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This paper explores the possibility that financial depth may have an asymmetric impact on macroeconomic volatility by affecting its “good” and “bad” components in different ways. While “good” volatility refers to positive shocks to gross domestic product, consumption and investment growth, “bad” volatility denotes negative fluctuations in these macroeconomic indicators. Dynamic panel regressions in...
A large literature has documented an inverse relationship between financial development and the size of the informal economy, with some evidence that the link is non‐monotonic and depends on the institutional environment. The direction of causality, however, remains a matter of debate, making it hard to identify the right policy interventions for better economic outcomes. This paper reviews this literature...
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