financial system, through bank/stock market development, and economic growth volatility in overall/specific country group levels … on economic growth volatility, whereas domestic credit to GDP has a statistically significant but positive impact. This … dampens the growth volatility …

and it hence lowers the volatility of output. Technological complexity evolves endogenously in response to profit …

openness is output volatility. In this paper, using data from 21 advanced and 81 developing countries during 1971-2010, we … empirically examine the impact of capital market openness on output volatility. We find that opening of capital markets increases … the output volatility of developing countries. Furthermore, we find that the main channel through which capital market …