Traditional measures of trade diversification only take into account contemporaneous export baskets. These measures fail to capture a country’s ability to respond to shocks by allocating factors of production into activities for which it has already paid the fixed costs associated with exporting. This paper corrects for the shortcoming of traditional measures of diversification by introducing a novel measure of trade diversification—latent diversification—and...
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2015/06/23
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Documento de trabalho sobre pesquisa de políticas
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WPS7332
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1
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1
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2015/06/23
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Disclosed
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Latent trade diversification and its relevance for macroeconomic stability
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export basket
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