@techreport{Chong2006Policy,
abstract = {A growing body of recent macroeconomic evidence suggests that volatility is detrimental to economic growth. The channels through which volatility affects growth, however, are less clear; substantive evidence based on disaggregate data is almost non-existent. This paper offers a framework in which policy volatility has an adverse effect on firms' entry into productive industries, thereby affecting economic growth. Empirical support for this relationship is based on a detailed dataset of thousands of firms from some 80 countries. Additional evidence is provided on the channels through which volatility affects firm growth, showing that institutional obstacles magnify the effect.},
address = {Washington, DC},
author = {Alberto Chong and Mark Gradstein},
copyright = {http://www.econstor.eu/dspace/Nutzungsbedingungen},
keywords = {E60; H11; O11; 330; Firm Growth; Policy Volatility; Institutions; Finance; Wirtschaftswachstum; Markteintritt; Volatilit\"{a}t; Politische Stabilit\"{a}t; Sch\"{a}tzung; Welt},
language = {eng},
number = {578},
publisher = {Inter-American Development Bank, Research Dep.},
title = {Policy volatility and growth},
type = {Working paper // Inter-American Development Bank, Research Department},
url = {http://hdl.handle.net/10419/51474},
year = {2006}
}
