Bonadio, Barthélémy; Huo, Zhen; Levchenko, Andrei A.; … - National Bureau of Economic Research - 2023
We study the roles of globalization and structural change in the evolution of international GDP comovement among … share of less correlated sectors in GDP. Globalization - trend reductions in trade costs - exerts two opposing effects on … therefore comovement. On the other, globalization induces structural change towards services because it reduces the relative …