| Popis: |
This paper compares two alternative growth paths, assessing the effects on productivity of specialisation in natural resources (NR) and in technologically advanced products. The empirical analysis exploits product-level export data for 109 developing and 51 developed economies over the period 1996-2018. We document two distinct types of specialisation, based on 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 the type of resources exported is important: fuel exports hamper growth while specialisation in metals enhances the catch-up in productivity. Technological specialisation, especially in products typical of the Fourth Industrial Revolution, reinforces productivity growth but does not affect the relationship between resources and productivity growth. |
