Martin, Julien; Mayneris, Florian - HAL - 2013
-end varieties has two macroeconomic implications for countries. First, the sources of a country's aggregate exports volatility are …-speci c demand shocks, and thus their volatility on a given market. However, their lower sensitivity to distance allows for a … greater geographic diversi cation of their exports, which in turn reduces aggregate volatility through a portfolio e ect …