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Author : Michael Böhl
Publisher :
ISBN 13 : 9783869432786
Total Pages : 58 pages
Book Rating : 4.4/5 (327 download)
Download or read book Globalisation and Macroeconomic Volatility written by Michael Böhl and published by . This book was released on 2008 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1451875878
Total Pages : 39 pages
Book Rating : 4.4/5 (518 download)
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.
Author : M. Ayhan Kose
Publisher :
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (129 download)
Download or read book Volatility and Comovement in a Globalized World Economy An Empirical Exploration written by M. Ayhan Kose and published by . This book was released on 2006 with total page 38 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.
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 : Neil Dias Karunaratne
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Globalisation and Macroeconomic Volatility written by Neil Dias Karunaratne and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyses the forces that have integrated the Australian economy with the global financial markets. Besides, financial deregulation and the reduction of protectionist trade barriers, the widespread application of the revolutionary changes in information and communication technology has reconfigured the openess of the Australian economy and increased its vulnerability to exogenous shocks, thereby increasing macroeconomic volatility. The paper compares the increase in exchange rate volatility in the post-float (1983Q4) and pre-float periods using measures measures such as standard deviation and Schwert index of volatility, ARCH and GARCH criteria. Some of the controversies relating to financial globalization are reviewed and a comprehensive measure of capital mobility in terms of the Real Interest Parity criterion based on the Feldstein-Horioka measure are calculated. The paper using cointegration techniques demonstrates that a radical transformation of the policy transmission mechanism has occurred due to the adoption of the inflation targeting framework. The case for a regulatory framework or 'throwing sand on the wheels of international finance is reviewed. Issues relating to the reconfiguration of the financial regulatory framework to meet the challenges of the emerging borderless financial world are also examined.
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 1589067487
Total Pages : 46 pages
Book Rating : 4.5/5 (89 download)
Download or read book Reaping the Benefits of Financial Globalization written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2008-12-16 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial globalization has increased dramatically over the past three decades, particularly for advanced economies, while emerging market and developing countries experienced more moderate increases. Divergences across countries stem from different capital control regimes, and factors such as institutional quality and domestic financial development. Although, in principle, financial globalization should enhance international risk sharing, reduce macroeconomic volatility, and foster economic growth, in practice its effects are less clear-cut. This paper envisages a gradual and orderly sequencing of external financial liberalization and complementary reforms in macroeconomic policy framework as essential components of a successful liberalization strategy.
Author : J. Fanelli
Publisher : Springer
ISBN 13 : 0230590187
Total Pages : 425 pages
Book Rating : 4.2/5 (35 download)
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 425 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.
Author : Mr.Ayhan Kose
Publisher : International Monetary Fund
ISBN 13 : 9781589062214
Total Pages : 68 pages
Book Rating : 4.0/5 (622 download)
Download or read book Effects of Financial Globalization on Developing Countries written by Mr.Ayhan Kose and published by International Monetary Fund. This book was released on 2003-09-03 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study provides a candid, systematic, and critical review of recent evidence on this complex subject. Based on a review of the literature and some new empirical evidence, it finds that (1) in spite of an apparently strong theoretical presumption, it is difficult to detect a strong and robust causal relationship between financial integration and economic growth; (2) contrary to theoretical predictions, financial integration appears to be associated with increases in consumption volatility (both in absolute terms and relative to income volatility) in many developing countries; and (3) there appear to be threshold effects in both of these relationships, which may be related to absorptive capacity. Some recent evidence suggests that sound macroeconomic frameworks and, in particular, good governance are both quantitatively and qualitatively important in affecting developing countries’ experiences with financial globalization.
Author : Hernán Rincón C.
Publisher :
ISBN 13 :
Total Pages : 30 pages
Book Rating : 4.:/5 (318 download)
Download or read book Financial Globalization, Economic Growth, and Macroeconomic Volatility written by Hernán Rincón C. and published by . This book was released on 2007 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Kanda Naknoi
Publisher : International Monetary Fund
ISBN 13 : 145184753X
Total Pages : 50 pages
Book Rating : 4.4/5 (518 download)
Download or read book Trade Costs, Market Integration, and Macroeconomic Volatility written by Mr.Kanda Naknoi and published by International Monetary Fund. This book was released on 2003-03-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the effects of trade costs on macroeconomic volatility. We first construct a dynamic, two-country general equilibrium model, where the degree of market integration depends directly on trade costs (transport costs, tariffs, etc.). The model is a extension of Obstfeld and Rogoff (1995). Naturally, a reduction in trade costs leads to more market integration, as the relative price of foreign goods falls and households increase their consumption of imported goods. In addition, with more market integration, the model predicts that the variability of the real exchange rate should fall, while the variability of the trade balance should increase. Trade costs have ambiguous effects on the volatility of other macro variables, such as income and consumption. Finally, we present some empirical findings that provide mixed support for the model's predictions.
