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The International Volatility of Growth

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Author Info

  • Alaistar Chan

    (UWA Business School, The University of Western Australia)

  • Kenneth W. Clements

    (UWA Business School, The University of Western Australia)

Abstract

Growth in the world economy is not shared equally among all countries, with some growing faster, some slower and some not at all. The cross-country distribution of growth is a useful tool for analysing the inequality of growth. The appropriately-weighted first moment of this distribution is world growth, while the second measures cross-country volatility. This paper introduces a methodology to examine the cross-country distribution of growth, and the components of its volatility. Using data from the Penn World Table, we find countries within geographic regions are seeing a harmonisation of growth, but between regions there is increasing dispersion.

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Bibliographic Info

Paper provided by The University of Western Australia, Department of Economics in its series Economics Discussion / Working Papers with number 07-10.

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Length: 36 pages
Date of creation: 2007
Date of revision:
Handle: RePEc:uwa:wpaper:07-10

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Keywords: Growth; Cross-Country Distribution; Volatility;

This paper has been announced in the following NEP Reports:

References

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  1. Diewert, W. E., 1976. "Exact and superlative index numbers," Journal of Econometrics, Elsevier, vol. 4(2), pages 115-145, May.
  2. Pindyck, Robert S, 1991. "Irreversibility, Uncertainty, and Investment," Journal of Economic Literature, American Economic Association, vol. 29(3), pages 1110-48, September.
  3. Ben S. Bernanke, 1980. "Irreversibility, Uncertainty, and Cyclical Investment," NBER Working Papers 0502, National Bureau of Economic Research, Inc.
  4. Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
  5. Tang, Sam Hak Kan, 2002. "The link between growth volatility and technical progress: cross-country evidence," Economics Letters, Elsevier, vol. 77(3), pages 335-341, November.
  6. Garey Ramey & Valerie A. Ramey, 1991. "Technology Commitment and the Cost of Economic Fluctuations," NBER Working Papers 3755, National Bureau of Economic Research, Inc.
  7. Clements, Kenneth W. & Nguyen, Phuong, 1982. "Inflation and relative prices : A decomposition analysis," Economics Letters, Elsevier, vol. 9(3), pages 257-262.
  8. Mirman, Leonard J, 1971. "Uncertainty and Optimal Consumption Decisions," Econometrica, Econometric Society, vol. 39(1), pages 179-85, January.
  9. Kormendi, Roger C. & Meguire, Philip G., 1985. "Macroeconomic determinants of growth: Cross-country evidence," Journal of Monetary Economics, Elsevier, vol. 16(2), pages 141-163, September.
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