Jansen, Marion; Lennon, Carolina; Piermartini, Roberta - C.E.P.R. Discussion Papers - 2009
shocks for income volatility in open economies. We show that exposure to country specific shocks has a positive and … significant impact on GDP volatility. In particular, we find that the degree to which the cycles of different trading partners are … correlated is more important in explaining exporters’ GDP volatility than the volatility of demand in individual export market …