, effectively lowering its volatility. We also show that relatively small increases in the average holdings of reserves by Latin … substantially REER volatility. …

Did adoption of the gold standard exacerbate or diminish macroeconomic volatility? Supporters thought so, critics … absorption in a world of real shocks and nominal stickiness. A simple model shows how a lack of flexibility can be discerned in … the transmission of terms of trade shocks. Evidence on the relationship between real exchange rate volatility and terms of …

autoregression, we derive return and volatility spillover indices over the rolling sub-sample windows. We show that there is … substantial difference between the behavior of the East Asian return and volatility spillover indices over time. While the return … spillover index reveals increased integration among the East Asian equity markets, the volatility spillover index experiences …

Existing results on the contribution of terms of trade and world interest rate shocks to output fluctuations in small … vastly different results. In this paper, we overcome this by estimating a DSGE model using a structural Bayesian estimation … cross-equation restrictions implied by the structural model. We find that world interest rate shocks are the main driving …

volatility by exposing countries to terms-oftrade shocks. This view does not take into account that, as suggested by a recent … strand of the financial fragility literature, commercial trade might also reduce financially related volatility. Once this is … taken into account, the relationship between exposure to trade and output volatility is still an open question. Trade …