Author : Ann Harrison
Publisher : University of Chicago Press
ISBN 13 : 0226318001
Total Pages : 674 pages
Book Rating : 4.2/5 (263 download)
Download or read book Globalization and Poverty written by Ann Harrison and published by University of Chicago Press. This book was released on 2007-11-01 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, the percentage of the world’s population living on less than a dollar a day has been cut in half. How much of that improvement is because of—or in spite of—globalization? While anti-globalization activists mount loud critiques and the media report breathlessly on globalization’s perils and promises, economists have largely remained silent, in part because of an entrenched institutional divide between those who study poverty and those who study trade and finance. Globalization and Poverty bridges that gap, bringing together experts on both international trade and poverty to provide a detailed view of the effects of globalization on the poor in developing nations, answering such questions as: Do lower import tariffs improve the lives of the poor? Has increased financial integration led to more or less poverty? How have the poor fared during various currency crises? Does food aid hurt or help the poor? Poverty, the contributors show here, has been used as a popular and convenient catchphrase by parties on both sides of the globalization debate to further their respective arguments. Globalization and Poverty provides the more nuanced understanding necessary to move that debate beyond the slogans.
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 : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498329837
Total Pages : 87 pages
Book Rating : 4.4/5 (983 download)
Download or read book Effects of Financial Globalization on Developing Countries - Some Empirical Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2003-12-02 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Andrés Solimano
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 19 pages
Book Rating : 4./5 ( download)
Download or read book Globalization and National Development at the End of the 20th Century written by Andrés Solimano and published by World Bank Publications. This book was released on 1999 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: June 1999 - Do globalization and national development reinforce each other? Are they mutually compatible? What opportunities for national development does globalization open? What problems does it pose? What is the proper balance between national, regional, and global responses to the challenges posed by globalization? Globalization offers developing countries the opportunities to create wealth through export-led growth, to expand international trade in goods and services, and to gain access to new ideas, technologies, and institutional designs. But globalization also entails problems and tensions that must be appropriately managed. For one thing, global business cycles can contribute greatly to macroeconomic volatility at the national level. The scope and severity of crises in Mexico (1994-95), Asia (1997), Russia (1998), and Brazil (1999) suggests the severity of the financial vulnerability developing countries face nowadays. With financial markets so highly integrated, problems are transmitted rapidly from one country to another. The rapid transmission of financial shocks changes levels of confidence and affects exchange rates, interest rates, asset prices, and, ultimately, output and employment-with consequent social effects. Policymakers should also be concerned about how globalization exacerbates job instability and income disparities both within and across countries. Macroeconomic and financial crises, by increasing poverty and social tensions, can be political destabilizing. As the 20th century ends, the resources of Bretton Woods institutions are strained because of the large and complex rescue packages needed to deal with large-scale volatility. Development policy agendas in the era of globalization need to articulate traditional concerns with growth, stability, and social equity with new themes such as transparency and good governance at several levels: national, regional, and global. This paper-a product of the Country Management Unit, Colombia, Ecuador, and Venezuela-is part of a larger effort in the region to understand the links between globalization and national development. The author may be contacted at [email protected].
Author : Elsabé Loots
Publisher : Taylor & Francis
ISBN 13 : 1040095070
Total Pages : 293 pages
Book Rating : 4.0/5 (4 download)
Download or read book Economic Shocks and Globalisation written by Elsabé Loots and published by Taylor & Francis. This book was released on 2024-08-01 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the 153-year period since 1870, the phenomenon of globalisation has been shaped and reshaped. As we look back at the events that shaped our understanding of the process and its momentum before and after the Global Financial Crisis (GFC), it became clear that the process of globalisation has changed and continues to evolve, which requires a deeper analysis. The book answers the question of why the performance of the hyper-globalisation period has not continued during the post-GFC period after 2010, and what might be expected going forward. Apart from the fact that the fourth globalisation wave period between 2010 to the early 2020s has been characterised by a range of global shocks that caused more volatility, instability, and uncertainty, the major economic determinants of globalisation have also slowed markedly. The outbreak of the COVID-19 pandemic, followed by the geopolitical uncertainty and instability all caused global contagion effects around the world, with economic, socio-economic, and geopolitical consequences and responses. This book aims to analyse most of these global events and shocks and attempted to gather a deeper understanding of the present drivers of globalisation and what the major trends and shifts are geo-economically, socio-economically, and geopolitically. The conclusions drawn include that globalisation remains, despite the current slowbalisation, an integrated process that is globally entrenched, yet complex, cyclical, multifaceted and multiplex. This book is aimed at academics in economics, political sciences, social sciences, and may also find an audience among international policymakers and scholars at multilateral institutions such as the World Bank and the United Nations.
Author : Kaya Tokmakcioglu
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659421143
Total Pages : 164 pages
Book Rating : 4.4/5 (211 download)
Download or read book Stock Market Or Macroeconomic Volatility? An Econometric Approach written by Kaya Tokmakcioglu and published by LAP Lambert Academic Publishing. This book was released on 2013 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2007, as the US subprime mortgage market began to fall down, which reached its peak with the catastrophic collapse of the Lehman Brothers, no one was aware of that this was going to be the worst financial crisis since the Great Depression. Evaluating the advantages and disadvantages connected with financial globalization demands a pure understanding of the influence of international market integration and financial volatility. This work therefore focuses on the analysis of the integration of stock markets and forecast performances of stock market and macroeconomic volatility for the period of last global, financial crisis. It has explores the effects of financial volatility during the last global crisis. Moreover, it underlies the importance of stock market volatility during financial crises and introduces another important tool to assess the volatility clustering behavior, namely macroeconomic volatility.
Author : Claudia M. Buch
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.:/5 (318 download)
Download or read book Business Cycle Volatility and Globalization written by Claudia M. Buch and published by . This book was released on 2002 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
