LEADER 07131oam 22012374 450 001 9910788235503321 005 20230721045648.0 010 $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(IMF)WPIEE2008146 035 $a(EXLCZ)993170000000055052 100 $a20020129d2008 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTrade Openness and Volatility /$fAndrei Levchenko, Julian Di Giovanni 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2008. 215 $a1 online resource (62 p.) 225 1 $aIMF Working Papers 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 3 $aThis paper examines the mechanisms through which output volatility is related to trade openness using an industry-level panel dataset of manufacturing production and trade. The main results are threefold. First, sectors more open to international trade are more volatile. Second, trade is accompanied by increased specialization. Third, sectors that are more open are less correlated with the rest of the economy. The point estimates indicate that each of the three effects has an appreciable impact on aggregate volatility. Added together they imply that the relationship between trade openness and overall volatility is positive and economically significant. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2008/146 606 $aInternational trade$xEconometric models 606 $aFinancial crises$xEconometric models 606 $aIndustrial productivity$xEconometric models 606 $aEconometrics$2imf 606 $aExports and Imports$2imf 606 $aMacroeconomics$2imf 606 $aPublic Finance$2imf 606 $aIndustries: Manufacturing$2imf 606 $aNational Government Expenditures and Related Policies: General$2imf 606 $aIndustry Studies: Manufacturing: General$2imf 606 $aMacroeconomics: Production$2imf 606 $aEconometric Modeling: General$2imf 606 $aEmpirical Studies of Trade$2imf 606 $aPublic finance & taxation$2imf 606 $aManufacturing industries$2imf 606 $aEconometrics & economic statistics$2imf 606 $aInternational economics$2imf 606 $aPublic expenditure review$2imf 606 $aManufacturing$2imf 606 $aProduction growth$2imf 606 $aGravity models$2imf 606 $aTrade balance$2imf 606 $aExpenditures, Public$2imf 606 $aProduction$2imf 606 $aEconomic theory$2imf 606 $aEconometric models$2imf 606 $aBalance of trade$2imf 607 $aUnited States$2imf 615 0$aInternational trade$xEconometric models. 615 0$aFinancial crises$xEconometric models. 615 0$aIndustrial productivity$xEconometric models. 615 7$aEconometrics 615 7$aExports and Imports 615 7$aMacroeconomics 615 7$aPublic Finance 615 7$aIndustries: Manufacturing 615 7$aNational Government Expenditures and Related Policies: General 615 7$aIndustry Studies: Manufacturing: General 615 7$aMacroeconomics: Production 615 7$aEconometric Modeling: General 615 7$aEmpirical Studies of Trade 615 7$aPublic finance & taxation 615 7$aManufacturing industries 615 7$aEconometrics & economic statistics 615 7$aInternational economics 615 7$aPublic expenditure review 615 7$aManufacturing 615 7$aProduction growth 615 7$aGravity models 615 7$aTrade balance 615 7$aExpenditures, Public 615 7$aProduction 615 7$aEconomic theory 615 7$aEconometric models 615 7$aBalance of trade 700 $aLevchenko$b Andrei$01143204 701 $aDi Giovanni$b Julian$01463978 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788235503321 996 $aTrade Openness and Volatility$93704184 997 $aUNINA