The Two-Sided Effect of Financial Globalization on Output Volatility

This paper provides evidence for a significant relation between international financial markets' integration and output volatility. In the framework of a threshold model, it is shown empirically that this relation depends on country's financial risk. Financial risk indicates a country's ability to pay its official, commercial and trade debts. In countries with low financial risk, financial openness decreases output volatility, while, in countries with high financial risk, financial openness increases output volatility. Extensive robustness checks confirm this result

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Year of publication:	2016
Authors:	Meller, Barbara
Publisher:	[2016]: [S.l.] : SSRN
Subject:	Volatilität \| Volatility \| Globalisierung \| Globalization \| Welt \| World \| Internationaler Finanzmarkt \| International financial market \| Finanzmarktregulierung \| Financial market regulation \| Wirtschaftswachstum \| Economic growth \| Marktintegration \| Market integration \| Länderrisiko \| Country risk

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