We provide a comprehensive analysis of the impact of economic and financial globalization
on asset return comovements over the past 35 years. Our globalization indicators draw a …

The political economy of resource rich countries is surveyed. The empirical evidence
suggests that countries with a large share of primary exports in GNP have bad growth …

This paper analyzes the interactions between business and financial cycles using an
extensive database covering 44 countries for the period 1960: 1–2010: 4. Our analysis …

The global financial crisis triggered severe shocks for developing countries, whose embrace
of greater commercial and financial openness has increased their exposure to external …

The literature on the benefits and costs of financial globalization for developing countries
has exploded in recent years, but along many disparate channels with a variety of …

We provide cross-country evidence that rejects the traditional interpretation of the natural
resource curse. First, growth depends negatively on volatility of unanticipated output growth …

The cross-country empirical evidence for the natural resource curse is ample, but
unfortunately fraught with econometric difficulties. A recent wave of studies on measuring the …

We document the recent phenomenon of" uphill" flows of capital from nonindustrial to
industrial countries and analyze whether this pattern of capital flows has hurt growth in …

This paper studies how financial stress, defined as periods of impaired financial
intermediation, is transmitted from advanced to emerging economies using a new financial …

Why is GDP growth so much more volatile in poor countries than in rich ones? We identify
three possible reasons:(i) poor countries specialize in fewer and more volatile sectors;(ii) …