The relationship between economic development and financial activity is examined using regression analysis. The Human Development Index (HDI), a relatively new measure of development, is used as a proxy for the level of economic development. A variety of measures of financial depth are employed...

We examine the risk and return properties of equity/bond portfolios before and after inclusion of a diversified portfolio of long commodity futures contracts. Inclusion of the commodities, which are proxied by the CRB and GSCI indices from 1970 to 1990, enhances the risk and return...