Empirical studies showed that firm-level volatility has been increasing but the aggregate volatility has been … financial development leads to a larger firm-level volatility but a lower aggregate volatility. In addition, our model is also … consistent with the observed decline in volatility of private held firms which do not have (or have only limited) access to …

This paper investigates whether volatility of financial development plays a role in determining industrial growth … volatility. Three key findings emerge. First, overwhelming evidence supports the view that more volatile financial development … raises the industrial volatility in sectors that rely more on external liquidity. Second, the harmful effect of financial …

independently to the estimation method. Thus during economic crises of recession, policymakers should hold-on regional integration …

Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow … volatility are the same in manufacturing and services at the gross output level, the larger intensity of intermediate goods in … gross output production in manufacturing implies a larger growth and volatility of TFP at the value added level in …