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What’s the connection between financial development, volatility, and growth?

Francisco G. Carneiro's picture
Understanding macroeconomic volatility part 3
Read parts 1 & 2


There’s good evidence that a country’s level of financial development affects the impact of volatility on economic growth, particularly so in less developed countries, as the charts below demonstrate
 

Tame macroeconomic volatility to boost growth and reduce hardship in the Caribbean

Francisco G. Carneiro's picture
Volatility in financial markets gets wide attention in the public eye. Less noticed is what we in the development world call macroeconomic volatility—faster-than-desired swings in the broad forces which shape an economy. Think investment, government spending, interest rates, foreign trade and the like.

There are three key questions to analyze: how do these forces interact, what is their effect on overall growth, and what policies are best to follow? All this is of more than academic interest: macroeconomic volatility can bring substantial hardships to millions of people

Part of the #Youthbiz movement? Share your story!

Valerie Lorena's picture
Also available in: Español

Also available in: Français | العربية
 



A boat trip from Port Elizabeth to Kingstown, in the Caribbean country of Saint Vincent and the Grenadines, is a one-hour trip that locals take several times a day. It was during one of these journeys that the boat of Kamara Jerome, a young Vincentian fisherman, ran out of gas six miles from Bequia City in what is termed locally as the "Bequia Channel." While waiting for help with strong wind gusts and the sun on his head, the idea of developing a boat that would run with wind and solar energy was born. Soon after, the idea became a prototype; a boat using green technology was on the water making 20-year-old Jerome a winner of international innovation competitions and a role model to other Caribbean youth. 
 
In Mexico, young engineer Daniel Gomez runs a multimillion bio-diesel company originally conceived as a research project for his high school chemistry class. Gomez and his partners - Guillermo Colunga, Antonio Lopez, and Mauricio Pareja - founded SOLBEN (Solutions in bio-energy in Spanish) in their early twenties. 
 
Although Daniel and Kamara have different educational backgrounds, they do share one important skill, the ability to identify a problem, develop an innovative solution, and take it to the market. In other words, being an entrepreneur, an alternative to be economically active, that seems to work and not only for a few.

Building pro-growth coalition for reforms: The Caribbean Growth Forum

Andrea Gallina's picture

Nighttime in St George's, Grenada

What does it take to make reforms work in small island countries?

At the end of June 2013, twelve Caribbean countries presented a roadmap for growth in three areas -logistics and connectivity, investment climate, skills and productivity- to a broad audience of private sector representatives, international development institutions, regional organization, civil society and media. That event culminated a 7-month long phase during which policy-making was not the result of close-doors meetings, but a process of intense negotiation, consultations, and consensus building among all actors of each Caribbean country’s societies. All of which was documented in real time and in a transparent fashion by each government. Yes, business was not “business as usual”.
 
Reforms priorities were agreed and a calendar for implementation brushed on a power point slide in the wonderful framework of five stars Bahamian hotel…After the workshop lights, projects and microphones shut down, many of us went home with a familiar sound in our ears: and now what? Was it another “talkshop”?

Targeting motorcycle users to improve traffic safety in Latin America

Anna Okola's picture
Also available in: Español


Motorcycle riders and passengers have long been vulnerable users of motorized transport. In the Americas, with the increasing ownership of motorcycles, given the ease and lower costs, this trend is worrisome as the number of vulnerable users as well as those impacted by traffic crashes increases, sometimes masking a shift from pedestrian or bicycle casualties to motorcycle victims. These trends would be similar in regions such as Africa which also share the motorcycle-taxi (mototaxi) phenomenon.

What’s getting in the way of Latin America becoming a food superpower?

John Nash's picture
Also available in: Español | Portuguese



The United Nations estimates that with the population reaching 9 billion by 2050, global food demand will double, with much of that growth in developing countries. 
 
While the gloom-and-doom predictions of Malthus and a long line of neo-Malthusians have failed to materialize, still, one does have to wonder how all those hungry mouths are going to be fed.
 
What will it take to ensure that the recent food crises do not become permanent features of the world of the future?  While countries in Latin America and the Caribbean are quite heterogeneous in their production potential, overall they are well equipped to contribute to meeting this challenge.

Trinidad & Tobago: Stephon Gabriel wins Voices4Climate competition

Mary Stokes's picture

Stephon Gabriel was overjoyed when an email popped up in his inbox announcing he had won the World Bank's Voices4Climate competition. One of 19 winners from 14 countries, his music video 'A Changing World' beat more than one thousand other music videos, photos and videos to the top prize.

Talking after the award ceremony, the young producer from Trinidad and Tobago described how he had become inspired to write the song after seeing how climate change is already affecting his native Caribbean. It was then that the words and music began to flow as he sought to "sensitise the listener around climate change."

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