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Understanding Export Diversification: Key Drivers and Policy Implications

Author

Listed:
  • Rahul Giri
  • Saad N Quayyum
  • Rujun Yin

Abstract

We identify key factors, from large set of potential determinants, that explain the variation in export diversification across countries and over time using Bayesian Model Averaging (BMA), which addresses model uncertainty and ranks factors in order of importance vis-a-vis their explanatory power. Our analysis suggests, in order to diversify, policy makers should prioritize human capital accumulation and reduce barriers to trade. Other policy areas include improving quality of institutions and developing the financial sector. For commodity exporters reducing barriers to trade is the most important driver of diversification, followed by improving education outcomes at the secondary level and financial sector development.

Suggested Citation

  • Rahul Giri & Saad N Quayyum & Rujun Yin, 2019. "Understanding Export Diversification: Key Drivers and Policy Implications," IMF Working Papers 19/105, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:19/105
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    Cited by:

    1. Claire Giordano, 2019. "How frequent a BEER? Assessing the impact of data frequency on real exchange rate misalignment estimation," Questioni di Economia e Finanza (Occasional Papers) 522, Bank of Italy, Economic Research and International Relations Area.

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