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

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

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 (VA...

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Bibliographic Details
Main Author:	Raddatz, Claudio
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ABSOLUTE TERMS ABSOLUTE VALUE ADVERSE SHOCKS AGGREGATE DEMAND AUTOREGRESSION AVERAGE GROWTH AVERAGE INCOME AVERAGE INCOME LEVEL BENCHMARK BUSINESS CYCLE BUSINESS CYCLES COUNTRY CHARACTERISTICS COUNTRY REGRESSIONS COUNTRY SPECIFIC COVARIANCE MATRIX CREDIT MARKET CURRENT ACCOUNT DAMAGES DEBT DEPENDENT VARIABLE DEVELOPING COUNTRIES DEVELOPMENT ASSISTANCE DEVELOPMENT ECONOMICS DYNAMIC RESPONSES ECONOMIC ACTIVITY ECONOMIC CONDITIONS ECONOMIC FLUCTUATIONS ECONOMIC GROWTH ECONOMIC IMPACT ECONOMIC PERFORMANCE ECONOMICS RESEARCH EMERGING MARKETS EMPIRICAL ANALYSIS EXCHANGE RATE EXCHANGE RATES EXOGENOUS SHOCKS EXOGENOUS VARIABLES EXPLANATORY POWER EXPORTS EXTERNAL CONDITIONS EXTERNAL FACTORS EXTERNAL SHOCK EXTERNAL SHOCKS FINANCIAL INSTITUTIONS FINANCIAL MARKETS FIXED EXCHANGE RATES FORECASTS FOREIGN AID FOREIGN CAPITAL GDP PER CAPITA GLOBAL ECONOMY GLOBAL LEVEL GROWTH RATES GROWTH REGRESSIONS HUMAN CAPITAL IDENTIFICATION ASSUMPTIONS INCOME INCOME DISTRIBUTION INCOME GROUP INCOME GROUPS INTEREST RATE INTEREST RATES INTERNAL FACTORS INTERNATIONAL MARKETS LATIN AMERICAN LDCS LOCAL CURRENCY LONG RUN LOW INCOME LOW-INCOME COUNTRIES MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMICS MIDDLE INCOME COUNTRIES MIDDLE-INCOME COUNTRIES MONETARY POLICY NATIONAL ACCOUNTS NATIONAL INCOME NEGATIVE EFFECT NEGATIVE IMPACT NEGATIVE SHOCK NEGATIVE SHOCKS NOMINAL INTEREST RATE 0 HYPOTHESIS OUTPUT GROWTH OUTPUT VOLATILITY POINT ESTIMATE POINT ESTIMATES POLICY DEBATE POLICY RESEARCH POLITICAL INSTABILITY POOR COUNTRIES POOR COUNTRY POSITIVE EFFECT POSITIVE IMPACT PRICE FLUCTUATIONS PRICE INDEXES PRIMARY COMMODITIES REAL APPRECIATION REAL GDP REAL INTEREST REAL INTEREST RATE REAL OUTPUT RELATIVE CONTRIBUTION RELATIVE CONTRIBUTIONS RELATIVE IMPORTANCE RICH COUNTRIES SIGNIFICANT EFFECT SIGNIFICANT IMPACT SIGNIFICANT NEGATIVE STANDARD DEVIATION STRUCTURAL CHARACTERISTICS SUB-SAHARAN AFRICA TERMS OF TRADE TERMS-OF-TRADE SHOCKS TIME SERIES TOTAL OUTPUT WORLD INCOME DISTRIBUTION
Online Access:	http://documents.worldbank.org/curated/en/2005/08/6213769/external-shocks-responsible-instability-output-low-income-countries http://hdl.handle.net/10986/8612

Internet

http://documents.worldbank.org/curated/en/2005/08/6213769/external-shocks-responsible-instability-output-low-income-countries
http://hdl.handle.net/10986/8612

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

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