Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper assesses how regional trade agreements (RTAs) impact growth volatility on a worldwide sample of 170 countries with data spanning the period 1978-2012. Notwithstanding concerns that trade openness through RTAs can heighten exposure to shocks, in particular when it leads to increased product specialization, RTAs through enhanced policy credibility, improved policy coordination, and reduced risk of conflicts can ease growth volatility. Empirical estimations suggest the benefits outweigh the costs as RTAs are consistently associated with lower growth volatility, after controlling for trade openness and other determinants of growth volatility. Furthermore, regression results also suggest that countries that are more prone to shocks are more likely to join a RTA, in particular with countries with relatively less volatile growth, additionally enhancing the stabilization effect.

Trade blocs. --- Economic development. --- International trade. --- External trade --- Foreign commerce --- Foreign trade --- Global commerce --- Global trade --- Trade, International --- World trade --- Commerce --- International economic relations --- Non-traded goods --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Regional economic blocs --- Regional trading blocs --- Trading blocs --- International trade --- Exports and Imports --- Trade Policy --- International Trade Organizations --- Economic Integration --- Economic Growth of Open Economies --- Trade: General --- Empirical Studies of Trade --- International economics --- Regional trade --- Exports --- Imports --- Trade agreements --- Terms of trade --- Commercial treaties --- nternational cooperation --- Montenegro --- Nternational cooperation

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper studies growth patterns in Emerging Market Economies (EMs) from the perspective on clusters and taxonomies. First, it documents developments over the past five decades in EMs and uses a cluster analysis to better understand convergence and the investment-growth nexus. Second, it looks at the performance of EMs since 2000 and develops a taxonomy to classify countries according to their factor endowments as well as their real and financial external linkages. The taxonomy offers insights on growth dynamics pre and post the global financial crisis. Results highlight the high degree of heterogeneity in EMs and the need for more granular and targeted near and long-term policy advice.

Business cycles -- Developing countries. --- Economic development -- Developing countries. --- Income -- Developing countries. --- Industrial productivity -- Developing countries. --- Investments -- Developing countries. --- Exports and Imports --- Finance: General --- Macroeconomics --- Production and Operations Management --- Investments: Commodities --- Business Fluctuations --- Cycles --- Economic Growth of Open Economies --- Macroeconomic Analyses of Economic Development --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Macroeconomics: Consumption --- Saving --- Wealth --- Empirical Studies of Trade --- Financial Crises --- General Financial Markets: General (includes Measurement and Data) --- Commodity Markets --- International economics --- Economic & financial crises & disasters --- Finance --- Investment & securities --- Total factor productivity --- Consumption --- Terms of trade --- Global financial crisis of 2008-2009 --- Emerging and frontier financial markets --- National accounts --- International trade --- Commodities --- Financial crises --- Industrial productivity --- Economics --- Economic policy --- nternational cooperation --- Global Financial Crisis, 2008-2009 --- Financial services industry --- Commercial products --- China, People's Republic of --- Nternational cooperation