Globalisation, Instability and Economic Insecturity
AbstractThis paper documents and analyses the volatility of economic growth in rich and poor countries. It concludes that whereas volatility has declined almost universally in advanced countries, the picture is more mixed for developing countries. The paper then concentrates on the case of India, where GDP volatility has declined over the past two decades. The evidence shows that the move away from agriculture has stabilised the economy. Increased financial depth and more favourable developments in terms of trade have had a similar effect. Finally, the paper discusses the relationship between economic instability and insecurity at a general level.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp328.
Date of creation: Jun 2006
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Web page: http://www.cbr.cam.ac.uk/
Volatility; GDP growth; globalisation;
Find related papers by JEL classification:
- F01 - International Economics - - General - - - Global Outlook
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- James H. Stock & Mark W. Watson, 2003. "Has the business cycle changed?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 9-56.
- Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
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