Macroeconomic volatility and welfare in developing countries: An introduction

World Bank Economic Review

Volumn 21, Issue 3, 2007, Pages 343-357

  Loayza, Norman V ^a   Rancière, Romain ^b   Servén, Luis ^a   Ventura, Jaume ^c  

^a WORLD BANK   (United States)

^b INTERNATIONAL MONETARY FUND   (United States)

^c UNIVERSITAT POMPEU FABRA   (Spain)

Author keywords

[No Author keywords available]

Indexed keywords

DEVELOPING WORLD; MACROECONOMICS; UNDERDEVELOPMENT; WELFARE IMPACT; WORLD BANK;

EID: 35848941739     PISSN: 02586770     EISSN: 1564698X     Source Type: Journal    
DOI: 10.1093/wber/lhm017     Document Type: Review

References (43)

1. Acemoglu, D., S. Johnson, J.A. Robinson, and Y. Thaicharoen. 2003. "Institutional Causes, Macroeconomics Symptoms: Volatility, Crises, and Growth." Journal of Monetary Economics 50(1):49-122.
2. Aghion, P., P. Bacchetta, R. Ranciere, and K. Rogoff. 2006. "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development." Discussion Paper 5629. Centre for Economic Policy Research, London, United Kingdom.
3. Aguiar, G., and M. Gopinath. 2007. "Emerging Market Business Cycles: The Cycle is the Trend." Journal of Political Economy 115(1):69-102.
4. Aizenman, J. 2006. "International Reserves Management and the Current Account." University of California, Santa Cruz, Department of Economics. Santa Cruz, Calif.
5. Aizenman, J., and B. Pinto. 2005. "Overview" In J. Aizenmann and B. Pinto, eds., Managing Economic Volatility and Crises. Cambridge, United Kingdom: Cambridge University Press.
6. Athanasoulis, S., and E. van Wincoop. 2000. "Growth Uncertainty and Risk-Sharing." Journal of Monetary Economics 45(3):477-505.
7. Bergoeing, R., N. Loayza, and A. Repetto. 2004. "Slow Recoveries." Journal of Development Economics 75(2):403-506.
8. Broner, F., and J. Ventura. 2006. "Globalization and Risk Sharing." Discussion Paper 5820. Centre for Economic Policy Research, London, United Kingdom.
9. Caballero, R. 1991. "On the Sign of the Investment-Uncertainty Relationship." American Economic Review 81(1):279-88.
10. Caballero, R., K. Cowan, E. Engel, and A. Micco. 2004. Effective Labor Regulation and Microeconomic Flexibility. Working Paper 10744. Cambridge, Mass.: National Bureau of Economic Research.
11. Caballero, R., and M. Hammour. 1994. "The Cleansing Effect of Recessions." American Economic Review 84(5):1350-68.
12. Caballero, R., and S. Panageas. August 4, 2006. "Hedging Sudden Stops and Precautionary Contractions." Journal of Development Economics doi:10.1016/j.jdeveco.2006.05.010.
13. Calderón, C., and R. Fuentes. 2006. "Characterizing the Business Cycles of Emerging Economies." Centre for Economic Policy Research, London, United Kingdom.
14. Cavallo, E., and J. Frankel. 2004. Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, or Less? Working Paper 10957. Cambridge, Mass.: National Bureau of Economic Research.
15. Comin, D., and S. Mulani. 2006. "A Theory of Growth and Volatility at the Aggregate and Firm Level." New York University, Department of Economics. New York, New York.
16. Ehrlich, I, and G. Becker. 1972. "Market Insurance, Self-Insurance, and Self-Protection." Journal of Political Economy 80:623-48.
17. Fatás, A. 2002. "The Effects of Business Cycles on Growth." In N. Loayza and R. Soto, eds., Economic Growth: Sources, Trends, and Cycles. Santiago, Chile: Central Bank of Chile.
18. Fatás, A., and I. Mihov. 2006. "Policy Volatility, Institutions and Economic Growth." INSEAD. Singapore and Fontainebleau, France.
19. Galindo, A., and A. Micco. Forthcoming. "Creditor Protection and Credit Volatility." World Bank Economic Review, doi:10.1093/wber/lhm016.
