-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased … volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades …

volatility risks), contagion effects, and idiosyncratic factors. While idiosyncratic factors explain a large amount of the …

the world, (ii) invest in foreign assets, and (iii) receive foreign direct investment (FDI). The model is calibrated on 32 …

country’s growth volatility changes over time. With volatility below a threshold, an inflow of foreign capital has promoted … growth. However, during periods of volatile growth, more flows have been associated with slower growth. Volatility levels and …

This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … (CPMG) methodology of Pesaran et al. (1999) for estimation. The latter takes account of cross-country heterogeneity and … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly …