increasing it only cautiously. Volatility in domestic investment can to an extent be moderated by a buffer of international …

The volatility of unanticipated output growth in income per capita is detrimental to long-run development … effect is significant and robust over awide range of specifications. We unravel the effects of volatility by opening the …, physical and institutional barriers to trade and associated policy shocks increase volatility sharply and harm growth through …

doing this in the short run. Foreign asset accumulation should be used primarily to smooth volatility, rather than to build …

Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth … depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average … growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect …

volatility channel may lead one to erroneously conclude that there is no effect of resources on growth. …

This paper studies the volatility of commodity prices on the basis of a large dataset of monthly prices observed in … evidence does not actually attempt to measure the volatility of prices of individual goods or commodities. The literature tends … to focus on trends in the evolution and volatility of ratios of price indexes composed of multiple commodities and …

volatility of revenues, have failed to save a sufficiently high proportion of their resource revenues and failed to make high …

experienced relatively low and non inclusive economic growth as well as high levels of macroeconomic volatility. Important …

capital-scarce resource exporter. I show that capital-scarce countries should still establish a Volatility Fund, but it should … a Volatility Fund quickly, then leave it alone; and iii) Invest to stabilise the real exchange rate.The remaining four … improve absorption, vi)Invest part of the Volatility Fund domestically; and vii) Support private investment. …