Diversification through Trade

Medientyp: E-Book

Titel: Diversification through Trade

Beteiligte: Caselli, Francesco [VerfasserIn]; Koren, Miklós [Sonstige Person, Familie und Körperschaft]; Lisicky, Milan [Sonstige Person, Familie und Körperschaft]; Tenreyro, Silvana [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, August 2015

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w21498

Identifikator:

Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files

Beschreibung: A widely held view is that openness to international trade leads to higher GDP volatility, as trade increases specialization and hence exposure to sector-specific shocks. We revisit the common wisdom and argue that when country-wide shocks are important, openness to international trade can lower GDP volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and provide a new answer to the question of whether and how international trade affects economic volatility

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