Export Diversification and Fiscal Procyclicality

References

• Abdih, Y., P. Lopez-Murphy, A. Roitman, and R. Sahay. 2010. The cyclicality of fiscal policy in the Middle East and Central Asia: Is the current crisis different? (IMF Working Paper 10/68). Available at SSRN: https://ssrn.com/abstract=1578666.
   Google Scholar
• Acemoglu, D., S. Johnson, and J. A. Robinson. 2001. The colonial origins of comparative development: An empirical investigation. American Economic Review 102 (6):3059–76.
   Google Scholar
• Aditya, A., and R. Acharyya. 2013. Export diversification, composition, and economic growth: Evidence from cross-country analysis. Journal of International Trade & Economic Development 22 (7):959–92. doi:10.1080/09638199.2011.619009.
   Web of Science ®Google Scholar
• Akitoby, B., B. J. Clements, S. Gupta, and G. Inchauste (2004). The cyclical and long-term behavior of government expenditures in developing countries. IMF Working Paper No. 04/202, International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2004/wp04202.pdf
   Google Scholar
• Alesina, A., F. R. Campante, and G. Tabellini. 2008. Why is fiscal policy often procyclical? Journal of the European Economic Association 6 (5):1006–36. doi:10.1162/jeea.2008.6.issue-5.
   Web of Science ®Google Scholar
• Arreaza, A., B. E. Sorensen, and O. Yosha. 1999. Consumption smoothing through fiscal policy in OECD and EU Countries. In Fiscal institutions and fiscal performance, ed. J. Poterba and V. H. Jurgen, 59–80. Chicago: The University of Chicago Press.
   Google Scholar
• Auty, R. M., Ed. 2001. Resource abundance and economic development. Oxford: Oxford University Press.
   Google Scholar
• Caballero, R. J., and A. Krishnamurthy (2004). Fiscal policy and financial depth. NBER Working Paper No. 10532, National Bureau of Economic Research. http://www.nber.org/papers/w10532
   Google Scholar
• Cadot, O., C. Carrere, and V. Strauss-Kahn. 2011. Export diversification: What’s behind the hump? Review of Economics and Statistics 93 (2):590–605. doi:10.1162/REST_a_00078.
   Web of Science ®Google Scholar
• Calderon, C., and H. Nguyen. 2016. The cyclical nature of fiscal policy in sub-Saharan Africa. Journal of African Economies 25 (4):548–79. doi:10.1093/jae/ejw007.
   Web of Science ®Google Scholar
• Calderon, C., and K. Schmidt-Hebbel. 2003. Macroeconomic policies and performance in Latin America. Journal of International Money & Finance 22 (7):895–923. doi:10.1016/j.jimonfin.2003.09.005.
   Web of Science ®Google Scholar
• Carneiro, F. G., and L. Garrido (2015). New evidence on the cyclicality of fiscal policy. World Bank Policy Research Working Paper No. 7293, World Bank. http://documents.worldbank.org/curated/en/319601468001191122/New-evidence-on-the-cyclicality-of-fiscal-policy
   Google Scholar
• Catao, L., and B. Sutton (2002). Sovereign defaults the role of volatility. IMF Working Paper No. 02/149, International Monetary Fund. https://www.imf.org/external/pubs/ft/wp/2002/wp02149.pdf
   Google Scholar
• Chinn, M. D., and H. Ito. 2008. A new measure of financial openness. Journal of Comparative Policy Analysis 10 (3):309–22. doi:10.1080/13876980802231123.
   Google Scholar
• Deininger, K., and L. Squire. 1996. A new data set measuring income inequality. World Bank Economic Review 10 (3):565–91. doi:10.1093/wber/10.3.565.
   Web of Science ®Google Scholar
• Finger, J. M., and M. E. Kreinin. 1979. A measure of export similarity and its possible uses. The Economic Journal 89 (356):905–12. doi:10.2307/2231506.
   Web of Science ®Google Scholar
• Forbes, K. J., and R. Rigobon. 2002. No contagion, only interdependence: Measuring stock market comovements. Journal of Finance 57 (5):2223–61. doi:10.1111/0022-1082.00494.
   Web of Science ®Google Scholar
• Frankel, J. A. (2012). The natural resource curse: A survey of diagnoses and some prescriptions. HKS Faculty Research Working Paper Series RWP12-014.
   Google Scholar
• Frankel, J. A., C. A. Vegh, and G. Vuletin. 2013. On graduation from fiscal procyclicality. Journal of Development Economics 100 (1):32–47. doi:10.1016/j.jdeveco.2012.07.001.
   Web of Science ®Google Scholar
• Gali, J., and R. Perotti. 2003. Fiscal policy and monetary integration in Europe. Economic Policy 18 (37):533–72. doi:10.1111/1468-0327.00115_1.
   Google Scholar
• Gavin, M., and R. Perotti. 1997. Fiscal policy in Latin America. NBER Macroeconomics Annual 12 (12):11–72. doi:10.1086/654320.
   Google Scholar
• Gözgör, G., and M. Can. 2017. Causal linkages among the product diversification of exports, economic globalization and economic growth. Review of Development Economics 21:888–908. doi:10.1111/rode.12301.
   Web of Science ®Google Scholar
• Grossman, G. M., and E. Helpman. 1994. Protection for sale. The American Economic Review 84 (4):833–50.
