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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