This paper explores the link between trade structure, trade specialization and per capita income growth. It is argued that industrial upgrading in export specialization patterns has a positive long-run growth effect, while the effect of structural change in industrial import patterns is in...

We show that exposure to country specific shocks has a positive and significant impact on GDP volatility. In particular, we find that the degree to which the cycles of different trading partners are correlated is more important in explaining exporters’ GDP volatility than the volatility of...

Using a dataset of 104 countries over a period from 1966 to 2004, this paper analyses the relevance of country specific shocks for income volatility in open economies. We show that exposure to country specific shocks has a positive and significant impact on GDP volatility. In particular, we find...

This paper explores the link between trade structure, trade specialization and per capita incomegrowth. It is argued that industrial upgrading in export specialization patterns has a positive long-rungrowth effect, while the effect of structural change in industrial import patterns is in...

During the last few decades, many emerging markets have lifted restrictions on cross-border financial transactions. The conventional view was that this would allow these countries to: (i) receive capital in flows from advanced countries that would finance higher investment and growth; (ii)...

Abstract. The debate about the Prebisch-Singer thesis has focused on primary commodities with some extensions to manufactures. As we think that the link between the terms of trade and long-run development, growth and convergence is the ability of exports to enhance investment through importing...

The debate about the Prebisch-Singer thesis has focused on primary commodities with some extensions to manufactured goods. We analyse trends in country terms-of-trade for goods and services rather than those for commodities according to the World Bank income classification. We find that the...

The goal of this paper is to empirically analyse the relationship between the real exchange rate and the growth rate of output. Firstly, we calculate an index of real exchange rate undervaluation, following the relevant literature. Then, using unbalanced (balanced) panel data techniques, we...

The fractal properties of some segments of the global commodity derivatives market have been investigated in the present article. The fractal nature of segments of oil and copper derivatives markets has been determined. The presence of speculative reference groups of investors on given segments...

The article argues for the necessity of catch-up economic development in Bulgaria over the next years and decades. Characteristics of normal and accelerated catch-up development and their driving forces are given. 15 strengths on the verge of the EU accession, along with more than 40 weaknesses...