Poor developing countries, faced with high levels of covariant risk ideally should spread this risk into the international risk market. How might this best be done - given that through diversification this market will tend to gain from absorbing this risk? Conglomerates of intermediate financial...

The conjectures examined are that: (i) advances in the medical knowledge are likely to have comparatively little (resp. considerable) impact on the rate of the growth of gross domestic product per capita (GDPPC) in a poor developing country if economic institutions are weak (resp. adequate);...