   Web of Science ®Google Scholar
• Ilzetzki, E. 2011. Rent-seeking distortions and fiscal procyclicality. Journal of Development Economics 96 (1):30–46. doi:10.1016/j.jdeveco.2010.07.006.
   Web of Science ®Google Scholar
• Ilzetzki, E., and C. A. Vegh (2008). Procyclical fiscal policy in developing countries: Truth or fiction?. NBER Working Paper No. 14191, National Bureau of Economic Research. http://www.nber.org/papers/w14191
   Google Scholar
• Imbs, J., and R. Wacziarg. 2003. Stages of diversification. American Economic Review 93 (1):63–86. doi:10.1257/000282803321455160.
   Web of Science ®Google Scholar
• International Country Risk Guide (ICRG). (2013). Researchers Dataset, Harvard Dataverse.
   Google Scholar
• Kaminsky, G. L., C. M. Reinhart, and C. A. Vegh. 2004. When it rains, it pours: Procyclical capital flows and macroeconomic policies. NBER Macroeconomics Annual 3 (19):9–54.
   Google Scholar
• Kaufmann, D., A. Kraay, and M. Mastruzzi (2009). Governance matters VIII: Aggregate and individual governance indicators, 1996–2008. World Bank Policy Research Working Paper No. 4978, World Bank. http://documents.worldbank.org/curated/en/598851468149673121/Governance-matters-VIII-aggregate-and-individual-governance-indicators-1996-2008
   Google Scholar
• Lane, P. R. 2003. The cyclical behaviour of fiscal policy: Evidence from the OECD. Journal of Public Economics 87 (12):2661–75. doi:10.1016/S0047-2727(02)00075-0.
   Web of Science ®Google Scholar
• Lane, P. R., . &., and G. M. Milesi-Ferretti. 2007. The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970–2004. Journal of International Economics 73 (11):223–50. doi:10.1016/j.jinteco.2007.02.003.
   Google Scholar
• Melitz, J. 2000. Some cross-country evidence about fiscal policy behavior and consequences for EMU. European Economy 2 (2):3–21.
   Google Scholar
• Melitz, M. 2003. The impact of trade on intra-industry reallocations and aggregate industry productivity. Econometrica 71 (6):1695–725. doi:10.1111/ecta.2003.71.issue-6.
   Web of Science ®Google Scholar
• Murphy, P. L., M. M. Villafuerte, and M. R. Ossowski. 2010. Riding the roller coaster: Fiscal policies of nonrenewable resource exporters in Latin America and the Caribbean. Washington: International Monetary Fund.
   Google Scholar
• Rodrik, D. 1998. Why do more open economies have bigger governments? Journal of Political Economy 106 (5):997–1032. doi:10.1086/250038.
   Web of Science ®Google Scholar
• Sorensen, B. E., L. Wu, and O. Yosha. 2001. Output fluctuations and fiscal policy: U.S. state and local governments 1978–1994. European Economic Review 45 (7):1271–310. doi:10.1016/S0014-2921(00)00104-5.
   Web of Science ®Google Scholar
• Suzuki, Y. 2015. Sovereign risk and procyclical fiscal policy in emerging market economies. Journal of International Trade & Economic Development 24 (2):247–80. doi:10.1080/09638199.2014.894112.
   Web of Science ®Google Scholar
• Talvi, E., and C. A. Vegh. 2005. Tax base variability and procyclical fiscal policy in developing countries. Journal of Development Economics 78 (1):156–90. doi:10.1016/j.jdeveco.2004.07.002.
   Web of Science ®Google Scholar
• Thornton, J. 2008. Explaining procyclical fiscal policy in African countries. Journal of African Economies 17 (3):451–64. doi:10.1093/jae/ejm029.
   Web of Science ®Google Scholar
• Tornell, A., and P. R. Lane. 1999. The voracity effect. American Economic Review 89 (1):22–46. doi:10.1257/aer.89.1.22.
   Web of Science ®Google Scholar
• Vegh, C. A. 2015. Fiscal policy in emerging markets: Procyclicality and graduation. NBER Reporter 4, p. 11.
   Google Scholar
• Vegh, C. A., and G. Vuletin. 2015. How is tax policy conducted over the business cycle? American Economic Journal: Economic Policy 7 (3):327–70. doi:10.1257/pol.20130057.
   Web of Science ®Google Scholar
• Woo, J. 2003. Social Polarization, Industrialization, and Fiscal Instability: Theory and Evidence. Journal of Development Economics 72 (1):223–52. doi:10.1016/S0304-3878(03)00075-0.
   Web of Science ®Google Scholar
• Woo, J. 2005. Social polarization, fiscal instability and growth. European Economic Review 49 (6):1451–77. doi:10.1016/j.euroecorev.2004.02.001.
   Web of Science ®Google Scholar
• Woo, J. 2009. Why do more polarized countries run more procyclical fiscal policy? Review of Economics and Statistics 91 (4):850–70. doi:10.1162/rest.91.4.850.
   Web of Science ®Google Scholar
• Woo, J. 2011. Growth, income distribution, and fiscal policy volatility. Journal of Development Economics 96 (2):289–313. doi:10.1016/j.jdeveco.2010.10.002.
   Web of Science ®Google Scholar