large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …

with higher growth, lower growth volatility, and lower probabilities of severe declines in real activity. Advances in …

show that a greater reliance on foreign market sales increases the conditional volatility of firms' stock returns. The two … economically significant effect on firm-level volatility, although an increase in the intensity of sales through foreign affiliates … has a stronger effect on volatility than a similar change in firms' export intensity. We also uncover evidence consistent …

, and inflation volatility, and in global macroeconomic indicators like the oil price, world stock market returns, and … exchange rate volatility. The results indicate that in a globalized world spillovers from emerging markets and industrial … countries other than the G7 play a relevant role for major aspects of the G7 and world business cycle …