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

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 …

, consumption, and investment volatility in the globalization period than in the BW period. These findings suggest that the degree …

negative association between growth and volatility has been preserved during the 1990s, both trade and financial integration … controls, the estimated coefficient on the interaction between volatility and trade integration is significantly positive. We … as conventional wisdom-that output volatility and growth are negatively correlated. We reexamine this relationship in the …

countries, the South, driven by the process of globalization?the phenomenon of rising international trade and financial flows …

effect of the agreement in spurring a dramatic increase in trade and financial flows between Mexico and its NAFTA partners … regional free trade arrangements should be used to accelerate, rather than postpone, needed structural reform. …