This paper presents estimates of the effects that terms of trade volatility has on growth of real gross domestic product per capita. Based on five-year non-overlapping panel data comprising 175 countries during 1980–2010, the paper finds that: (i) in model specifications that do not include country fixed effects, terms of trade volatility has a significant negative average effect on economic growth; (ii) once country fixed effects are included in...
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2015/12/03
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Documento de trabalho sobre pesquisa de políticas
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WPS7507
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1
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1
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2015/12/03
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Disclosed
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The effects of volatility, fiscal policy cyclicality and financial development on growth : evidence for the Eastern Caribbean
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terms of trade volatility
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