Are External Shocks Responsible for the Instability of Output in Low Income Countries?

Released on by Claudio E. Raddatz
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  • Are External Shocks Responsible for the Instability of Output in Low Income Countries? Book Detail

  • Author : Claudio E. Raddatz
  • Release Date : 2005
  • Publisher : World Bank Publications
  • Genre : Business cycles
  • Pages : 53
  • ISBN 13 :
  • File Size : 65,65 MB
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Are External Shocks Responsible for the Instability of Output in Low Income Countries? by Claudio E. Raddatz PDF Summary

Book Description: External shocks, such as commodity price fluctuations, natural disasters, and the role of the international economy, are often blamed for the poor economic performance of low-income countries. The author quantifies the impact of these different external shocks using a panel vector autoregression (VAR) approach and compares their relative contributions to output volatility in low-income countries vis-à-vis internal factors. He finds that external shocks can only explain a small fraction of the output variance of a typical low-income country. Internal factors are the main source of fluctuations. From a quantitative perspective, the output effect of external shocks is typically small in absolute terms, but significant relative to the historic performance of these countries.

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Output Drops and the Shocks That Matter

Output Drops and the Shocks That Matter

File Size : 24,24 MB
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Output drops are usually associated with major disruption for the residents of affected countries, both directly and often through ensuing, prolonged growth slo