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 …

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 …

This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly … trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant …

This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly … trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant …

This paper studies the impact of the level and volatility of the commodity terms of trade on economic growth, as well … of trade growth enhances real output per capita, volatility exerts a negative impact on economic growth operating mainly … trade volatility offset the positive impact of commodity booms; and export diversification of primary commodity abundant …