This paper presents a newly constructed panel data-set that includes output and input measures of schooling quality for a broad number of countries. Based on this data-set, we investigate the determinants of educational quality. The results show that family inputs and school resources are...

This paper constructs an intertemporal version of a monopolistic competitive framework where producers may diversify internationally. International diversification is shown to induce a positive correlation between the volatility of productivity shocks and investment. In the presence of a...

The authors uncover a significant negative correlation between various volatility measures and private investment in developing countries, even when adding the standard control variables. No such correlation is uncovered when the investment measure is the sum of private and public investment...