We study how the import of older and more polluting technologies alters the relationship between output and environmental quality in developing countries within a vintage capital framework. Our results show that old technologies prolong the period until which pollution may eventually decrease...

We evaluate the export diversification structure of developing countries using a large cross-country panel of detailed exporting activity and constructed world market prices in the context of modern portfolio theory. We find that there are considerable welfare gains from moving towards a more...

The relationship between growth and pollution is studied through a vintage capital model, where new technologies are more environmentally friendly. We find that once the optimal scrapping age of technologies is reached, an economy may achieve two possible cases of sustainable development, one in...