Based on gross value added (GVA) shares of economic activities from 1990 to 2014, the paper shows that convex growth-instability frontiers exist for 19 Latin American countries. Numerical simulations show that in 2011, Latin America's industry portfolios were below Markowitz's efficiency...

In the globalization era, many products in the tourism industry are imported from other economies; whereas other products may be exported as intermediates to other economies. Researchers have assessed the economic impact of tourism for more than 40 years, but have shed little light on the...