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A Portfolio Analysis of Industrial Structure

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Author Info
Frank Barry (University College Dublin)
Colm Kearney (Trinity College Dublin)

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Abstract

Industrial sectors producing income-elastic products can grow rapidly but are highly vulnerable to fluctuations in the world economy. Policymakers need to take into account this trade-off between output and employment growth over the longer term and volatility in the short to medium term. We bring the principles of portfolio theory to bear on the issue. Our analysis is applied to Irish manufacturing employment where growth has been concentrated in foreign-owned sectors such as Office and Data Processing Equipment, Pharmaceuticals and Professional Instruments. We show that, increased volatility notwithstanding, the country’s hightech FDI-driven strategy has brought the economy’s industrial portfolio closer to the mean-variance efficiency frontier.

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File URL: http://www.ucd.ie/economics/research/papers/2003/WP03.09.pdf
File Format: application/pdf
File Function: First version, 2003
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Publisher Info
Paper provided by School Of Economics, University College Dublin in its series Working Papers with number 200309.

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Length: 16 pages
Date of creation: 08 Mar 2003
Date of revision:
Handle: RePEc:ucn:wpaper:200309

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Related research
Keywords: Industrial Structure; Portfolio Analysis;

Find related papers by JEL classification:
O21 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Planning Models; Planning Policy
R30 - Urban, Rural, and Regional Economics - - Production Analysis and Firm Location - - - General
G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Görg, Holger & Strobl, Eric, 2002. "Multinational Companies and Indigenous Development: An Empirical Analysis," CEPR Discussion Papers 3325, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  2. Goldberg, Michael A. & Levi, Maurice D., 2000. "The European Union as a country portfolio," European Journal of Political Economy, Elsevier, vol. 16(3), pages 411-427, September. [Downloadable!] (restricted)
  3. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August. [Downloadable!] (restricted)
  4. Holger Görg & Eric Strobl, 2003. ""Footloose" Multinationals?," Manchester School, University of Manchester, vol. 71(1), pages 1-19, January. [Downloadable!] (restricted)
    Other versions:
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. FRANK BARRY & HOLGER GÖRG & ERIC STROBL, 2005. "Foreign direct investment and wages in domestic firms in Ireland: Productivity spillovers versus labour-market crowding out," International Journal of the Economics of Business, Taylor and Francis Journals, vol. 12(1), pages 67-84, February. [Downloadable!] (restricted)
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