While the efficiency of economic arrangements is the primary focus of economic research, we may ask whether the efficiency improvements that have been experienced in the developed economies have been accompanied by increased vulnerability of output to catastrophic events. In order to address...

The purpose of this paper is to highlight a version of the Balassa-Samuelson effect for emerging countries with a new dataset. More than the catching-up effect, we will measure the convergence for three emerging countries: Brazil/China/India. We will compare the convergence between these...