and volatility in contrast to the exogenously assumed constant mean and volatility in many credit risk models. We consider … attenuated (amplified) market volatility and risk premium, but the market value is always higher in economic downturns, and lower …

dampening effect on trade volatility. …

misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more ‘extractive’ institutions from their colonial past were more likely to experience high volatility and economic crises … appear to have only a minor impact on volatility and crises. This suggests that distortionary macroeconomic policies are more …

outside the Union. The analysis indicates the need to distinguish between short-term oscillations (i.e. volatility) and medium …

commensurate with their risk aversion; more risk-averse individuals pick lower-volatility stocks. The investors' portfolio … consistent with the predictions of the hypothesis: the portfolios contain highly similar stocks in terms of volatility, when …

.g., cabinet changes) has an indirect (through volatility) impact on growth; (iii) the effect of financial development is positive … and, surprisingly, not via volatility; (iv) the informal instability effects are much larger in the short- than in the …

We study the effect of introducing a new security, such as a non-redundant derivative, on the volatility of stock … increases the volatility of stock-market returns. …

lower the volatility of output growth. Technological complexity evolves endogenously in response to profit incentives. The … decline in volatility thus arises as a by-product of firms' incentives to increase profits and is hence a likely outcome of … that for reasonable parameter values, the model can generate a decline in volatility with the level of development …

We investigate the relation between global foreign exchange (FX) volatility risk and the cross-section of excess … FX volatility and thus deliver low returns in times of unexpected high volatility, when low interest rate currencies … provide a hedge by yielding positive returns. Our proxy for global FX volatility risk captures more than 90% of the cross …