China's GDP growth slowdown and a surge in global financial market volatility could both adversely affect an already … negative GDP shock in China (equivalent to a one-off one percent growth shock) could have significant global macroeconomic … volatility could translate into a fall in world economic growth of around 0.29 percentage points, but it could also have negative …

-identification of the U.S. oil supply shock is achieved through imposing dynamic sign restrictions on the impulse responses of the model …-driven oil price shock, with real GDP increasing in both advanced and emerging market oil-importing economies, output declining …

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies …

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …

In theory, one of the main benefits of financial globalization is that it should allow for more efficient international … outcomes during the recent period of globalization. Developing countries have, by and large, been shut out of this benefit. The … why emerging markets have not been able to realize this presumed benefit of financial globalization. In particular, our …

This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment … fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of …. However, for emerging market economies, financial globalization appears to have been associated, on average, with an increase …

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