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Macroeconomic Volatility and Welfare in Developing Countries: An Introduction |
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| Authors: | Loayza, Norman V. Ranciere, Romain Serven, Luis Ventura, Jaume |
| Affiliation: | Norman V. Loayza (corresponding author) is a lead economist at the World Bank; his email address is nloayza{at}worldbank.org Romain Rancière is an economist at the International Monetary Fund; his email address is rranciere{at}imf.org Luis Servén is a research manager at the World Bank; his email address is lserven{at}worldbank.org Jaume Ventura is a researcher at the Centre de Recerca en Economia Internacional (CREI) and professor of economics at Universitat Pompeu Fabra; his email address is jaume.ventura{at}upf.edu |
| Abstract: | Macroeconomic volatility, both a source and a reflection ofunderdevelopment, is a fundamental concern for developing countries.Their high aggregate instability results from a combinationof large external shocks, volatile macroeconomic policies, microeconomicrigidities, and weak institutions. Volatility entails a directwelfare cost for risk-averse individuals, as well as an indirectone through its adverse effect on income growth and development.This article provides a brief overview of the recent literatureon macroeconomic volatility in developing countries, highlightingits causes, consequences, and possible remedies. It then introducesthe contributions of a recent conference on the subject, sponsoredby the World Bank and Pompeu Fabra University, Barcelona. |
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