exacerbated in countries that are poor, institutionally underdeveloped, undergoing intermediate stages of financial development, or unable to conduct counter-cyclical fiscal policies. They find evidence that this negative relationship actually reflects the harmful effect from volatility to growth. Furthermore, the authors find that the negative effect of volatility on growth has become considerably larger in the past two decades, and that it is mostly due to large recessions rather than normal cyclical fluctuations.
Volatility And Growth
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Author :
language : en
Publisher:
Release Date : 2018
Volatility And Growth written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
Volatility And Growth In Latin America
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Author : Rishi Goyal
language : en
Publisher: International Monetary Fund
Release Date : 2006-12-01
Volatility And Growth In Latin America written by Rishi Goyal and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-12-01 with Business & Economics categories.
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.
Volatility And Growth
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Author : Norman Loayza
language : en
Publisher:
Release Date : 2007
Volatility And Growth written by Norman Loayza and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.
Volatility And Growth
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 2015
Volatility And Growth written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total investment rate. We next confront the model with a panel of countries over the period 1960-2000 and find that a lower degree of financial development predicts a higher sensitivity of both the composition of investment and mean growth to exogenous shocks, as well as a stronger negative effect of volatility on growth.
Volatility And Growth
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Author : Philippe Aghion
language : en
Publisher:
Release Date : 2005
Volatility And Growth written by Philippe Aghion and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Economics categories.
We examine how credit constraints affect the cyclical behavior of productivity-enhancing investment and thereby volatility and growth. We first develop a simple growth model where firms engage in two types of investment: a short-term one and a long-term productivity-enhancing one. Because it takes longer to complete, long-term investment has a relatively less procyclical return but also a higher liquidity risk. Under complete financial markets, long-term investment is countercyclical, thus mitigating volatility. But when firms face tight credit constraints, long-term investment turns procyclical, thus amplifying volatility. Tighter credit therefore leads to both higher aggregate volatility and lower mean growth for a given total investment rate. We next confront the model with a panel of countries over the period 1960-2000 and find that a lower degree of financial development predicts a higher sensitivity of both the composition of investment and mean growth to exogenous shocks, as well as a stronger negative effect of volatility on growth. Keywords: Growth, fluctuations, business cycle, credit constraints, amplification, R & D. JEL Classifications: E22, E32, O16, O30, O41, O57.
Commodity Price Volatility And The Sources Of Growth
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Author : International Monetary Fund
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Commodity Price Volatility And The Sources Of Growth written by International Monetary Fund and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well as on the three main growth channels: total factor productivity, physical capital accumulation, and human capital acquisition. We use the standard system GMM approach as well as a cross-sectionally augmented version of the pooled mean group (CPMG) methodology of Pesaran et al. (1999) for estimation. The latter takes account of cross-country heterogeneity and cross-sectional dependence, while the former controls for biases associated with simultaneity and unobserved country-specific effects. Using both annual data for 1970-2007 and five-year non-overlapping observations, we find that while commodity terms of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly through lower accumulation of physical capital. Our results indicate that the negative growth effects of commodity terms of trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant countries contribute to faster growth. Therefore, we argue that volatility, rather than abundance per se, drives the "resource curse" paradox.
Financial Intermediary Development And Growth Volatility
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Author : Thorsten Beck
language : en
Publisher: World Bank Publications
Release Date : 2001
Financial Intermediary Development And Growth Volatility written by Thorsten Beck and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Banks and banking categories.
Panel data for 63 countries in 1960-97 reveal no robust relationship between the development of financial intermediaries and the volatility of growth.