We analyze the role of risk-sharing institutions in transitions to modern economies. Transitions requires individual …-level risk-taking in pursuing productivity-enhancing activities including using and developing new knowledge. Individual …-level, idiosyncratic risk implies that distinct risk-sharing institutions - even those providing the same level of insurance - can lead to …

1. Introduction -- 2. Time Value of Money -- 3. Financial Markets -- 4. Stock Market -- 5. Bond Market -- 6. Portfolio …This book provides an overview of the evolution of investment and risk, together with a synthesis of research on these … strategies and trends in investment. Broad in scope, the book covers the most important aspects of investment risk management …

. It uses a simple theoretical framework of risky quality upgrading by firms under varying levels of financial development … correlated with the country's level of financial development. The paper tests these two hypotheses using data on disaggregated … findings suggest a mean-variance trade-off in product quality improvements along the development path. Increases in financial …