An empirical analysis of growth volatility: A Markov chain approach

Andrea Mario Lavezzi, Davide Fiaschi, Andrea Mario Lavezzi

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2 Citazioni (Scopus)


This paper studies the determinants of growth rate volatility, focusing on the effect of level of GDP, structural change and the size of economy. First we provide a graphical analysis based on nonparametric techniques, then a quantitative analysis which follows the distribution dynamics approach. Growth volatility appears to (i) decrease with per capita GDP, (ii) increase with the share of the agricultural sector on GDP and, (iii) decrease with the size of the economy, measured by a combination of total GDP and trade openness. However, we show that the explanatory power of per capita GDP tends to vanish when we control for the size of the economy. © 2005 Springer-Verlag Berlin Heidelberg.
Lingua originaleEnglish
Titolo della pubblicazione ospiteNew Tools of Economic Dynamics
Stato di pubblicazionePublished - 2005

Serie di pubblicazioni


All Science Journal Classification (ASJC) codes

  • Mathematics (miscellaneous)
  • Economics, Econometrics and Finance (miscellaneous)

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