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Business Cycle Volatility and Globalization: A Survey

  • Claudia M. Buch

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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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
Date of revision:
Handle: RePEc:kie:kieliw:1107
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