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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

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.

Keywords: Capital accumulation; diversification; economic complexity; development. (search for similar items in EconPapers)
JEL-codes: E22 F41 O11 (search for similar items in EconPapers)
Date: 2021
New Economics Papers: this item is included in nep-his, nep-isf, nep-mac and nep-opm
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