a r t i c l e i n f o This paper studies how financial development affects the volatility of GDP growth through the channel of sectoral reallocation. For 28 OECD countries over the period 1970–2007, we construct a benchmark industrial portfolio that minimizes the economy's long-term volatility for a given level of long-term labor productivity growth. We find that financial development substanti...

Following the economic liberalization in India, the service sector has gained prominence in the economy as it accounts for the largest share of GDP and, also that the share of this sector in GDP has been growing very rapidly. Empirical data reveal two significant trends in the service sector following liberalization in 1991: growth in service sector productivity and growth in services' trade. T...

We consider the contribution of sectoral shocks to post-war US unemployment movements in a dynamic factor framework. Whereas previously published estimates of the contribution of sectoral shocks to unemployment relate to a particular theory of unemployment, our approach is sufficiently general to encompass almost any theory. We estimate our model in the frequency domain and use data on unemploy...

Firm births and deaths are interrelated. Johnson and Parker (1994) have summarized the various causality relationships according to three different effects: (1) the Multiplier, (2) the Competition and (3) the Marshall effect. This article proposes an enlarged analytical framework by introducing the sectoral and cross-sectoral dimensions of firm demography. The expected interrelationships betwee...

This paper deals with the effects of concentration (single name and sectoral) and contagion risk on credit portfolios. Results are obtained for the value at risk of the portfolio loss distribution, in the analytical framework originally developed by Vasicek in 1991 [1]. V aR is expressed as a sum of terms: the first contribution represents the value at risk of a hypothetical single-factor homog...

A 64-year-old woman with a completely transected posterior sectoral duct following extended hepatectomy underwent a combined operative procedure with interventional radiology and surgery to restore biliary-enteric drainage. The anterior and posterior sectoral ducts were identified, and catheters were inserted into both systems. The posterior sectoral catheter was placed intraoperatively through...

Previous research shows that technical progress at the industry level, measured by sectoral TFP growth, is more localized in continental European countries than in Anglo-Saxon countries. We use EU KLEMS data sets to decompose sectoral TFP for nine European countries by means of a Malmquist approach, in order to separate technical change. Applying Harberger diagrams, we describe the sectoral pat...