Over the past ten years, economic volatility has come into its own after being treated for decades as a secondary phenomenon in business cycle literature. This evolution has been driven by the recognition of the permanent negative effects of volatility on long-run growth and inequality, especially in poor countries. After presenting basic features of volatility, this volume investigates commodity price volatility as an absorber and amplifier of shocks. The collection then examines macroeconomic crises, which are driven by the same phenomena that make volatility difficult to treat effectively.
Over the past ten years, economic volatility has come into its own after being treated for decades as a secondary phenomenon in business cycle literature. This evolution has been driven by the recognition of the permanent negative effects of volatility on long-run growth and inequality, especially in poor countries. After presenting basic features of volatility, this volume investigates commodity price volatility as an absorber and amplifier of shocks. The collection then examines macroeconomic crises, which are driven by the same phenomena that make volatility difficult to treat effectively.
Joshua Aizenman is Professor of Economics at the University of California, Santa Cruz. Prior to his appointment at UCSC, he was Champion Professor of International Economics at Dartmouth College. Professor Aizenman''s other affiliations have included teaching and research positions at the University of Pennsylvania, the University of Chicago Graduate School of Business, and the Hebrew University in Jerusalem. He has held consultancies with the International Monetary Fund, the World Bank, the Inter-American Development Bank, and the Federal Reserve Bank of San Francisco. His research covers a range of issues in open economy including commercial and financial policies, crises in emerging markets, foreign direct investment, capital controls, and exchange rate regimes. Professor Aizenman also serves as a Research Associate for the National Bureau of Economic Research.
Inhaltsangabe
Contributors Acknowledgements Foreword Overview Joshua Aizenman and Brian Pinto Part I. What Is Volatility and Why Does It Matter?: 1. Volatility: definitions and consequences Holger Wolf 2. Volatility and growth Viktoria Hnatkovska and Norman Loayza 3. Volatility, income distribution, and poverty Thomas Laursen and Sandeep Mahajan Part II. Commodity Prices and Volatility: 4. Agricultural commodity price volatility Jan Dehn, Christopher Gilbert, and Panos Varangis 5. Managing oil booms and busts in developing countries Julia Devlin and Michael Lewin Part III. Finance and Volatility: 6. Finance and volatility Stijn Claessens 7. Evaluating pricing signals from the bond markets John J. Merrick, Jr Part IV. Managing Crises: 8. Managing macroeconomic crises: policy lessons Jeffrey Frankel and Shang-Jin Wei 9. Lessons from the Russian crisis of 1998 and recovery Brian Pinto, Evsey Gurvich, and Sergei Ulatov 10. Argentina's macroeconomic collapse: causes and lessons Luis Servén and Guillermo Perry 11. Default episodes in the 1980s and 1990s: what have we learned? Punam Chuhan and Federico Sturzenegger Technical appendix Viktoria Hnatkovska Index.
Contributors Acknowledgements Foreword Overview Joshua Aizenman and Brian Pinto Part I. What Is Volatility and Why Does It Matter?: 1. Volatility: definitions and consequences Holger Wolf 2. Volatility and growth Viktoria Hnatkovska and Norman Loayza 3. Volatility, income distribution, and poverty Thomas Laursen and Sandeep Mahajan Part II. Commodity Prices and Volatility: 4. Agricultural commodity price volatility Jan Dehn, Christopher Gilbert, and Panos Varangis 5. Managing oil booms and busts in developing countries Julia Devlin and Michael Lewin Part III. Finance and Volatility: 6. Finance and volatility Stijn Claessens 7. Evaluating pricing signals from the bond markets John J. Merrick, Jr Part IV. Managing Crises: 8. Managing macroeconomic crises: policy lessons Jeffrey Frankel and Shang-Jin Wei 9. Lessons from the Russian crisis of 1998 and recovery Brian Pinto, Evsey Gurvich, and Sergei Ulatov 10. Argentina's macroeconomic collapse: causes and lessons Luis Servén and Guillermo Perry 11. Default episodes in the 1980s and 1990s: what have we learned? Punam Chuhan and Federico Sturzenegger Technical appendix Viktoria Hnatkovska Index.
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