منابع مشابه
Financial Development and Growth in the Short- and Long-Run
We analyze the relationship between financial development and inter-industry resource allocation in the shortand long-run. We suggest that in the long-run, economies with high rates of financial development will devote relatively more resources to industries with a ‘natural’ reliance on outside finance due to a comparative advantage in these industries. By contrast, in the short-run we argue th...
متن کاملComputer Technology , Human Labor , and Long - Run Economic Growth Stuart
Over the coming century, computer technology is likely to become capable of reproducing many of the skills now performed by human labor. This paper describes three models of the aggregate economic changes that occur when capital becomes capable of performing human work skills. The basic model, with a single sector and homogeneous labor, projects output growth rates over the next few decades tha...
متن کاملthe short and long run causality between financial development and economic growth in iranian provinces
the relationship between economic growth and developments in the financial sector has been one of the most discussed areas in economics for a long time; and the direction of causality – whether financial development causes economic growth or vice versa – is by no means a settled issue.this paper investigates the short- run and long-run granger causality between financial development and e...
متن کاملLong-Run Risks and Financial Markets
The recently developed long-run risks asset pricing model shows that concerns about long-run expected growth and time-varying uncertainty (i.e., volatility) about future economic prospects drive asset prices. These two channels of economic risks can account for the risk premia and asset price fluctuations. In addition, the model can empirically account for the cross-sectional differences in ass...
متن کاملFinancial Development and Long-Run Volatility Trends
Countries with more developed nancial markets (as measured by the private debtto-GDP ratio) tend to have signi cantly lower aggregate volatility. This relationship is also highly non-linear starting from a low level of nancial development the reduction in aggregate volatility by nancial deepening is far more signi cant than it is when the nancial market is more developed. We build a fully-...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2017
ISSN: 1556-5068
DOI: 10.2139/ssrn.2972589