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Is tail risk the missing link between institutions and risk?

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Figure

Table 1. Tail risk and volatility.
Table 2. Summary statistics for tail risk, economic and financial variables, and institutional
Table 3. Test of equality across time: 1994–2003 versus 2004–2014.and the institutional quality based on the variable
Fig. 1. Scatter plots for the tail risk estimates and the volatility estimates
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