The structural outcomes of investment surges

We study the extent to which countries undergo structural change during and after episodes of sustained investment surges. In particular, we explore evolution trade flows, considering (i) exports sophistication or complexity, (ii) diversification, (iii) capital goods imports. Using identified by Libman et al. (2019), document heterogeneous nature these find that, while imports increase, they are not systematically related changes in sophistication, complexity diversification exports, at least for available sample 130 over period 1962-2014. High may often be a necessary but sufficient condition change.