Journal
EMERGING MARKETS FINANCE AND TRADE
Volume 54, Issue 12, Pages 2799-2814Publisher
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
DOI: 10.1080/1540496X.2017.1412305
Keywords
dynamic panel data; emerging and developing economies; export sophistication; international trade; Monte Carlo simulation; panel data estimators; specialization
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Funding
- Grantova Agentura Ceske Republiky [16-09190]
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In this article, we analyze export sophistication based on a large panel dataset (2001-2015; 101 countries) and using various estimation algorithms. Using Monte Carlo simulations, we evaluate the bias properties of estimators and show that GMM-type estimators outperform instrumental-variable and fixed-effects estimators. Based on our analysis we document that GDP per capita and the size of the economy exhibit significant and positive effects on export sophistication; weak institutional quality exhibits negative effect. We also show that export sophistication is path-dependent and stable even during a major economic crisis, which is especially important for emerging and developing economies.
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