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Financial development and the transmission of monetary shocks

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Author Info
Lensink, Robert
Scholtens, Bert (Groningen University)

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Abstract

We investigate whether the financial system dampens or exacerbates monetary shocks of inflation uncertainty to the economy. Our GMM-estimates for 88 countries over a period of 25 years show that inflation uncertainty has a positive and significant impact on the volatility of economic growth. More importantly, we find that financial development dampens the negative effects of inflation uncertainty on the volatility of economic growth. This confirms the importance of a well-developed financial sector.

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File URL: http://irs.ub.rug.nl/ppn/264576586
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Paper provided by University of Groningen, Research Institute SOM (Systems, Organisations and Management) in its series Research Report with number 04E05.

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Date of creation: 2004
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Handle: RePEc:dgr:rugsom:04e05

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  1. Olaf Posch, 2009. "Explaining Output Volatility: The Case of Taxation," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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