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Managing Economic Volatility and Crises
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  • Page extent: 614 pages
  • Size: 228 x 152 mm
  • Weight: 1.07 kg

Library of Congress

  • Dewey number: 338.54/2
  • Dewey version: 22
  • LC Classification: HB3711 .M352 2005
  • LC Subject headings:
    • Business cycles
    • Financial crises
    • Economic development

Library of Congress Record

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 (ISBN-13: 9780521855242 | ISBN-10: 0521855241)

DOI: 10.2277/0521855241

Manufactured on demand: supplied direct from the printer

 (Stock level updated: 02:05 GMT, 09 October 2015)


Economic volatility has come into its own after being treated for decades as a secondary phenomenon in the business cycle literature. This evolution has been driven by the recognition that non-linearities, long buried by the economist's penchant for linearity, magnify the negative effects of volatility on long-run growth and inequality, especially in poor countries. This collection organizes empirical and policy results for economists and development policy practitioners into four parts: basic features, including the impact of volatility on growth and poverty; commodity price volatility; the financial sector's dual role as an absorber and amplifier of shocks; and the management and prevention of macroeconomic crises. The latter section includes a cross-country study, case studies on Argentina and Russia, and lessons from the debt default episodes of the 1980s and 1990s.

• Combines practitioner standpoints with leading academic economist perspectives • Includes numerous internationally known scholars from North America and Europe, the IMF, and the World Bank • Accessible for MBAs, masters-level students in international economics and finance


Contributors; Acknowledgements; Foreword; Overview Joshua Aizenman and Brian Pinto; Part I. What Is Volatility and Why Does It Matter?: 1. Volatility: definitions and consequences Holger Wolf; 2. Volatility and growth Viktoria Hnatkovska and Norman Loayza; 3. Volatility, income distribution, and poverty Thomas Laursen and Sandeep Mahajan; Part II. Commodity Prices and Volatility: 4. Agricultural commodity price volatility Jan Dehn, Christopher Gilbert, and Panos Varangis; 5. Managing oil booms and busts in developing countries Julia Devlin and Michael Lewin; Part III. Finance and Volatility: 6. Finance and volatility Stijn Claessens; 7. Evaluating pricing signals from the bond markets John J. Merrick, Jr; Part IV. Managing Crises: 8. Managing macroeconomic crises: policy lessons Jeffrey Frankel and Shang-Jin Wei; 9. Lessons from the Russian crisis of 1998 and recovery Brian Pinto, Evsey Gurvich, and Sergei Ulatov; 10. Argentina's macroeconomic collapse: causes and lessons Luis Servén and Guillermo Perry; 11. Default episodes in the 1980s and 1990s: what have we learned? Punam Chuhan and Federico Sturzenegger; Technical appendix Viktoria Hnatkovska; Index.


Joshua Aizenman, Brian Pinto, Holger Wolf, Viktoria Hnatkovska, Norman Loayza, Thomas Laursen, Sandeep Mahajan, Jan Dehn, Christopher Gilbert, Panos Varangis, Julia Devlin, Michael Lewin, Stijn Claessens, John J. Merrick, Jr, Jeffrey Frankel, Shang-Jin Wei, Evsey Gurvich, Sergei Ulatov, Luis Serven, Guillermo Perry, Punam Chuhan, Federico Sturzenegger

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