Erschienen in:Swiss Finance Institute Research Paper ; No. 06-9
Umfang:
1 Online-Ressource (26 p)
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Nicht zu entscheiden
DOI:
10.2139/ssrn.910206
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Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 2006 erstellt
Beschreibung:
Growth and volatility correlate negatively across countries, but positively across sectors. Analytically, whether or not sectoral growth and volatility are correlated positively is irrelevant in the aggregate. Cross-country estimates identify the detrimental effects of macroeconomic volatility on growth, but they cannot be used to dismiss theories implying a positive growth-volatility coefficient, which appear to hold in sectoral data. In particular, volatile sectors command high investment rates, as they would in a mean-variance framework