Excessive concentration increases national risk in an uncertain world. This paper views economic and political diversification as an essential aspect of national risk management aimed at promoting efficiency, growth, and welfare. The paper first presents economic and political diversification...

What determines partisan portfolio allocation in African democracies? Despite the vast literature on government formation in Europe and Latin America, there have been no studies of partisan portfolio allocation in Africa. Although coalition governments are increasingly common in Africa, most...

"Emerging markets are attractive investments for many reason, including their enormous growth potential and their diversification benefits. The problem is, money doesn't discriminate between democratic and anti-democratic leaders: Markets routinely reward authoritarians like Jair Bolsonaro,...