. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for … volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to … financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

. On the basis of observed growth in sectoral value-added output, we calculate for each state the efficient frontier for … primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of … that financial development has important consequences for efficiency and specialization (or diversification) of investments …

growth. At early stages of development, the presence of indivisible projects limits the degree of risk … inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern …This paper offers a theory of development which links the degree of market incompleteness to capital accumulation and …

We study the relationship between geography and growth. To do so, we first develop a dynamic spatial growth theory with … realistic geography. We characterize the model and its balanced growth path and propose a methodology to analyze equilibria with …

about future preferences and (iii) this uncertainty channel accounted for a large fraction of the predicted growth. These …

This paper analyzes the effects of financial liberalization on growth and volatility at the industry level in a large … positive effect on both growth and volatility of production across industries. The positive growth effect comes from increased … of financial liberalization on measured productivity. Finally, the growth effects of liberalization appear temporary …

This paper adds a highly-leveraged financial sector to the Ramsey model of economic growth and shows that this causes …