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Author : Julian Di Giovanni
Publisher :
ISBN 13 :
Total Pages : 62 pages
Book Rating : 4.E/5 ( download)
Download or read book Trade Openness and Volatility written by Julian Di Giovanni and published by . This book was released on 2006 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Eduardo A. Cavallo
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (313 download)
Download or read book Output Volatility and Openness to Trade written by Eduardo A. Cavallo and published by . This book was released on 2007 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents new empirical evidence suggesting that the net effect of trade openness on output volatility is stabilizing. The methodology employed seeks to correct for the likely endogeneity of trade in this setting using gravity estimates as instrumental variables. The results confirm that exposure to trade raises output volatility through the terms-of-trade channel, as previously documented in the literature, but also shows that this is counteracted by a quantitatively larger stabilizing effect. Additional evidence is presented showing that the latter effect comes (at least in part) through the financial channel. Splitting the sample into countries that are more exposed to capital flows and countries that are less exposed, the paper shows that the stabilizing effect of commercial trade predominates in the first sub-sample.
Author : Mr.Kangni Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1513540440
Total Pages : 37 pages
Book Rating : 4.5/5 (135 download)
Download or read book Does A Regional Trade Agreement Lessen or Exacerbate Growth Volatility? An Empirical Investigation written by Mr.Kangni Kpodar and published by International Monetary Fund. This book was released on 2015-07-28 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses how regional trade agreements (RTAs) impact growth volatility on a worldwide sample of 170 countries with data spanning the period 1978-2012. Notwithstanding concerns that trade openness through RTAs can heighten exposure to shocks, in particular when it leads to increased product specialization, RTAs through enhanced policy credibility, improved policy coordination, and reduced risk of conflicts can ease growth volatility. Empirical estimations suggest the benefits outweigh the costs as RTAs are consistently associated with lower growth volatility, after controlling for trade openness and other determinants of growth volatility. Furthermore, regression results also suggest that countries that are more prone to shocks are more likely to join a RTA, in particular with countries with relatively less volatile growth, additionally enhancing the stabilization effect.
Author : César Calderón
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4./5 ( download)
Download or read book Does Openness Imply Greater Exposure? written by César Calderón and published by World Bank Publications. This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: External exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.
Author : Maria Bejan
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Trade Openness and Output Volatility written by Maria Bejan and published by . This book was released on 2007 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of trade openness on output volatility. We find that trade openness generally increased output volatility, although this effect was stronger and more significant during 1950-1975 than during 1975-2000. However, if we split the sample into developed and developing countries, we observe that more openness increased volatility in developing countries, while it helped smooth output in developed countries. We also find that the size of the government may have increased volatility in less developed countries. Part of the positive relation between openness and volatility may be explained by the positive relation between openness and government size. Another important finding of this paper is that once we control for government size and some measures of external risk, such as terms of trade volatility and export concentration index, the effect of openness on the output volatility turns out to be negative.
Author : M. Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? written by M. Ayhan Kose and published by International Monetary Fund. This book was released on 2005 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The influential work of Ramey and Ramey (1995) highlighted an empirical relationship that has now come to be regarded as conventional wisdom-that output volatility and growth are negatively correlated. We reexamine this relationship in the context of globalization-a term typically used to describe the phenomenon of growing international trade and financial integration that has intensified since the mid-1980s. Using a comprehensive new data set, we document that, while the basic negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration significantly weaken this negative relationship. Specifically, we find that, in a regression of growth on volatility and other controls, the estimated coefficient on the interaction between volatility and trade integration is significantly positive. We find a similar, although less significant, result for the interaction of financial integration with volatility.
Author : Eiji Fujii
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (13 download)
Download or read book Government Size, Trade Openness, and Output Volatility written by Eiji Fujii and published by . This book was released on 2015 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: Government is often considered the safe sector of an open economy that provides households with insurance against external risk exposure. Among highly integrated economies, however, households should be able to exploit common financial markets to insure themselves. In this paper we examine the relationship between government size, trade openness, and output volatility across fully integrated economies using Japan's regional income accounting and public finance data. The contributions of the government- and market-based insurances to inter-regional risk sharing are also estimated. The empirical results reveal some unique aspects of the state-market interactions under full economic integration with vertical fiscal imbalance.
