| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6525 |
| DP6525 Actual Versus Perceived Central Bank Transparency: The case of the European Central Bank | |
| Sylvester Eijffinger; Carin van der Cruijsen | |
| 发表日期 | 2007-10-12 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Cross-country evidence is presented on resource dependence and the link between volatility and growth. First, growth depends negatively on volatility of unanticipated output growth independent of initial income per capita, the average investment share, initial human capital, trade openness, the national income share of natural resource exports and population growth. Second, the adverse effect of resources on growth operates primarily through higher volatility. The positive effect of resources on growth is positive, but can be swamped by the indirect negative effect through volatility. Third, with well developed financial sectors, the resource curse is less pronounced. Fourth, landlocked countries with ethnic tensions have higher volatility and lower growth. Fifth, restrictions on the current account lead to higher volatility and lower growth, but capital account restrictions lower volatility and boost growth. These effects are especially strong in resource-rich countries. We also present IV-estimates to correct for the endogenous nature of investment rates and panel estimates to allow for possible changes in explanatory variables over time. Our key message is that the volatility is a quintessential feature of the resource curse. |
| 主题 | International Macroeconomics |
| 关键词 | Ethnic tensions Financial development Growth Landlocked Openness Resource curse Volatility Restrictions on current and capital account |
| URL | https://cepr.org/publications/dp6525 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/535364 |
| 推荐引用方式 GB/T 7714 | Sylvester Eijffinger,Carin van der Cruijsen. DP6525 Actual Versus Perceived Central Bank Transparency: The case of the European Central Bank. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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