20. García, P., and C. Soto. 2006. "Large Hoardings of International Reserves: Are They Worth It?" In R. Caballero, C. Caldern, and L. F. Cspedes eds. External Vulnerability and Preventive Policies. Santiago, Chile: Central Bank of Chile.
21. Gavin, M., and R. Perotti. 1997. "Fiscal Policy in Latin America." In NBER Macroeconomics Annual. Cambridge, Mass.: MIT Press.
22. Gaytán, A., and R. Rancire. 2006. "Banks, Liquidity Crises, and Economic Growth." International Monetary Fund, Washington, D.C.
23. Giovanni, J., and A. Levchenko. 2006. "Openness, Volatility and the Risk Content of Exports." International Monetary Fund, Washington, D.C.
24. Hnatkovska, V., and N. Loayza. 2005. "Volatility and Growth." In J. Aizenmann and B. Pinto, eds., Managing Economic Volatility and Crises Cambridge, United Kingdom: Cambridge University Press.
25. Kharroubi, E. Forthcoming. "Illiquidity, Financial Development and the Growth-Volatility Relationship." World Bank Economic Review, doi:10.1093/wber/lhm015.
26. Koren, M., and S. Tenreyro. 2006. "Technological Diversification." London School of Economics and Political Science, London, United Kingdom.
27. Kraay, A., and J. Ventura. 2007. "Comparative Advantage and the Cross-Section of Business Cycles." Journal of the European Economic Association 5(6).
28. Levchenko, A., and P. Mauro. September 17, 2007. "Do Some Forms of Financial Flows Help Protect against Sudden Stops." World Bank Economic Review, doi:10.1093/wber/lhm014.
29. Loayza, N., A.M. Oviedo, and L. Serven. 2005. "Regulation and Macroeconomic Performance." Policy Research Working Paper 3469. World Bank, Washington, D.C.
30. Loayza, N., and C. Raddatz. Forthcoming. "The Structural Determinants of External Vulnerability." World Bank Economic Review, doi:10.1093/wber/lhm018.
31. Lorenzoni, G. 2006. "Inefficient Credit Booms." Massachusetts Institute of Technology, Cambridge, Mass.
32. Lucas, R. E., Jr. 1987. Models of Business Cycles. New York: Basil Blackwell.
33. Martin, P., and H. Rey. 2006. "Globalization and Emerging Markets: With or Without Crash?" American Economic Review 96(5):1631-51.
34. Montiel, P., and L. Servn. 2005. "Macroeconomic Stability: The More, the Better?" In Economic Growth in the 1990s: Lessons from a Decade of Reform. Washington, D.C.: World Bank.
35. Prati, A., and T. Tressel. 2006. "Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies?" International Monetary Fund, Washington, D.C.
36. Primiceri, G., and T. Rens. 2006. "Predictable Life-Cycle Shocks, Income Risk and Consumption Inequality." Universitat Pompeu Fabra, Barcelona, Spain.
37. Raddatz, C. 2007. "Are External Shocks Responsible for the Instability of Output in Low-Income Countries?" Journal of Development Economics 84(1):155-87.
38. Ramey, G., and V. Ramey. 1995. "Cross Country Evidence on the Link between Volatility and Growth." American Economic Review 85(5):1138-51.
39. Reis, R. 2006. "The Time-series Properties of Aggregate Consumption: Implications for the Costs of Fluctuations." Princeton University, Department of Economics, Princeton, New Jersey.
40. Van Wincoop, E. 1999. "How Big are the Potential Welfare Gains from International Risk Sharing?" Journal of International Economics 47(1):109-35.
41. World Bank. 2000. Securing Our Future in a Global Economy. Washington, D.C.
42. World Bank. 2000. various years. World Development Indicators Database. Washington, D.C. (www.worldbank.org/data).
43. Wolf, H. 2005. "Volatility: Definitions and Consequences." In J. Aizenman and B. Pinto, eds. Managing Economic Volatility and Crises Cambridge, Mass.: Cambridge University Press.