The author provides evidence of a causal and economically important effect of financial development on volatility. In contrast to the existing literature, the identification strategy is based on the differences in sensitivities to financial conditions across industries. The results show that sectors with larger liquidity needs are more volatile and experience deeper crises in financially underdeveloped countries. At the macroeconomic level, the results...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2003/11/30
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Рабочий документ в рамках исследования вопросов политики
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WPS3161
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1
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1
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2010/07/01
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Liquidity needs and vulnerability to financial udnerdevelopment
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liquidity need
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Официальная версия документа (может содержать подписи, и т.д.)