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

spurs economic growth, horizontal innovation creates new industry sectors, and thus enhances industry diversification …This paper theoretically studies the role of the financial system in promoting macroeconomic stability and growth. It … also explains endogenously the development of the financial system as part of the growth process. The productive sector …

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a … foreign ownership on the volatility of firms' outcomes in static as well as dynamic empirical frameworks. This effect survives … aggregate fluctuations. To identify the causal effect of financial integration on volatility we exploit variation in the …

factors countries that become more financially integrated over time have less synchronized growth pat- terns, in line with the …

became unprofitable when liquidity risk and exchange rate volatility increased after 2007. The analysis suggests that the …

This paper estimates the impact of financial development on industry-level total factor productivity (TFP) growth using … significant relationship is found between financial development and industry-level TFP growth when controlling for country …-time and industry-time fixed effects. The results are both statistically and economically significant. TFP growth can …