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Aghion P., Banerjee A.. Volatility and Growth. Oxford, Oxford University Press,2005. - 159p.. 2005

This book grew out of the Clarendon lectures given in Oxford in February 1999. That it took such a long time to turn the lectures into a book, is partly because in 1999 we were still far from any serious analysis of the effects of things that cause volatility on growth (the subject of chapters 1 and 2). Moreover, the material on endogenous volatility in open economies and our third generation model of currency crises, took a while to mature and meet the publication test.

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Preface
Contents
Introduction
Modeling Credit Markets
Volatility and Growth: AK versus Schumpeterian Approach
The modern approach to growth, often called “new growth theory,"really consists of two quite distinct theories.
Volatility and growth: the AK approach
The Schumpeterian approach
The existing evidence on volatility and growth
Financial Development and the Effects of Volatility on Growth
We argued in Chapter 0 that credit constraints are an important part of life, especially in the developing world. In this chapter we argue, based on Aghion-Angeletos-Banerjee-Manova (AABM), that the presence of credit constraints can help us understand why volatility is so costly for growth.
Financial development and the effect of volatility on growth
Empiricalanalysis
Towardamacropolicyofgrowth
Endogeneizing Volatility: Pecuniary Externalities and the Credit Channel
In the previous chapters we have focused on the effects of aggregate volatility and aggregate productivity or trade shocks on long-run growth, taking volatility as being largely exogenous.
Asimpleframework
Booms and slumps
Dynamic equations
Endogenous volatility and amplified shocks
Somefacts about volatility in the United States
3.6 Policy implications
Endogenous Volatility in an Open Economy
In the previous chapter we argued that the interplay between credit constraints and the equilibrium interest rate acts as a propagation mechanism for exogenous shocks and in certain cases has the potential to generate persistent fluctuations
A very simple model
4.2 Thedynamics
Confronting the theory with some facts
Financial liberalization and instability
Policy conclusions
The Third Generation Approach to Currency Crises
The previous chapter described a world where a financial accelerator first generates a lending driven boom and then its inev­itable collapse.
The basic model
The occurrence of currency crises
Policy
Conclusion
Conclusion
References
Index
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