LEADER 05125nam 2200673 a 450 001 9910463585503321 005 20170815101902.0 010 $a1-4623-7698-3 010 $a1-4527-6724-6 010 $a1-4518-7004-3 010 $a9786612840975 010 $a1-282-84097-5 035 $a(CKB)3170000000055052 035 $a(EBL)1607912 035 $a(SSID)ssj0000939954 035 $a(PQKBManifestationID)11600608 035 $a(PQKBTitleCode)TC0000939954 035 $a(PQKBWorkID)10946739 035 $a(PQKB)10726032 035 $a(OCoLC)535146965 035 $a(MiAaPQ)EBC1607912 035 $a(EXLCZ)993170000000055052 100 $a20090810d2008 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTrade openness and volatility$b[electronic resource] /$fprepared by Julian di Giovanni and Andrei A. Levchenko 210 $aWashington, D.C. $cInternational Monetary Fund, Research Dept.$d2008 215 $a1 online resource (62 p.) 225 1 $aIMF working paper ;$vWP/08/146 300 $a"June 2008." 311 $a1-4519-1457-1 320 $aIncludes bibliographical references (p. 57-60). 327 $aContents; I. Introduction; II. Empirical Strategy and Data; A. Empirical Strategy; B. Additional Methodological Issues; C. Data and Summary Statistics; III. Results; A. Trade and Volatility within a Sector; B. Trade and Sector Comovement; C. Trade and Specialization; IV. The Impact on Aggregate Volatility; A. The Relationship between Each Channel and the Aggregate Volatility; B. The Impact Across Countries and Over Time; C. Country Characteristics and the Impact on Aggregate Volatility; D. Changes in the Impact on Aggregate Volatility Across Decades; V. Conclusion; Appendices 327 $aI. Sector-Level Gravity-Based InstrumentII. The Symmetry Assumption; Text Tables; 1. Volatility of Annual Output Growth per Worker: Cross-Sectional Results; 2. Volatility of Annual Output Growth per Worker: Panel Results; 3. Volatility of Annual Growth of Quantity per Worker and of Prices: Cross-Sectional Results; 4. Volatility of Annual Growth of Quantity per Worker and of Prices: Cross-Sectional Results; 5. Correlation of Annual Output Growth per Worker with the Rest of the Manufacturing Section: Cross-Section Results 327 $a6. Correlation of Annual Output Growth per Worker with the Rest of the Manufacturing Section: Panel Results7. Correlation of Annual Growth of Quantity per Worker and of Prices with Rest of the Manufacturing Section: Cross-Sectional Results; 8. Specialization and Trade Openness at the Country Level; 9. Volatility, Correlation and Specialization Coefficients Across Decades; 10. Cross-Country and Cross-Decade Impacts of Changes in Openness; 11. The Impact of Changes in Openness Evaluated at Different Percentiles of the Data; Text Figures; 1. Volatility and Openness in the 1990's 327 $a2. Comparison of Manufacturing and Aggregate Volatility3. Manufacturing Output Volatility and Openness; 4. Trade and Specialization; Appendix Tables; A1. Country Summary Statistics: 1970-99; A2. Sector Summary Statistics: 1970-99; A3. Volatility of Annual Output Growth per Worker: Cross-Sectional Robustness Results; A4. Volatility of Annual Output Growth per Worker: Panel Robustness Results; A5. Correlation of Annual Output Growth per Worker with Rest of the Manufacturing Sector: Cross-Sectional Robustness 327 $aA6. Correlation of Annual Output Growth per Worker with Rest of the Manufacturing Sector: Panel Robustness ResultsA7. Specialization and Trade Openness at the Country Level: Robustness Results; Appendix Figure; A1. Sector-Level Gravity Coefficients; References 330 $aThis paper examines the mechanisms through which output volatility is related to trade openness using an industry-level panel dataset of manufacturing production and trade. The main results are threefold. First, sectors more open to international trade are more volatile. Second, trade is accompanied by increased specialization. Third, sectors that are more open are less correlated with the rest of the economy. The point estimates indicate that each of the three effects has an appreciable impact on aggregate volatility. Added together they imply that the relationship between trade openness and 410 0$aIMF working paper ;$vWP/08/146. 606 $aInternational trade$xEconometric models 606 $aFinancial crises$xEconometric models 606 $aIndustrial productivity$xEconometric models 608 $aElectronic books. 615 0$aInternational trade$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 0$aIndustrial productivity$xEconometric models. 700 $aDi Giovanni$b Julian$0936634 701 $aLevchenko$b Andrei A$0907261 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910463585503321 996 $aTrade openness and volatility$92260299 997 $aUNINA