Regional exports and imbalances: a portfolio analysis

Raul de Gouvea Neto ()

Brazilian Journal of Political Economy, 1992, vol. 12, issue 1, 122-133

Abstract: This paper estimates the impact of regional export structures on the risk andreturn of regional export portfolios. The Markowitz model is used to assess the risk andreturn of export products structures of three Brazilian economic regions. More specifically,the paper tests the hypothesis that economic regions with highly diversified export structurewill observe more efficient export portfolios than those with only moderate or no portfoliodiversification. In order to test this hypothesis, we used the export structures of threeBrazilian economic regions: the South, the Southeast and the Northeast. The results showthat portfolio theory can provide policymakers with an alternative way of assessing exportearnings instability and export promotion strategies. JEL Classification: F1; F3.

Keywords: Exports; regional unbalances; Markowitz model; risk (search for similar items in EconPapers)
Date: 1992
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