Is Economic Volatility Detrimental to Global Sustainability?

In a dynamic panel data model allowing for error cross-section dependence, output volatility is found to impede sustainable development. Through a financial development channel (liquidity liability ratio), output volatility exerts a significant effect on depletion of natural resources, a key compone...

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Main Author:	Huang, Yongfu
Format:	Journal Article
Language:	en_US
Published:	Oxford University Press on behalf of the World Bank 2013
Subjects:	economic downturn Economic Volatility financial crisis financial development future growth global financial markets growth rate income international trade liquidity Low-income countries natural resource natural resources output private capital private capital flows savings stock markets sustainable development world economy
Online Access:	http://hdl.handle.net/10986/15343

id	okr-10986-15343
recordtype	oai_dc
spelling	okr-10986-153432021-04-23T14:03:22Z Is Economic Volatility Detrimental to Global Sustainability? Huang, Yongfu economic downturn Economic Volatility financial crisis financial development future growth global financial markets growth rate income international trade liquidity Low-income countries natural resource natural resources output private capital private capital flows savings stock markets sustainable development world economy In a dynamic panel data model allowing for error cross-section dependence, output volatility is found to impede sustainable development. Through a financial development channel (liquidity liability ratio), output volatility exerts a significant effect on depletion of natural resources, a key component of sustainability. Low-income countries, low energy-intensity countries, and low trade-share countries tend to be especially vulnerable to macroeconomic volatility and shocks. The findings highlight the interaction between global financial markets and the wider economy as a key factor influencing sustainable development, with important implications for macroeconomic and environmental policies in an integrated global green economy. 2013-08-26T16:27:31Z 2013-08-26T16:27:31Z 2012-01-18 Journal Article World Bank Economic Review 1564-698X doi:10.1093/wber/lhr042 http://hdl.handle.net/10986/15343 en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Oxford University Press on behalf of the World Bank Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	en_US
topic	economic downturn Economic Volatility financial crisis financial development future growth global financial markets growth rate income international trade liquidity Low-income countries natural resource natural resources output private capital private capital flows savings stock markets sustainable development world economy
spellingShingle	economic downturn Economic Volatility financial crisis financial development future growth global financial markets growth rate income international trade liquidity Low-income countries natural resource natural resources output private capital private capital flows savings stock markets sustainable development world economy Huang, Yongfu Is Economic Volatility Detrimental to Global Sustainability?
description	In a dynamic panel data model allowing for error cross-section dependence, output volatility is found to impede sustainable development. Through a financial development channel (liquidity liability ratio), output volatility exerts a significant effect on depletion of natural resources, a key component of sustainability. Low-income countries, low energy-intensity countries, and low trade-share countries tend to be especially vulnerable to macroeconomic volatility and shocks. The findings highlight the interaction between global financial markets and the wider economy as a key factor influencing sustainable development, with important implications for macroeconomic and environmental policies in an integrated global green economy.
format	Journal Article
author	Huang, Yongfu
author_facet	Huang, Yongfu
author_sort	Huang, Yongfu
title	Is Economic Volatility Detrimental to Global Sustainability?
title_short	Is Economic Volatility Detrimental to Global Sustainability?
title_full	Is Economic Volatility Detrimental to Global Sustainability?
title_fullStr	Is Economic Volatility Detrimental to Global Sustainability?
title_full_unstemmed	Is Economic Volatility Detrimental to Global Sustainability?
title_sort	is economic volatility detrimental to global sustainability?
publisher	Oxford University Press on behalf of the World Bank
publishDate	2013
url	http://hdl.handle.net/10986/15343
_version_	1764430993691770880

Is Economic Volatility Detrimental to Global Sustainability?

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