Volatilidade e crescimento: evidências em países emergentes e desenvolvidos

Abstract

This work aims to investigate theories that associate volatility and macroeconomic growth. Emerging and developed economies have different conditions in the monetary side and in the ease of doing business. We argue that these economies should behave differently also in the relationship between volatility and growth. Autoregressive models with conditional heteroskedasticity are built to test this hypothesis, which is supported in most cases. The theoretical implication is that different theories of the subject can coexist. In addition, the fact that future studies on the subject should take into account indicators of financial and institutional development of the economies.