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Macroeconomic Volatility and Welfare in Developing Countries: an Introduction

Author

Listed:
  • Norman V. Loayza

    (Banque Mondiale - Banque Mondiale)

  • Romain Rancière

    (IMF - International Monetary Fund - International Monetary Fund (IMF))

  • Luis Servén

    (Banque Mondiale - Banque Mondiale)

  • Jaume Ventura

    (CREI - Centre de Recerca en Economia Internacional - Universitat Pompeu Fabra [Barcelona])

Abstract

Macroeconomic volatility, both a source and a reflection of underdevelopment, is a fundamental concern for developing countries. Their high aggregate instability results from a combination of large external shocks, volatile macroeconomic policies, microeconomic rigidities, and weak institutions. Volatility entails a direct welfare cost for risk-averse individuals, as well as an indirect one through its adverse effect on income growth and development. This article provides a brief overview of the recent literature on macroeconomic volatility in developing countries, highlighting its causes, consequences, and possible remedies. It then introduces the contributions of a recent conference on the subject, sponsored by the World Bank and Pompeu Fabra University, Barcelona.

Suggested Citation

  • Norman V. Loayza & Romain Rancière & Luis Servén & Jaume Ventura, 2007. "Macroeconomic Volatility and Welfare in Developing Countries: an Introduction," Post-Print halshs-00754201, HAL.
  • Handle: RePEc:hal:journl:halshs-00754201
    Note: View the original document on HAL open archive server: https://hal-pjse.archives-ouvertes.fr/halshs-00754201
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