In a sample of 110 countries over the period 1960–2009, we document a positive relation between the volatility and skewness of growth in the cross section. This novel stylized fact is related to two distinct mechanisms: sudden growth spurts in emerging markets and sharp financial crises-driven recessions in developed economies. The former phenomenon is driven by industrialization, macroeconomic stabilization, and the exploitation of natural resources. The latter is consistent with recent theories of financial frictions. The cross-sectional pattern contrasts with a negative relation between volatility and skewness in panel data with country fixed effects in the top quartile of countries in terms of beginning-of-period GDP per capita.

中文翻译：

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波动率与增长偏度之间的联系

在1960年至2009年期间的110个国家的样本中，我们记录了横截面增长的波动性和偏度之间的正相关关系。这个新颖的程式化事实与两个不同的机制有关：新兴市场的突然增长骤增和发达经济体由金融危机驱动的急剧衰退。前一种现象是由工业化，宏观经济稳定和对自然资源的开发驱动的。后者与最近的金融摩擦理论是一致的。横断面图与面板数据中的波动率和偏度之间的负相关性形成鲜明对比，而在国家人均GDP初期，处于前四分之一国家的国家具有固定效应。