TY  - JOUR
AU  - Caselli, F
AU  - Koren, Miklós
AU  - Lisicky, M
AU  - Tenreyro, S
TI  - Diversification through trade
JF  - QUARTERLY JOURNAL OF ECONOMICS
J2  - Q J ECON
VL  - 135
PY  - 2020
IS  - 1
SP  - 449
EP  - 502
PG  - 54
SN  - 0033-5533
DO  - 10.1093/qje/qjz028
UR  - https://m2.mtmt.hu/api/publication/31450741
ID  - 31450741
AB  - A widely held view is that openness to international trade leads to higher income volatility, as trade increases specialization and hence exposure to sector-specific shocks. Contrary to this common wisdom, we argue that when country-wide shocks are important, openness to international trade can lower income volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and show that in recent decades international trade has reduced economic volatility for most countries.
LA  - English
DB  - MTMT
ER  - 

TY  - CHAP
AU  - Herrendorf, B
AU  - Rogerson, R
AU  - Valentinyi, Ákos
ED  - Aghion, P
ED  - Durlauf, SN
TI  - Growth and structural transformation
T2  - Handbook of economic growth
PB  - North-Holland Publishing
CY  - Amsterdam
SN  - 9780444535405
T3  - Handbooks in economics, ISSN 1574-0684
PY  - 2014
SP  - 855
EP  - 941
PG  - 87
DO  - 10.1016/B978-0-444-53540-5.00006-9
UR  - https://m2.mtmt.hu/api/publication/2711710
ID  - 2711710
AB  - Abstract Structural transformation refers to the reallocation of economic activity across the broad sectors agriculture, manufacturing, and services. This review article synthesizes and evaluates recent advances in the research on structural transformation. We begin by presenting the stylized facts of structural transformation across time and space. We then develop a multi-sector extension of the one-sector growth model that encompasses the main existing theories of structural transformation. We argue that this multi-sector model serves as a natural benchmark to study structural transformation and that it is able to account for many salient features of structural transformation. We also argue that this multi-sector model delivers new and sharper insights for understanding economic development, regional income convergence, aggregate productivity trends, hours worked, business cycles, wage inequality, and greenhouse gas emissions. We conclude by suggesting several directions for future research on structural transformation.
LA  - English
DB  - MTMT
ER  -