“The economist’s penchant for linearizing models around equilibria and relying on linear regressions may have obscured the negative impact volatility exerts on growth, uncovered by empirical studies over the past decade. Volatility also has a negative impact on poverty, through growth as well as inequality. These effects are the most damaging in poor countries, where the capacity to manage volatility and shocks is limited by shallow financial sectors and impediments to implementing countercyclical fiscal policy. The impediments include credit constraints as well as political economy factors. These impediments could also interfere with attempts to self-insure, for example, by saving during booms as a cushion for busts.”
Draft chapters of a book on volatility from the World Bank- Managing Volatility and Crises: A Practitioner's Guide, edited by Joshua Aizenman and Brian Pinto;
Table of Contents
Overview Managing Volatility and Crises: A Practitioner's Guide - Joshua Aizenman and Brian Pinto
Volatility: Definitions and Consequences - Holger Wolf
Volatility and Growth - Viktoria Hnatkovska and Norman Loayza
Volatility, Income Distribution, and Poverty - Thomas Laursen and Sandeep Mahajan
Finance and Volatility - Stijn Claessens
Commodity Price Volatility - Jan Dehn, Christopher L. Gilbert and Panos Varangis -
Managing Oil Booms ad Busts in Developing Countries - Julia Devlin and Michael Lewin
Managing Macroeconomic Crises: Policy Lessons - Jeffrey Frankel and Shang-Jin Wei
Default Episodes in the 1980s and 1990s: What Have We Learned? - Punam Chunhan and Federico Sturzenegger
Evaluating Pricing Signals from the Bond Markets - John J. Merrick, Jr. (Baruch College)
Lessons from the Russian Crisis of 1998 and Recovery - Brian Pinto, Evsey Gurvich, and Sergei Ulatov
Argentina's Macroeconomic Collapse: Causes and Lessons - Luis Serven and Guillermo Perry
Related Videos;
What Is the Right Fiscal Policy for Growth
Sustaining Growth by Riding the Waves
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