. - Financial development ; Growth ; Volatility ; Diversification ; Mean-variance effciency …We study how financial market effciency affects a measure of diversification of output across industrial sectors … and for various levels of disaggregation, we construct a benchmark measure of diversification as the set of allocations of …

The choice of instruments for mitigating economic volatility is a serious consideration for policymakers and important … markets are more effective than conventional economic policies, such as fiscal interventions, in reducing economic volatility …

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 …

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

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

(1) level and risk dynamics. The latter includes (2) tail risk and crisis probability as well as (3) the Volatility …

investment funds traces out a mean-variance tradeoff for the growth rate of the economy. In particular, the volatility of these … the context of two partial equilibrium endogenous growth models. In our first model, the scale of fickle outside … regulation of outside investment may increase growth. Our second model involves increasing returns and multiple equilibria. In …

Oil is perceived as a good diversification tool for stock markets. To fully understand this potential, we propose a new … to competing models. Employing a recently proposed conditional diversification benefits measure that considers higher …-order moments and nonlinear dependence from tail events, we document decreasing benefits from diversification over the past ten …

Oil is perceived as a good diversification tool for stock markets. To fully understand this potential, we propose a new … to competing models. Employing a recently proposed conditional diversification benefits measure that considers higher …-order moments and nonlinear dependence from tail events, we document decreasing benefits from diversification over the past ten …