growth and volatility in developing countries. The results suggest that it is difficult to establish a robust causal … relationship between financial integration and economic growth. Furthermore, there is little evidence that developing countries … have been consistently successful in using financial integration to stabilize fluctuations in consumption growth. However …

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 …

. There is a growth externality in the tradable sector and agents have imperfect access to international financial markets. By … the tradable sector that boosts growth. Financial frictions generate imperfect substitutability between private and public … reserve accumulation, growth and current account surpluses. The possibility of using reserves to provide liquidity during …

capital varieties is less then infinity, but more than the value that would generate endogenous growth. This production … the relatively slow speed of convergence documented in the growth literature. Calibrating the model, our results are that …

systematic relation between fast growth and preference for delayed consumption. The third part applies the methodology to the …

. Recent research argues that models with persistent growth rate shocks and recursive preferences can solve that puzzle. I show …, then long-run risk generates insufficient exchange rate volatility. A longrun risk model with recursive-preferences in … which all agents trade in complete global financial markets can generate realistic exchange rate volatility; however, I show …

In 2007, countries in the euro periphery were enjoying stable growth, low deficits, and low spreads. Then the Financial … growth and welfare, and may lead to self-fulfilling crises. It also shows how crowding-out effects can be transmitted to …

with weak productivity growth. We study a two-sector, tradable and non-tradable, small open economy. The tradable sector is … the engine of growth, and productivity growth is increasing in the amount of labor employed by firms in the tradable … stagnant productivity growth. We show that capital controls can be welfare-enhancing and can be used as a second best policy …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to …. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for …