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This paper establishes that output volatility and the size of output drops have declined across all countries over the past three decades, but remain considerably higher in developing countries than in industrial countries. The paper employs a Bayesian latent dynamic factor model to decompose output growth into global, regional, and country-specific components. The favorable trends in output volatility and large output drops in developing countries are found to result from lower country-specific volatility and more benign country-specific events. Evidence from cross-section regressions over th

Cover -- Table of Contents -- Abstract -- I. Introduction -- II. Data And Stylized Facts: Trends In Income And Gender Inequalities -- III. Inequality And Growth Revisited -- A. Selective Literature Review: Income Inequality and Growth -- B. Selective Literature Review: Gender Inequality and Growth -- C. Empirical Methodology and Data -- D. General Results -- E. Implications for sub-Saharan Africa -- IV. What Drives Income Inequality? -- A. A Brief Literature Review -- B. Empirical Strategy -- C. General Results -- D. Implications for sub-Saharan Africa -- V. Conclusions

The analysis in this paper suggests that import and export volume elasticities are markedly lower in oil-exporting Middle East and Central Asian countries than in non-oil countries in the region. A key implication of this finding is that a real appreciation of the exchange rate in oil-exporting countries would achieve little in terms of expenditure switching: an appreciation does not boost imports and non-oil exports constitute only a small share of GDP and total trade in these countries. Therefore, while a real appreciation lowers the current account surplus of oil-exporting countries through