Managing economic volatility and crises : a practitioner's by Aizenman J., Pinto B. (eds.)

By Aizenman J., Pinto B. (eds.)

"Over the earlier ten years, monetary volatility has come into its personal after being handled for many years as a secondary phenomenon within the company cycle literature. This ebook organizes empirical and coverage effects for economists and improvement coverage practitioners into 4 components: simple gains, together with the influence of volatility on development and poverty; commodity rate volatility; the monetary sector's twin position as an absorber and amplifier of shocks; and the administration and prevention of macroeconomic crises. The latter part features a cross-country research, ease stories on Argentina and Russia, and classes from the debt default episodes of the Nineteen Eighties and 1990s."--BOOK JACKET.  Read more... Volatility : definitions and results / Holger Wolf -- Volatility and progress / Viktoria Hnatkovska and Norman Loayza -- Volatility, source of revenue distribution, and poverty / Thomas Laursen and Sandeep Mahajan -- Agricultural commodity fee volatility / Jan Dehn, Christopher Gilbert, and Panos Varangis -- dealing with oil booms and busts in constructing nations / Julia Devlin and Michael Lewin -- Finance and volatility / Stijn Claessens -- comparing pricing indications from the bond markets / John J. Merrick, Jr. -- coping with macroeconomic crises : coverage classes / Jeffrey Frankel and Shang-Jin Wei -- classes from the Russian drawback of 1998 and restoration / Brian Pinto, Evsey Gurvich, and Sergei Ulatov -- Argentina's macroeconomic cave in : reasons and classes / Luis Servén and Guillermo Perry -- Default episodes within the Nineteen Eighties and Nineties : what have we discovered? / Punam Chuhan and Federico Sturzenegger

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With constant employment and relative prices, the profit function of a producer using labor and capital with a constant-returns-to-scale (CRS) technology is linear with respect to capital. Employment expansion in good times works to further increase the revenue, inducing convexity of the revenue function, whereas the drop in the relative price due to the higher production level works toward reducing the increase in revenue, which induces concavity of the revenue function. The employment expansion effect is more powerful the greater the flexibility of production, as captured by the share of the variable input.

This will permit expenditure to be maintained during busts 28 29 The term originated in Holland in the 1970s. It was used to describe the appreciation of the real exchange rate and the “deindustrialization” that resulted from the discovery of North Sea gas, which made manufactured imports much cheaper. More generally, it refers to the tendency of the manufacturing and agricultural (non-oil traded goods) sectors to atrophy in response to a real exchange rate appreciation fueled by a booming natural resource sector.

Based on cross-country data, a regression of the natural logarithm of the share of income of the poorest quintile, LQ1, on its lagged value and GDP volatility shows that across countries, volatility and the income share of the poor are negatively correlated. But this finding is not entirely robust across country groups. Introduction of dummy variables for regions shows that the negative relationship between volatility and the income share of the poor holds for the Eastern and Central Europe, Middle East and North Africa, and Sub-Saharan Africa regions.

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