Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/238157
Authors: 
Hoyos, Mateo
Libman, Emiliano
Razmi, Arslan
Year of Publication: 
2021
Series/Report no.: 
Working Paper No. 2021-09
Publisher: 
University of Massachusetts, Department of Economics, Amherst, MA
Abstract: 
We study the extent to which countries undergo structural change during and after episodes of sustained investment surges. In particular, we explore the evolution of trade flows, considering (i) exports sophistication or complexity, (ii) exports diversification, and (iii) capital goods imports. Using the episodes identified by Libman et al. (2019), we document the heterogeneous nature of these episodes and find that, while imports of capital goods increase, they are not systematically related to changes in sophistication, complexity and diversification of exports, at least for the available sample of 130 episodes over the period 1962-2014. High investment may often be a necessary but not sufficient condition for structural change.
Subjects: 
Capital accumulation
diversification
economic complexity
development
JEL: 
E22
F41
O11
Document Type: 
Working Paper

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