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01440nam a2200217Ia 4500 |
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10.1057-s41308-019-00092-2 |
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220511s2019 CNT 000 0 und d |
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|a 20414161 (ISSN)
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| 245 |
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|a On the Link Between the Volatility and Skewness of Growth
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| 260 |
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|b Palgrave Macmillan Ltd.
|c 2019
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| 856 |
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|z View Fulltext in Publisher
|u https://doi.org/10.1057/s41308-019-00092-2
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|a In a sample of 110 countries over the period 1960–2009, we document a positive relation between the volatility and skewness of growth in the cross section. This novel stylized fact is related to two distinct mechanisms: sudden growth spurts in emerging markets and sharp financial crises-driven recessions in developed economies. The former phenomenon is driven by industrialization, macroeconomic stabilization, and the exploitation of natural resources. The latter is consistent with recent theories of financial frictions. The cross-sectional pattern contrasts with a negative relation between volatility and skewness in panel data with country fixed effects in the top quartile of countries in terms of beginning-of-period GDP per capita. © 2019, International Monetary Fund.
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|a Business cycles
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|a Development
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|a Financial frictions
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|a Growth spurts
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|a Skewness
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|a Volatility
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|a Bekaert, G.
|e author
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|a Popov, A.
|e author
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| 773 |
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|t IMF Economic Review
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