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Finance And Marcoeconomic Volatility
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Book Synopsis Finance and Marcoeconomic Volatility by : Cevdet Denizer
Download or read book Finance and Marcoeconomic Volatility written by Cevdet Denizer and published by World Bank Publications. This book was released on 2000 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Revisiting the Link Between Finance and Macroeconomic Volatility by : Ms.Era Dabla-Norris
Download or read book Revisiting the Link Between Finance and Macroeconomic Volatility written by Ms.Era Dabla-Norris and published by International Monetary Fund. This book was released on 2013-01-30 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Macroeconomic Volatility, Institutions and Financial Architectures by : J. Fanelli
Download or read book Macroeconomic Volatility, Institutions and Financial Architectures written by J. Fanelli and published by Springer. This book was released on 2008-01-17 with total page 403 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Finance and Macroeconomic Volatility by : Cevdet Denizer
Download or read book Finance and Macroeconomic Volatility written by Cevdet Denizer and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Countries with more developed financial sectors experience fewer fluctuations in real per capita output, consumption, and investment growth. But it matters how the financial sector develops: the proportion of credit provided to the private sector is important in explaining volatility. 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. Denizer, Iyigun, and Owen generate their main results using fixed-effects estimation with panel data from 70 countries for the years 1956-98. Their general findings suggest that the risk management and information processing provided by banks may be especially important in reducing consumption and investment volatility. The simple availability of credit to the private sector probably helps smooth consumption and GDP. This paper - a product of the Poverty Reduction and Economic Management Sector Unit, Europe and Central Asia Region - is part of a larger effort in the region to understand the links between finance and macroeconomic volatility.
Book Synopsis Financial Integration and Macroeconomic Volatility by : Mr.Ayhan Kose
Download or read book Financial Integration and Macroeconomic Volatility written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-03-01 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Managing Economic Volatility and Crises by : Joshua Aizenman
Download or read book Managing Economic Volatility and Crises written by Joshua Aizenman and published by Cambridge University Press. This book was released on 2005-10-03 with total page 615 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Volatility and Growth by : Philippe Aghion
Download or read book Volatility and Growth written by Philippe Aghion and published by Oxford University Press. This book was released on 2005-07-28 with total page 159 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Book Synopsis Financial Volatility and Real Economic Activity by : Kevin Daly
Download or read book Financial Volatility and Real Economic Activity written by Kevin Daly and published by Routledge. This book was released on 2019-01-15 with total page 140 pages. Available in PDF, EPUB and Kindle. Book excerpt: Published in 1999. The issue of financial volatility, especially since financial deregulation, has given rise to concerns regarding the effects of increased financial volatility on real economic activity. Two issues represent a substantial challenge to financial economists with respect to these concerns. The first relates to the identification of the causes of increased volatility in financial markets. Identification is a first step towards increasing both financial economists' and policy-makers' understanding of the interrelated causes of financial volatility. The second requires linking the effects of increased financial volatility to the real sector of the economy by examining the channels through which financial volatility influences fundamental economic variables. In order to address these two issues, the analysis initially develops and estimates a model which is capable of explaining the financial and business cycle determinates of movements in the conditional volatility of the Australian All Industrials stock market index. Evidence suggests that a significant linkage exists between the conditional volatility of the money supply. Models are then developed to examine how monetary volatility is transmitted to the volatility of financial asset prices, inflation and real output in an open economy. The results indicate that while financial volatility has increased to some extent since the late 1980s, this has been transferred non-uniformly towards increasing volatility of both real and financial activity.
Book Synopsis Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries by : Mr.Kangni R Kpodar
Download or read book Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries written by Mr.Kangni R Kpodar and published by International Monetary Fund. This book was released on 2019-03-25 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contributes to the literature by looking at the possible relevance of the structure of the financial system—whether financial intermediation is performed through banks or markets—for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.
