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Item Details
| Title:
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VOLATILITY AND GROWTH
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| By: |
Philippe Aghion, Abhijit Banerjee |
| Format: |
Hardback |
| List price:
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£68.00 |
| Our price: |
£59.50 |
| Discount: |
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| You save:
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£8.50 |
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| ISBN 10: |
0199248613 |
| ISBN 13: |
9780199248612 |
| Availability: |
Usually dispatched within 1-3 weeks.
 Delivery
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| Stock: |
Currently 0 available |
| Publisher: |
OXFORD UNIVERSITY PRESS |
| Pub. date: |
28 July, 2005 |
| Series: |
Clarendon Lectures in Economics |
| Pages: |
160 |
| Description: |
Aghion and Banerjee build a model of an aggregate economy that takes the interactions between volatility and growth seriously, while still being open to the possibility of market failures. The authors show that by looking at the economy through the lens of private entrepreneurs who invest under credit constraints, one can go along way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. |
| Synopsis: |
It has long been recognized that productivity growth and the business cycle are closely interrelated. Yet, until recently, the two phenomena have been investigated separately in the economics literature. This book provides the first consistent attempt to analyze the effects of macroeconomic volatility on productivity growth, and also the reverse causality from growth to business cycles. The authors show that by looking at the economy through the lens of private entrepreneurs, who invest under credit constraints, one can go some way towards explaining persistent macroeconomic volatility and the effects of volatility on growth. Beginning with an analysis of the effects of volatility on growth, the authors argue that the lower the level of financial development in a country the more detrimental the effect of volatility on growth. This prediction is confirmed by cross-country panel regressions. The data also suggests that a fixed exchange rate regime or more countercyclical budgetary policies are growth-enhancing in countries with a lower level of financial development.The former reduce aggregate volatility whereas the latter reduce the negative effects of volatility on long-term productivity-enhancing investment by firms. The book concludes with an investigation into how the interplay between credit constraints and pecuniary externalities is sufficient to generate persistent business cycles and to explain the occurrence of currency crises. |
| Illustrations: |
numerous line drawings, tables and mathematical equations |
| Publication: |
UK |
| Imprint: |
Oxford University Press |
| Returns: |
Returnable |
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