Publication:
Does Openness Imply Greater Exposure?

Simple item page
dc.contributor.authorCalderón, César
dc.contributor.authorLoayza, Norman
dc.contributor.authorSchmidt-Hebbel, Klaus
dc.date.accessioned2012-06-21T15:35:58Z
dc.date.available2012-06-21T15:35:58Z
dc.date.issued2005-10
dc.description.abstractExternal exposure can be measured by the sensitivity of first and second moments of economic growth to openness and foreign shocks. This paper provides an empirical evaluation of external exposure using panel data methods for a worldwide sample of countries. Controlling for domestic conditions, the paper examines the growth and volatility effects of outcome measures of trade and financial integration, as well as four types of foreign shocks: terms of trade changes, trading partners' growth rates, international real interest rate changes, and net regional capital inflows. The paper analyzes the possibility of nonlinearities by allowing the growth and volatility effects of openness to vary with the general level of economic development and by letting the effects of foreign shocks depend on the degree of trade and financial integration. The findings point toward strong non-monotonic effects of openness and external shocks on growth and volatility. Moreover, all in all, the results contradict the view that international integration increases external vulnerability by hurting growth and increasing volatility or by amplifying the adverse effect of external shocks.en
dc.identifierhttp://documents.worldbank.org/curated/en/2005/10/6318232/openness-imply-greater-exposure
dc.identifier.doi10.1596/1813-9450-3733
dc.identifier.urihttps://hdl.handle.net/10986/8645
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper; No. 3733
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.titleDoes Openness Imply Greater Exposure?en
dspace.entity.typePublication
okr.crossref.titleDoes Openness Imply Greater Exposure ?
okr.date.doiregistration2025-04-10T09:45:32.368620Z
okr.doctypePublications & Research
okr.doctypePublications & Research::Policy Research Working Paper
okr.docurlhttp://documents.worldbank.org/curated/en/2005/10/6318232/openness-imply-greater-exposure
okr.guid363971468136813314
okr.identifier.doi10.1596/1813-9450-3733
okr.identifier.externaldocumentum000016406_20050930113334
okr.identifier.internaldocumentum6318232
okr.identifier.reportWPS3733
okr.language.supporteden
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2005/09/30/000016406_20050930113334/Rendered/PDF/wps3733.pdfen
okr.unitDevelopment Research Group (DECRG)
okr.volume1 of 1
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
Files
Original bundle
Now showing 1 - 2 of 2
Thumbnail Image
Name:
wps3733.pdf
Size:
376.37 KB
Format:
Adobe Portable Document Format
Download
No Thumbnail Available
Name:
wps3733.txt
Size:
159.11 KB
Format:
Plain Text
Download
License bundle
Now showing 1 - 1 of 1
No Thumbnail Available
Name:
license.txt
Size:
1.71 KB
Format:
Plain Text
Description:
Download
Collections
Policy Research Working Papers