Growth and Volatility in an Era of Globalization
Growth and Volatility in an Era of Globalization
复制标题
全球化时代的增长和波动
DOI：
--
复制
发表时间：
2005
期刊：
影响因子：
--
通讯作者：
Marco E. Terrones
中科院分区：
文献类型：
--
作者：
M. Ayhan Kose;E. Prasad;Marco E. Terrones
我们扩展了Kose、Prasad和Terrones（2005）的分析，全面考察了过去40年来增长与宏观经济波动之间的横截面关系。我们还指出，虽然在此期间波动与增长之间通常存在负相关关系，但这种关系的性质随着时间的推移和不同国家集团的变化而发生变化。特别是，我们发现在贸易和金融自由化之后，这种关系发生了重大变化。此外，我们的研究结果表明，国内需求的主要组成部分所产生的波动与经济增长呈负相关。
We extend the analysis in Kose, Prasad, and Terrones (2005) to provide a comprehensive examination of the cross-sectional relationship between growth and macroeconomic volatility over the past four decades. We also document that while there has generally been a negative relationship between volatility and growth during this period, the nature of this relationship has been changing over time and across different country groups. In particular, we detect major shifts in this relationship after trade and financial liberalizations. In addition, our results show that volatility stemming from the main components of domestic demand is negatively associated with economic growth.