IMF: global inter-connectedness aggravated recession
A paper published by the IMF this month, challenges the notion of the Great Moderation in light of the extreme volatility in output experienced globally during the financial crisis.
The paper finds the recent experience can be attributed to greater sensitivity to external shocks and increased international spillovers due to greater global integration as opposed to an increase in output volatility per se.
According to the report, the reduction in output volatility ceased in some advanced
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