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In this article, we examine the effect of the imperfect mobility of goods on international risk sharing and, through that, on the investment in risky projects, welfare and growth. We find that the welfare gain of financial market openness is not monotonic with respect to investors' risk aversion...
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circumstances, this paper has several goals. The first one consists of exploring which the geographic diversification patterns of … population is well below 100,000 inhabitants) is rather uninformative. Results indicate: (i) the location and diversification …' performance and geographic diversification; (iii) the evaluation of growth and financial development at municipal level indicates …
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