Export Diversification and Economic Growth
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World Bank, Washington, DC
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Export diversification can lead to higher growth. Developing countries should diversify their exports since this can, for example, help them to overcome export instability or the negative impact of terms of trade in primary products. The process of economic development is typically a process of structural transformation where countries move from producing "poor-country goods" to "rich-country goods." Export diversification does play an important role in this process. The author also provides robust empirical evidence of a positive effect of export diversification on per capita income growth. This effect is potentially nonlinear with developing countries benefiting from diversifying their exports in contrast to the most advanced countries that perform better with export specialization.
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ADVANCED COUNTRIES, AGRICULTURAL PRODUCTIVITY, AGRICULTURAL PRODUCTS, AGRICULTURE, BILATERAL TRADE, BUSINESS CYCLE, CAPITA INCOME GROWTH, CAPITAL ACCUMULATION, CAPITAL MARKETS, COMPARATIVE ADVANTAGE, COMPETITIVENESS, CONSTANT PRICES, CONSTANT RATE, CONSUMERS, CONVERGENCE DEBATE, COUNTRY CASE, COUNTRY REGRESSIONS, COUNTRY-SPECIFIC EFFECTS, CROSS-COUNTRY PANEL, CROSS-SECTIONAL REGRESSIONS, DATA MODEL, DEPENDENT VARIABLE, DETERMINANTS OF GROWTH, DEVELOPING COUNTRIES, DEVELOPING COUNTRY, DEVELOPMENT ECONOMICS, DEVELOPMENT INDICATORS, DEVELOPMENT POLICY, DEVELOPMENT PRACTITIONERS, DOMESTIC DEMAND, DOWNWARD BIAS, DYNAMIC PANEL, ECONOMETRIC ANALYSIS, ECONOMETRICS, ECONOMIC AGENTS, ECONOMIC DEVELOPMENT, ECONOMIC GEOGRAPHY, ECONOMIC GROWTH, ECONOMIC GROWTH PERFORMANCE, ECONOMIC POLICY, ECONOMIC REFORMS, ECONOMIC RESEARCH, ECONOMIC REVIEW, ECONOMIC STUDIES, ECONOMIC THEORY, ECONOMICS, ECONOMICS LETTERS, EDUCATIONAL ATTAINMENT, EMPIRICAL ANALYSIS, EMPIRICAL EVIDENCE, EMPIRICAL FINDINGS, EMPIRICAL LITERATURE, EMPIRICAL MODEL, EMPLOYMENT EQUATIONS, ENDOGENOUS GROWTH, EXPLANATORY FACTORS, EXPLANATORY VARIABLES, EXPORT, EXPORT DIVERSIFICATION, EXPORT GROWTH, EXPORT PERFORMANCES, EXPORTS, EXTERNALITIES, EXTERNALITY, FISCAL POLICIES, FIXED EFFECTS, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GROWTH DEBATE, GROWTH EMPIRICS, GROWTH EQUATION, GROWTH EQUATIONS, GROWTH INVESTMENT, GROWTH LITERATURE, GROWTH MODEL, GROWTH MODELS, GROWTH PERFORMANCE, GROWTH PROCESS, GROWTH RATE, GROWTH RATES, GROWTH REGRESSION, GROWTH REGRESSIONS, HETEROSKEDASTICITY, HUMAN CAPITAL, INCOME GROWTH, INCOME LEVEL, INCOME LEVELS, INCOME PER CAPITA, INCREASING GROWTH, INDUSTRIAL ECONOMICS, INDUSTRIALIZED COUNTRIES, INEQUALITY, INFORMAL ECONOMY, INFORMATION EXTERNALITIES, INTERNATIONAL TRADE, INVERSE RELATIONSHIP, JUDGMENT, KNOWLEDGE ECONOMY, LABOR FORCE, LABOR FORCE GROWTH, LAGGED GROWTH, LAGGED LEVELS, LAGGED VALUES, LEVEL OF TECHNOLOGY, LOG INCOME, LOW-INCOME COUNTRIES, MACROECONOMIC VARIABLES, MODEL OF GROWTH, MODEL SPECIFICATIONS, MONETARY ECONOMICS, NATURAL LOG, NATURAL RESOURCES, NEGATIVE CORRELATION, NEGATIVE IMPACT, NEGATIVE RELATIONSHIP, NEGATIVE TERMS, NEOCLASSICAL THEORY, PANEL REGRESSIONS, PATENTS, PER CAPITA GROWTH, PER CAPITA GROWTH RATE, PER CAPITA INCOME, POLICY MAKERS, POLICY MAKING, POLICY RESEARCH, POLITICAL ECONOMY, POOR GROWTH, POPULATION GROWTH, POSITIVE EFFECT, POVERTY REDUCTION, POWER PARITY, PRIMARY PRODUCTS, PURCHASING POWER, REAL EXCHANGE RATE, REAL GDP, REGRESSION ANALYSIS, ROLE OF INNOVATION, SERIES OBSERVATIONS, STATE OF KNOWLEDGE, STRUCTURAL CHANGE, SUSTAINABLE GROWTH, TECHNOLOGICAL PROGRESS, TECHNOLOGY TRANSFER, VALUE ADDED, VALUEADDED