output and total factor productivity (TFP) in the wake of a crisis. Second, we develop a DSGE model with financial frictions …

This paper compares two alternative growth paths, assessing the effects on productivity of specialisation in natural … exports either of natural resources or of technological products, and compare their role in productivity growth by GMM … estimation of a conditional convergence model. In general, reliance on natural resource exports slows growth, but we find that …