Author : Ridwan Karim
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.:/5 (13 download)
Download or read book Output Volatility, Composition of Trade, and Transmission of Economic Shocks Across Countries written by Ridwan Karim and published by . This book was released on 2017 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we investigate how supply and demand shocks in one country affect output volatility in other countries. While the evidence for cross-country transmission of demand shocks is mixed, we find that volatile supply in one country leads to larger imports and output volatility in other countries. As a result, the effect of trade openness on output volatility is highly heterogeneous across countries and depends on the composition of their trade. Those countries whose imports originate in economies with volatile supply experience a greater impact of trade on output volatility.
Author : Rudrani Bhattacharya
Publisher : International Monetary Fund
ISBN 13 : 1484356160
Total Pages : 26 pages
Book Rating : 4.4/5 (843 download)
Download or read book Emerging Economy Business Cycles written by Rudrani Bhattacharya and published by International Monetary Fund. This book was released on 2013-05-22 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyses the extent to which financial integration impacts the manner in which terms of trade affect business cycles in emerging economies. Using a s mall open economy model, we show that as capital account openness increases in an economy that faces trade shocks, business cycle volatility reduces. For an economy with limited financial openness, and a relatively open trade account, a model with exogenous terms of trade shocks is able to replicate the features of the business cycle.
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451846991
Total Pages : 29 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Dongyeol Lee
Publisher : International Monetary Fund
ISBN 13 : 1498315658
Total Pages : 24 pages
Book Rating : 4.4/5 (983 download)
Download or read book Export Diversification in Low-Income Countries and Small States: Do Country Size and Income Level Matter? written by Dongyeol Lee and published by International Monetary Fund. This book was released on 2019-05-24 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Export structure is less diversified in low-income countries (LICs) and especially small states that face resource constraints and small economic size. This paper explores the potential linkages between export structure and economic growth and its volatility in LICs and small states, using a range of indices of export concentration differing in the coverage of industries. The empirical analysis finds that export diversification may promote economic growth and reduce economic volatility in these countries. Furthermore, the analysis demonstrates that the economic benefits of export diversification differ by country size and income level—there are bigger benefits for relatively larger and poorer countries within the group of LICs and small states.
Author : Riyad Abubaker
Publisher :
ISBN 13 : 9781369087048
Total Pages : 94 pages
Book Rating : 4.0/5 (87 download)
Download or read book Essays on the Implications of the Zero Lower Bound and the Impact of Trade Openness on Output Volatility written by Riyad Abubaker and published by . This book was released on 2016 with total page 94 pages. Available in PDF, EPUB and Kindle. Book excerpt: Our focus lies on the implications of recent monetary policy rules that operate under the zero lower bound. Time varying parameters show how changes in these parameters affect the impact of macroeconomic shocks. In addition to our analysis on the uncertainty that surrounds the economy within a zero lower bound regime. Our dissertation focuses on output uncertainty in an open economy; this is measured by the realized volatility.
Author : Arnold McIntyre
Publisher : International Monetary Fund
ISBN 13 : 1484351010
Total Pages : 23 pages
Book Rating : 4.4/5 (843 download)
Download or read book Economic Benefits of Export Diversification in Small States written by Arnold McIntyre and published by International Monetary Fund. This book was released on 2018-04-11 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.
Author : César Calderón
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Trade Openness and Real Exchange Rate Volatility written by César Calderón and published by . This book was released on 2004 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Viktoria Hnatkovska
Publisher : World Bank Publications
ISBN 13 : 4020314225
Total Pages : 40 pages
Book Rating : 4.0/5 (23 download)
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:
Author : Mr.Gian Milesi-Ferretti
Publisher : International Monetary Fund
ISBN 13 : 1451850905
Total Pages : 46 pages
Book Rating : 4.4/5 (518 download)
Download or read book International Financial Integration written by Mr.Gian Milesi-Ferretti and published by International Monetary Fund. This book was released on 2003-04-01 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent decades, the foreign assets and liabilities of advanced economies have grown rapidly relative to GDP, with the increase in gross cross-holdings far exceeding changes in the size of net positions. Moreover, the portfolio equity and FDI categories have grown in importance relative to international debt stocks. This paper describes the broad trends in international financial integration for a sample of industrial countries and seeks to explain the cross-country and time-series variation in the size of international balance sheets. It also examines the behavior of the rates of return on foreign assets and liabilities, relating them to "market" returns.
Author : Mr.Kangni R Kpodar
Publisher : International Monetary Fund
ISBN 13 : 1498304907
Total Pages : 35 pages
Book Rating : 4.4/5 (983 download)
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.
