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Russia

In: Macroeconomic Volatility, Institutions and Financial Architectures

Author

Listed:
  • Anatoliy Peresetsky
  • Vladimir Popov

Abstract

Would a particular country be willing to reduce volatility at the expense of lowering the long-term growth rate if there were a trade-off between volatility and growth? Fortunately, there is no such trade-off. As many studies have documented (see Aghion et al., 2004 for a recent survey of the literature) the relationship between volatility and growth is negative, that is, rapid growth is associated with lower volatility. This result holds if one compares fast- and slow-growing countries, as well as periods of fast and slow growth/recession in the same country. So, policies to promote growth, if successful, are likely to reduce volatility as well, even though the mechanism of such a spin-off is not well understood. Nevertheless, the volatility of macro variables cannot be totally explained by their growth rates: even when controlling for the average speed of change, there remain huge variations in volatility in various countries and periods.

Suggested Citation

  • Anatoliy Peresetsky & Vladimir Popov, 2008. "Russia," Palgrave Macmillan Books, in: José María Fanelli (ed.), Macroeconomic Volatility, Institutions and Financial Architectures, chapter 8, pages 190-219, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59018-2_8
    DOI: 10.1057/9780230590182_8
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    Cited by:

    1. Popov, Vladimir, 2010. "To devalue or not to devalue? How East European countries responded to the outflow of capital in 1997-99 and in 2008-09," MPRA Paper 28112, University Library of Munich, Germany.

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