Book Synopsis Volatility and Comovement in a Globalized World Economy by : Mr.Ayhan Kose
Download or read book Volatility and Comovement in a Globalized World Economy written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-12-01 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of business cycle fluctuations and a slight increase in the degree of cyclical comovement among industrialized countries over time. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their corresponding world aggregates.
Book Synopsis Volatility and Growth by : Viktoria Hnatkovska
Download or read book Volatility and Growth written by Viktoria Hnatkovska and published by World Bank Publications. This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Macroeconomic Volatility in Reformed Latin America by : Ricardo J. Caballero
Download or read book Macroeconomic Volatility in Reformed Latin America written by Ricardo J. Caballero and published by IDB. This book was released on 2001 with total page 186 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Volatility of Capital Flows in Emerging Markets by : Maria Sole Pagliari
Download or read book The Volatility of Capital Flows in Emerging Markets written by Maria Sole Pagliari and published by International Monetary Fund. This book was released on 2017-03-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments. Second, we perform panel regressions to understand the determinants of volatility. The measures show that the volatility of all instruments is prone to bouts, rising sharply during global shocks like the taper tantrum episode. Capital flow volatility thus remains a challenge for policy makers. The regression results suggest that push factors can be more important than pull factors in explaining volatility, illustrating that the characteristics of volatility can be different from those of the flows levels.
Book Synopsis Volatility and Growth by : Viktoria Hnatkovska
Download or read book Volatility and Growth written by Viktoria Hnatkovska and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :Michael Böhl Publisher :Europaischer Hochschulverlag Gmbh & Company Kg ISBN 13 :9783941482180 Total Pages :72 pages Book Rating :4.4/5 (821 download)
Book Synopsis Globalisation and Macroeconomic Volatility by : Michael Böhl
Download or read book Globalisation and Macroeconomic Volatility written by Michael Böhl and published by Europaischer Hochschulverlag Gmbh & Company Kg. This book was released on 2009 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does globalisation affect economic stability? And if so, how? The interest of the book is in supposed effects of globalisation on macroeconomic volatility. Globalisation in economic terms can be defined as international integration of goods and factor markets. During the last decades, goods trade and financial flows have risen strikingly. Macroeconomic volatility can refer to several aggregates such as output and its components, prices and employment. During the "Great Moderation," variability of economic growth and inflation rates has changed significantly. The first part focuses on the possible effect of international goods market integration on output volatility. Three candidate mechanisms are theoretically introduced and empirically tested. Those channels relate to external risk, offshoring and sudden stops. The second part describes other potential determinants of output volatility, such as the international integration of financial markets, monetary and fiscal policy, and shocks. Each determinant is theoretically described and empirically revised. The importance of globalisation relative to other sources in affecting output volatility is evaluated. The summarised findings of the analysis: A careful thesis about effects of globalisation on output volatility should be differentiated along several dimensions. Firstly, globalisation of goods and financial markets must be distinguished. Secondly, even for international goods trade various mechanisms affect the volatility of output differently. Thirdly, for each channel the direction and weight of the effect depend on country characteristics. In a conclusion the author offers alternative ways of interpretation for economic policy.
Book Synopsis Financial and Macroeconomic Connectedness by : Francis X. Diebold
Download or read book Financial and Macroeconomic Connectedness written by Francis X. Diebold and published by Oxford University Press, USA. This book was released on 2015 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: A simple framework is proposed based on variance decompositions from approximating vector autoregressions to define, measure and monitor network connectedness, and these methods are applied in financial and macroeconomic contexts. In financial markets, for example, the interest is in connections among different assets, asset classes, or portfolios, as well as the stocks of individual institutions, and the objects connected are typically returns or return volatilities. Similarly, in macroeconomics the interest is in cross-country real output connections (that is, the global business cycle)
Book Synopsis Dealing with the Challenges of Macro Financial Linkages in Emerging Markets by : Otaviano Canuto
Download or read book Dealing with the Challenges of Macro Financial Linkages in Emerging Markets written by Otaviano Canuto and published by World Bank Publications. This book was released on 2013-10-29 with total page 307 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the challenges of macro financial linkages in the emerging markets.
