A feature of modern globalization processes is their vulnerability to the volatility of short-term capital flows, which …, combined with the growing volatility of commodity prices, have created serious difficulties for the economic policies of … tools is an urgent task. The purpose of the study is the impact of volatility and the level of world commodity prices on …

: (i) monetary volatility negatively affects long-run growth; (ii) the relation between nominal volatility and growth … increases the negative effect of nominal volatility on mean growth. …