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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)

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 Function: First version, 2003
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Bibliographic 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;

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References

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  1. Atish R. Ghosh & Holger C. Wolf, 1997. "Geographical and Sectoral Shocks in the U.S. Business Cycle," NBER Working Papers 6180, National Bureau of Economic Research, Inc.
  2. G–rg, Holger & Eric Strobl, 2002. ""Footloose" Multinationals?," Royal Economic Society Annual Conference 2002 89, Royal Economic Society.
  3. Frank Barry, 2000. "Convergence is not Automatic: Lessons from Ireland for Central and Eastern Europe," The World Economy, Wiley Blackwell, vol. 23(10), pages 1379-1394, October.
  4. Lilien, David M, 1982. "Sectoral Shifts and Cyclical Unemployment," Journal of Political Economy, University of Chicago Press, vol. 90(4), pages 777-93, August.
  5. Görg, Holger & Strobl, Eric, 2002. "Multinational Companies and Indigenous Development: An Empirical Analysis," CEPR Discussion Papers 3325, C.E.P.R. Discussion Papers.
  6. 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.
  7. Palley, Thomas I, 1992. "Sectoral Shifts and Cyclical Unemployment: A Reconsideration," Economic Inquiry, Western Economic Association International, vol. 30(1), pages 117-33, January.
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Cited by:
  1. Frank Barry & Holger Gorg & 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 & Francis Journals, vol. 12(1), pages 67-84.

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