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Globalisation, Instability and Economic Insecturity

Author

Listed:
  • Ajit Singh
  • Sonja Fagernäs

Abstract

This 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.

Suggested Citation

  • Ajit Singh & Sonja Fagernäs, 2006. "Globalisation, Instability and Economic Insecturity," Working Papers wp328, Centre for Business Research, University of Cambridge.
  • Handle: RePEc:cbr:cbrwps:wp328
    Note: PRO-2
    as

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    File URL: https://www.cbr.cam.ac.uk/fileadmin/user_upload/centre-for-business-research/downloads/working-papers/wp328.pdf
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    References listed on IDEAS

    as
    1. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
    2. 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.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Volatility; GDP growth; globalisation;

    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook

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