Koren, Miklós; Tenreyro, Silvana - In: The Quarterly Journal of Economics 122 (2007) 1, pp. 243-287
Why is GDP growth so much more volatile in poor countries than in rich ones? We identify three possible reasons: (i) poor countries specialize in fewer and more volatile sectors; (ii) poor countries experience more frequent and more severe aggregate shocks (e.g., from macroeconomic policy); and...