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Business Cycle Volatility and Globalization: A Survey

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Author Info
Claudia M. Buch

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Abstract

The globalization of capital and product markets has many implications for economic welfare. Countries can specialize in the production of goods for which they have comparative advantages, and capital is allocated more efficiently. However, one potentially adverse effect of globalization is the possibility that business cycle volatility might increase. Rapid and badly co-ordinated capital account liberalization has been blamed for enhancing the vulnerability of emerging markets to unstable international capital flows. At the same time, business cycle volatility in OECD countries seems to have been on a decline in the past decades.

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Publisher Info
Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number 1107.

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Length: 35 pages
Date of creation: May 2002
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Handle: RePEc:kie:kieliw:1107

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Related research
Keywords: business cycle volatility; financial openness; new open economy macro models;

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Find related papers by JEL classification:
F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Franz R. Hahn, 2003. "Financial Development and Macroeconomic Volatility. Evidence from OECD Countries," WIFO Working Papers 198, WIFO. [Downloadable!]
  2. Giovanna Vallanti, 2005. "Capital Mobility and Unemployment Dynamics: Evidence from a Panel of OECD Countries," CEP Discussion Papers dp0684, Centre for Economic Performance, LSE. [Downloadable!]
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This page was last updated on 2009-11-24.

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