micro level. The analysis shows that the misallocation of funds amplifies volatility even in a closed economy. Financial … divergence in volatility, thereby providing a new and simple explanation for the divergent trends in output volatility up to the …

relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the …

transactions take place. The authors find that globalization via the diversification channel expanded throughout the world during …

relevant for emerging markets as they integrate financially with the rest of the world. This paper argues that, because of the …

economic management in the developed world and the economic models that guide it. The crisis has revealed major market failures … should largely reinforce the Post-Washington Consensus on development that has emerged over the past decade -- a world view …

measures, the financial globalization index corrects for the heteroscedasticity of global volatility. This leads to a downward … globalization reduces market volatility (measured by the volatility of stock returns) in tranquil times, and increases it in … turbulent ones. On average, the first effect dominates, so that financial globalization leads to a decrease in market volatility …

This paper examines how the ability to access long-term debt affects firm-level growth volatility. The analysis finds … growth volatility in countries with better-developed financial systems, as these firms may benefit from reduced refinancing … risk and therefore growth volatility associated with short-term financing. Increased availability of long-term finance …

Previous sharp oil price declines have been accompanied by elevated ex post volatility. In contrast, volatility was … price declines. This finding is robust to nonparametric and GARCH measures of volatility. Further, the U.S. dollar … appreciation exerted a strong influence on volatility during the recent crash; in contrast, the impact of shocks on equity markets …

This paper investigates the adverse effects of oil price volatility on economic activity and the extent to which … countries can hedge against such effects by using renewable energy. By considering the Realized Volatility of oil prices, rather …, and variance decompositions show that oil price volatility has more-adverse effects in all sample countries than oil price …