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question whether the world has become smaller in terms of economic distance. Instead of focussing on the transmission of single … results for the most recent period suggest that a uniform shock to output volatility in the world economy roughly …
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At a conceptual level, opening of capital markets entails a number of benefits and costs. One major cost of financial openness is output volatility. In this paper, using data from 21 advanced and 81 developing countries during 1971-2010, we empirically examine the impact of capital market...
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