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http://hdl.handle.net/10419/51474
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| Title: | | Policy volatility and growth  |
| Authors: | | Chong, Alberto Gradstein, Mark |
| Issue Date: | | 2006 |
| Series/Report no.: | | Working paper // Inter-American Development Bank, Research Department 578 |
| 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. |
| Subjects: | | Firm Growth Policy Volatility Institutions Finance |
| JEL: | | E60 H11 O11 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Research Department Working Papers, Inter-American Development Bank
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