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...

Uncertainty about the export earnings accruing to a country (sometimes referred to as export instability) is an important source of macroeconomic uncertainty in many developing countries. Theory predicts that countries should react to increases in this form of uncertainty by increasing their...

The rapid growth of international trade has promoted equally rapid economic development and globalization. It has also brought some problems. To earn foreign exchange from other countries, some countries have adopted export tax rebate policies and other subsidies to enhance the international...