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Export diversification and growth in emerging economies

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  • Agosin, Manuel R.

Abstract

This paper develops and tests a model of growth that emphasizesthe introduction of new exports as the main source of growth in countriesthat are well within the global technology frontier and depend for growthon adapting existing products to their economic environment. It seeks tocapture the stylized facts behind growth in countries as different as theRepublic of Korea, Taiwan Province of China, Mauritius, Finland, Chinaand Chile, all of which have relied on export diversification. The wideningof comparative advantage is thus seen as the main driver of economicgrowth. The export diversification hypothesis is tested using an empiricalgrowth model. Controlling for other variables that affect growth, exportdiversification -both alone and in interaction with growth in per capitaexport volumes- is found to be highly significant in explaining per capitaGDP growth over the 1980-2003 period.

Suggested Citation

  • Agosin, Manuel R., 2008. "Export diversification and growth in emerging economies," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    • Handle: RePEc:ecr:col070:11322
    Note: Includes bibliography
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    1. Jean Imbs & Romain Wacziarg, 2003. "Stages of Diversification," American Economic Review, American Economic Association, vol. 93(1), pages 63-86, March.
    2. Ricardo Hausmann & Bailey Klinger, 2007. "The Structure of the Product Space and the Evolution of Comparative Advantage," CID Working Papers 146, Center for International Development at Harvard University.
    3. Nikolaos Vettas, 2000. "Investment dynamics in markets with endogenous demand," Journal of Industrial Economics, Wiley Blackwell, vol. 48(2), pages 189-203, June.
    4. Claudio Bravo-Ortega & Manuel Agosin Trumper, 2007. "The Emergence Of New Successful Export Activities In Latin America: The Case Of Chile," Working Papers wp236, University of Chile, Department of Economics.
    5. Agosin, Manuel R., 2007. "Trade and growth: why Asia grows faster than Latin America," Copublicaciones, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), number 1940.
    6. Hausmann, Ricardo & Rodrik, Dani, 2003. "Economic development as self-discovery," Journal of Development Economics, Elsevier, vol. 72(2), pages 603-633, December.
    7. Agosin, Manuel R., 1999. "Trade and growth in Chile," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
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