Roberto Chang, Andrés Velasco

NBER Working Paper No. 27020
Issued in April 2020

---- Acknowledgments ----

Work on this paper was carried out while Roberto Chang served as BP Centennial Professor at the London School of Economics and Political Science. We acknowledge with thanks very useful conversations on the subject of this paper with several LSE colleagues, with Ricardo Hausmann from the Harvard Kennedy School, and with Norman Loayza from the World Bank. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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