Koren, Miklos; Tenreyro, Silvana - London School of Economics (LSE) - 2005
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 …, and slowly increases at later stages of development. Third, the volatility of country-specific macroeconomic shocks falls …
