Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2005
experience more frequent and more severe aggregate shocks (e.g. from macroeconomic policy); and (iv) poor countries … of development. We document the following regularities. First, as countries develop, their productive structure moves … from more volatile to less volatile sectors. Second, the level of specialization declines with development at early stages …