decades. Further, global monetary shocks have become the leading external source of GDP volatility in developing countries … the increasing trend in the volatility attributable to external shocks, as well as the changing roles of different shocks …

decades. Further, global monetary shocks have become the leading external source of GDP volatility in developing countries … the increasing trend in the volatility attributable to external shocks, as well as the changing roles of different shocks …

results for the most recent period suggest that a uniform shock to output volatility in the world economy roughly …-country interdependence of output volatility has evolved over the period 1955 to 2006. From a methodological perspective, we adopt a spatial … econometric approach, relating a country's output volatility to (distance weighted averages of) other countries' output volatility …

issue in international debate. It contributes by presenting a comprehensive review of the literature on the “destabilizing …