Bonadio, Barthélémy; Huo, Zhen; Levchenko, Andrei A.; … - National Bureau of Economic Research - 2023
We study the roles of globalization and structural change in the evolution of international GDP comovement among … while average GDP correlations remained stable. We show that structural change - trend reallocation of economic activity … less internationally correlated than in manufacturing, and thus structural change lowers GDP comovement by increasing the …