Description |
1 online resource (27 pages) : illustrations |
Series |
IMF working paper ; WP/03/50 |
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IMF working paper ; WP/03/50.
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Summary |
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 |
Bibliography |
Includes bibliographical references (pages 25-27) |
Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
Subject |
International finance.
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International economic integration
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Industrial productivity.
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Globalization.
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Consumption (Economics)
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Risk.
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Risk
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globalism.
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Consumption (Economics)
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Globalization
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Industrial productivity
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International economic integration
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International finance
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Risk
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Form |
Electronic book
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Author |
Prasad, Eswar S., 1965- author.
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Terrones, Marco, author
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International Monetary Fund. Asia and Pacific Department.
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International Monetary Fund. Research Department.
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International Monetary Fund. Western Hemisphere Department.
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ISBN |
1451894074 |
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9781451894073 |
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128125200X |
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9781281252005 |
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