volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades …-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased … sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth …

How does access to credit impact consumption volatility? Theory and evidence from advanced economies suggests that … volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. We … consumption volatility. Calibration of the model for pre and post financial reform in India provides support for the model's key …

than 40 percent of the volatility of aggregate sales. Although quite large, this contribution is smaller than documented in …

-consequences of a supply-driven oil-price shock are very different from those of an oil-demand shock driven by global economic …

, however, appears very modest and not evident during the 2008 food price shock. The evidence suggests that trade openness …

integration with the rest of the world, arguably turning these economies more vulnerable to global financial shocks; and an …

country's supply shock vulnerability based on the composition of their individual import baskets. This measure evaluates the … potential negative supply shock spillovers from the import of each good …