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|z 9781498303569
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|a 1018-5941
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|c BD-DhAAL
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|a Kpodar, Kangni.
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|a Financial Deepening, Terms of Trade Shocks, and Growth Volatility in Low-Income Countries /
|c Kangni Kpodar, Maelan Le Goff, Raju Singh.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2019.
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|a 1 online resource (35 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper contributes to the literature by looking at the possible relevance of the structure of the financial system-whether financial intermediation is performed through banks or markets-for macroeconomic volatility, against the backdrop of increased policy attention on strengthening growth resilience. With low-income countries (LICs) being the most vulnerable to large and frequent terms of trade shocks, the paper focuses on a sample of 38 LICs over the period 1978-2012 and finds that banking sector development acts as a shock-absorber in poor countries, dampening the transmission of terms of trade shocks to growth volatility. Expanding the sample to 121 developing countries confirms this result, although this role of shock-absorber fades away as economies grow richer. Stock market development, by contrast, appears neither to be a shock-absorber nor a shock-amplifier for most economies. These findings are consistent across a range of econometric estimators, including fixed effect, system GMM and local projection estimates.
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|a Mode of access: Internet
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|a Le Goff, Maelan.
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|a Singh, Raju.
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|a IMF Working Papers; Working Paper ;
|v No. 2019/068
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2019/068/001.2019.issue-068-en.xml
|z IMF e-Library
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