. - 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 …

We report evidence that the relation between the financial sector share, private savings and growth in the United … between financial development and growth evolves in a stepwise fashion. Theoretical models where financial market extensions …

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 …

relationship between foreign idiosyncratic shocks and domestic economic growth between 1978 and 2000. Contemporaneous changes in … associated with a 0.05-0.26 pp increase in economic growth. Lastly, this can potentially explain the Great Moderation. …

-varying levels of volatility and skewness for the same variables; and iii) supercycles of borrowing and deleveraging. All of these …

economic growth. It starts with the pioneers in this field and then classifies two main schools favouring liberal financial … literature on financial development and endogenous growth pushed the discussion back into the direction initially advocated by … financial development and economic growth. The evidence suggests, however, enormous heterogeneity across countries, regions …

We investigate the relationship between financial integration and output volatility at micro and macro levels. Using a … of foreign ownership on the volatility of firms' outcomes in static as well as dynamic empirical frameworks. This effect … and aggregate fluctuations. To identify the causal effect of financial integration on volatility we exploit variation in …