How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility?:
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 t...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2005
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 05/19 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (38 p) |
| ISBN: | 1451860382 9781451860382 |
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| index_date | 2024-07-03T20:13:23Z |
| indexdate | 2024-07-10T09:35:32Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Prasad, Eswar Verfasser aut How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? Prasad, Eswar Washington, D.C International Monetary Fund 2005 1 Online-Ressource (38 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 05/19 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 Online-Ausg Kose, M. Ayhan Sonstige oth Terrones, Marco Sonstige oth http://elibrary.imf.org/view/IMF001/03137-9781451860382/03137-9781451860382/03137-9781451860382.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Prasad, Eswar How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title_auth | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title_exact_search | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title_exact_search_txtP | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title_full | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? Prasad, Eswar |
| title_fullStr | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? Prasad, Eswar |
| title_full_unstemmed | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? Prasad, Eswar |
| title_short | How Do Trade and Financial Integration Affect the Relationship Between Growth and Volatility? |
| title_sort | how do trade and financial integration affect the relationship between growth and volatility |
| url | http://elibrary.imf.org/view/IMF001/03137-9781451860382/03137-9781451860382/03137-9781451860382.xml |
| work_keys_str_mv | AT prasadeswar howdotradeandfinancialintegrationaffecttherelationshipbetweengrowthandvolatility AT kosemayhan howdotradeandfinancialintegrationaffecttherelationshipbetweengrowthandvolatility AT terronesmarco howdotradeandfinancialintegrationaffecttherelationshipbetweengrowthandvolatility |