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 …

(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 meanvariance 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 …

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 …

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 …

spurs economic growth, horizontal innovation creates new industry sectors, and thus enhances industry diversification …This paper theoretically studies the role of the financial system in promoting macroeconomic stability and growth. It … also explains endogenously the development of the financial system as part of the growth process. The productive sector …

This paper analyzes, from a theoretical perspective, the role of the financial system to promote growth and … sectoral) diversification. In the model, the productive sector carries out R&D activities and finances its activities through … the financial system. While vertical innovation fosters economic growth, horizontal innovation creates new industrial …

This paper analyzes, from a theoretical perspective, the role of the financial system to promote growth and … sectoral) diversification. In the model, the productive sector carries out R&D activities and finances its activities through … the financial system. While vertical innovation fosters economic growth, horizontal innovation creates new industrial …