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Kiel Institute for World Economics Kiel Working Papers, Kiel Institute for World Economics

No 1107:
Business Cycle Volatility and Globalization: A Survey

Claudia M. Buch

Abstract: 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.

Keywords: business cycle volatility, financial openness, new open economy macro models; (follow links to similar papers)

JEL-Codes: F41; E32; G15; (follow links to similar papers)

35 pages, May 2002

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