The Structural Outcomes of Investment Surges
Mateo Hoyos (),
Emiliano Libman () and
Arslan Razmi ()
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Emiliano Libman: University of General San Martín
Arslan Razmi: Department of Economics, University of Massachusetts Amherst
UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics
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.
Keywords: Capital accumulation; diversification; economic complexity; development. (search for similar items in EconPapers)
JEL-codes: E22 F41 O11 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-isf, nep-mac and nep-opm
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Journal Article: The structural outcomes of investment surges (2021)
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Persistent link: https://EconPapers.repec.org/RePEc:ums:papers:2021-09
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