This paper analyzes the evolution of volatility and cross-country comovement in output, consumption, and investment … fluctuations using two distinct datasets. The results suggest that there has been a significant decline in the volatility of … in macroeconomic volatility as well as declines in the degree of comovement of output and consumption growth with their …

This paper examines the impact of international financial integration on macroeconomic volatility in a large group of … industrial and developing economies over the period 1960-99. We report two major results: First, while the volatility of output … volatility of consumption growth relative to that of income growth has increased for more financially integrated developing …

as conventional wisdom-that output volatility and growth are negatively correlated. We reexamine this relationship in the … negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration … significantly weaken this negative relationship. Specifically, we find that, in a regression of growth on volatility and other …

macroeconomic effects of financial globalization, in terms of both growth and volatility. Overall, our critical reading of the …