This paper provides an analysis of developing Asia's growth experience from the point of view of its structural transformation during the last three decades. The most salient feature of this transformation has been the significant decrease in the share of agriculture and the parallel increase in...

The Great Recession has inspired renewed interest in analyzing the behaviour of the economy during recession episodes, and how these temporary events can shape the productive structure of the economy for long periods. Most of the existing literature focuses on recessions at the aggregate level....

Does GDP composition affect GDP growth and volatility? Typically, economies at advanced stages of development grow slower, are less volatile and have a larger share of services in GDP with respect to economies at middle stages. I propose a theory of development consistent with these three facts....