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Output volatility and economic growth

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  • Badinger, Harald

Abstract

This paper proposes a new instrument to identify the causal effect of output volatility on economic growth, which is based on (exogenous) volatility spillovers from abroad. Cross-section evidence from 128 countries points to a negative effect of volatility on growth.

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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 106 (2010)
Issue (Month): 1 (January)
Pages: 15-18

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Handle: RePEc:eee:ecolet:v:106:y:2010:i:1:p:15-18

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Web page: http://www.elsevier.com/locate/ecolet

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Keywords: Output volatility Economic growth Institutions;

References

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  1. Antonio Fatás & Ilian Mihov, 2003. "The Case For Restricting Fiscal Policy Discretion," The Quarterly Journal of Economics, MIT Press, vol. 118(4), pages 1419-1447, November.
  2. Garey Ramey & Valerie A. Ramey, 1994. "Cross-Country Evidence on the Link Between Volatility and Growth," NBER Working Papers 4959, National Bureau of Economic Research, Inc.
  3. W. J. Henisz, 2000. "The Institutional Environment for Economic Growth," Economics and Politics, Wiley Blackwell, vol. 12(1), pages 1-31, 03.
  4. Acemoglu, Daron & Johnson, Simon & Robinson, James A & Thaicharoen, Yunyong, 2002. "Institutional Causes, Macroeconomic Symptoms: Volatility, Crises and Growth," CEPR Discussion Papers 3575, C.E.P.R. Discussion Papers.
  5. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  6. Easterly, William, 2005. "National Policies and Economic Growth: A Reappraisal," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 15, pages 1015-1059 Elsevier.
  7. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  8. Rodrik, Dani, 1996. "Why do More Open Economies Have Bigger Governments?," CEPR Discussion Papers 1388, C.E.P.R. Discussion Papers.
  9. Jean Imbs, 2006. "Growth and Volatility," Swiss Finance Institute Research Paper Series 06-09, Swiss Finance Institute.
  10. Thierry Mayer & Soledad Zignago, 2011. "Notes on CEPII’s distances measures: The GeoDist database," Working Papers 2011-25, CEPII research center.
  11. Ricardo J. Caballero & Mohamad L. Hammour, 1991. "The Cleansing Effect of Recessions," NBER Working Papers 3922, National Bureau of Economic Research, Inc.
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  13. Jeffrey Sachs & Andrew Warner, 1995. "Economic Reform and the Progress of Global Integration," Harvard Institute of Economic Research Working Papers 1733, Harvard - Institute of Economic Research.
  14. Jorg Dopke, 2004. "How Robust is the Empirical Link between Business-Cycle Volatility and Long-Run Growth in OECD Countries?," International Review of Applied Economics, Taylor & Francis Journals, vol. 18(1), pages 1-23.
  15. Stefan C. Norrbin & F. Pinar Yigit, 2005. "The Robustness of the Link between Volatility and Growth of Output," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 141(2), pages 343-356, July.
  16. Howitt, Peter & Aghion, Philippe, 2006. "Appropriate Growth Policy: A Unifying Framework," Scholarly Articles 4554121, Harvard University Department of Economics.
  17. Joseph E. Stiglitz, 1993. "Endogenous Growth and Cycles," NBER Working Papers 4286, National Bureau of Economic Research, Inc.
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Citations

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Cited by:
  1. Jetter, Michael, 2013. "Volatility and Growth: Governments are Key," IZA Discussion Papers 7826, Institute for the Study of Labor (IZA).
  2. Palivos, Theodore & Varvarigos, Dimitrios, 2011. "Intergenerational complementarities in education, endogenous public policy, and the relation between growth and volatility," MPRA Paper 31343, University Library of Munich, Germany.
  3. Barbara Annicchiarico & Alessandra Pelloni, 2013. "Productivity Growth and Volatility: How Important Are Wage and Price Rigidities?," Working Paper Series 02_13, The Rimini Centre for Economic Analysis.
  4. Anita Angelovska Bezovska & Jane Bogoev & Ana Mitreska & Maja Kadievska Vojnovik, 2011. "Investigating the Cyclical Behavior of Fiscal Policy in the Republic of Macedonia during the Period of Transition," Croatian Economic Survey, The Institute of Economics, Zagreb, vol. 13(1), pages 57-104, April.
  5. Nikolaos Antonakakis & Harald Badinger, 2012. "Output Volatility, Economic Growth, and Cross-Country Spillovers: New Evidence for the G7 Countries," Department of Economics Working Papers wuwp141, Vienna University of Economics, Department of Economics.
  6. Michael Jetter, 2013. "Volatility and Growth: An Explanation for the Disagreement," DOCUMENTOS DE TRABAJO CIEF 010944, UNIVERSIDAD EAFIT.
  7. Kwamie Dunbar, 2009. "Stochastic Business Cycle Volatilities, Capital Accumulation and Economic Growth: Lessons from the Global Credit Market Crisis," Working papers 2009-36, University of Connecticut, Department of Economics.
  8. Abbi M Kedir & Nor Yasmin Mhd Bani, 2012. "Panel Data Evidence on the Role of Education in the Growth-Volatility Relationship," Discussion Papers in Economics 12/04, Department of Economics, University of Leicester.
  9. Anastasios, Pappas, 2010. "Capital mobility and macroeconomic volatility: evidence from Greece," MPRA Paper 29106, University Library of Munich, Germany.
  10. Christoph Priesmeier & Nikolai Stähler, 2011. "Long Dark Shadows Or Innovative Spirits? The Effects Of (Smoothing) Business Cycles On Economic Growth: A Survey Of The Literature," Journal of Economic Surveys, Wiley Blackwell, vol. 25(5), pages 898-912, December.
  11. Ulrich Klüh & Wolfgang Wiegard & Karl-Hans Hartwig & Thomas Bauer & Busso Grabow, 2009. "Konjunkturpaket II: Was bringen Investitionen in Infrastruktur?," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 62(02), pages 03-15, 01.
  12. Akhilesh Chandra Prabhakar, 2011. "An Overview of the New Emerging Balance of Forces-the BRICS, G 20 and G 7 Response to the Global Financial Crisis," Asian Economic and Financial Review, Asian Economic and Social Society, vol. 1(2), pages 67-82, June.
  13. Georg Fahrenschon & Clemens Fuest & Ralph Brügelmann & Willi Diez, 2009. "Konsumgutscheine, Steuer- und Zinssenkungen, Hilfspaket für die Automobilbranche: Sind das geeignete Mittel gegen die Rezession?," Ifo Schnelldienst, Ifo Institute for Economic Research at the University of Munich, vol. 62(01), pages 03-15, 01.
  14. Kodama, Masahiro, 2013. "Growth-cycle nexus," IDE Discussion Papers 387, Institute of Developing Economies, Japan External Trade Organization(JETRO).

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