economic growth. It starts with the pioneers in this field and then classifies two main schools favouring liberal financial … literature on financial development and endogenous growth pushed the discussion back into the direction initially advocated by … financial development and economic growth. The evidence suggests, however, enormous heterogeneity across countries, regions …

Empirical measures of world consumption growth risk have failed to rationalize the cross-section of country equity … with high consumption growth rates and the return on a portfolio of equity market indices with low consumption growth rates …. Empirically, we find that high consumption growth economies have considerably higher consumption dispersion risk than low …