| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6114 |
| DP6114 Privatisation in Poland: What Was the Government Trying to Achieve? | |
| Gianni De Fraja; Barbara M Roberts | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | We use portfolio theory to quantify the efficiency of state-level sectoral patterns of production in the United States. On the basis of observed growth in sectoral value added output, we calculate for each state the efficient frontier for investments in the real economy, the efficient Sharpe ratio, and the corresponding weights on investments in different industries. We study how rapidly different states converge to an efficient allocation, depending on access to finance. We find that convergence is faster - in terms of distance to the efficient frontier and improving Sharpe ratios - following intra- and (particularly) interstate liberalization of bank branching restrictions. This effect arises primarily from convergence in the volatility of state output growth, rather than in its average. The realized industry shares of output also converge faster to their efficient counterparts following liberalization, particularly for industries that are characterized by young, small and external finance dependent firms. Convergence is also faster for states that have a larger share of constrained industries, greater distance from the efficient frontier before liberalization and larger geographical area. These effects are robust to industries integrating across states and the endogeneity of liberalization dates. Overall, our results suggest that financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a manner that depends crucially on the variance-covariance properties of investment returns, rather than on their average only. |
| 主题 | Financial Economics ; International Trade and Regional Economics |
| 关键词 | Diversification Financial development Growth Sharpe ratio Volatility |
| URL | https://cepr.org/publications/dp6114 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534953 |
| 推荐引用方式 GB/T 7714 | Gianni De Fraja,Barbara M Roberts. DP6114 Privatisation in Poland: What Was the Government Trying to Achieve?. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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