Publication:
Sources of Volatility in Small Economies

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dc.contributor.authorHnatkovska, Viktoria
dc.contributor.authorKoehler-Geib, Fritzi
dc.date.accessioned2018-07-16T15:11:45Z
dc.date.available2018-07-16T15:11:45Z
dc.date.issued2018-07
dc.description.abstractDo sources of volatility differ by country characteristics such as the level of development, country size, quality of institutions, and presence of restrictions on fiscal policy? This paper sets out to answer this question in a quarterly panel of 48 developed and developing countries for 1960-2015. Using individual country and panel vector autoregressions, the paper shows that factors affecting gross domestic product volatility differ systematically by country size, development level, and whether a country has adopted fiscal rule(s). The role of country size is particularly pronounced in developing countries. The paper shows that small developing countries are more prone to domestic output shocks, while shocks to the world interest rate and real exchange rate are more important in large developing countries. Small countries are also more susceptible to terms of trade shocks. These results suggest that stabilization policies must be designed with these country characteristics in mind.en
dc.identifierhttp://documents.worldbank.org/curated/en/412821531405512576/Sources-of-volatility-in-small-economies
dc.identifier.doi10.1596/1813-9450-8526
dc.identifier.urihttps://hdl.handle.net/10986/29999
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 8526
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectSMALL STATES
dc.subjectVOLATILITY
dc.subjectBUSINESS CYCLE
dc.subjectVAR
dc.subjectFISCAL POLICY
dc.subjectINSTITUTIONS
dc.subjectECONOMIC SHOCKS
dc.subjectTERMS OF TRADE
dc.subjectINTEREST RATE
dc.subjectEXCHANGE RATES
dc.titleSources of Volatility in Small Economiesen
dc.typeWorking Paperen
dc.typeDocument de travailfr
dc.typeDocumento de trabajoes
dspace.entity.typePublication
okr.crossref.titleSources of Volatility in Small Economies
okr.date.disclosure2018-07-12
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/412821531405512576/Sources-of-volatility-in-small-economies
okr.guid412821531405512576
okr.identifier.doi10.1596/1813-9450-8526
okr.identifier.doihttps://doi.org/10.1596/1813-9450-8526
okr.identifier.externaldocumentum090224b085d7d336_1_0
okr.identifier.internaldocumentum30254355
okr.identifier.reportWPS8526
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/412821531405512576/pdf/WPS8526.pdfen
okr.statistics.combined2033
okr.statistics.dr412821531405512576
okr.statistics.drstats1661
okr.topicMacroeconomics and Economic Growth::Business Cycles and Stabilization Policies
okr.topicMacroeconomics and Economic Growth::Economic Conditions and Volatility
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.unitMacroeconomics, Trade and Investment Global Practice
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relation.isAuthorOfPublication.latestForDiscovery0fc843bd-9f7f-57ac-b8dc-280515f46cd5
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relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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