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Foreign direct investment and output growth volatility: A worldwide analysis

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  • Ćorić, Bruno
  • Pugh, Geoff

Abstract

The decades preceding the recent financial crisis and global downturn were a period of unusually mild output volatility for many developed and developing market economies. We analyse data from 85 countries and report findings consistent with the hypothesis that foreign direct investment had a stabilising effect on output during the era of the “Great Moderation”. These findings are consistent with, but not a direct test of, the theory that relates the waning of output volatility during these decades to the international diversification of net worth and a corresponding reduction in the strength of the Financial Accelerator.

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Bibliographic Info

Article provided by Elsevier in its journal International Review of Economics & Finance.

Volume (Year): 25 (2013)
Issue (Month): C ()
Pages: 260-271

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Handle: RePEc:eee:reveco:v:25:y:2013:i:c:p:260-271

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Web page: http://www.elsevier.com/locate/inca/620165

Related research

Keywords: Foreign direct investment; GDP growth volatility; The Great Moderation;

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Cited by:
  1. Suzuki, Yui, 2014. "Financial integration and consumption risk sharing and smoothing," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 585-598.
  2. Anna Bykova & Evgeniia Kuminova, 2013. "Did relational capital matter during the financial crisis?," HSE Working papers WP BRP 23/FE/2013, National Research University Higher School of Economics.
  3. Ho-Chuan (River) Huang & Stephen M. Miller, . "Does Financial Development Volatility Affect Industrial Growth Volatility?," Working Papers 1302, University of Nevada, Las Vegas , Department of Economics.

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