Illescas, JavierJaramillo, C. Felipe2012-03-192012-03-192011-11-01https://hdl.handle.net/10986/3634The rapid growth of exports since the early 1990s is a central feature in the extraordinary rise of Peru's economy in recent years. This study puts a lens on this export growth episode, with special attention to two issues. The first one is the role of international price levels as well as export volumes in explaining this growth. The second one is whether Peru has seen a diversification of its exports during this growth episode. The empirical analysis finds that although the increase in international mineral prices has exerted a significant impact in recent years, much of the growth of Peru's export revenues has also been related to an increase in volumes. This finding applies to traditional and non- traditional exports, although the importance of volumes is more predominant for the latter. The analysis does not reveal a trend toward greater diversification of Peru's exports since 1993. On the contrary, some of the evidence suggests that the rises in price and volumes in the mining components could be leading to greater concentration. Nonetheless, there is a clear trend toward diversification among non-traditional exports due to the significant emergence of new export products in recent years.CC BY 3.0 IGOADVERTISINGAGGREGATE LEVELAGRICULTURAL PRODUCTSAVERAGE GROWTHAVERAGE GROWTH RATECENTRAL BANKCOMMODITY PRICECOMPARATIVE ADVANTAGECOMPARATIVE ADVANTAGESDEBTDEFLATORSDEVELOPED COUNTRIESDEVELOPING COUNTRIESDEVELOPMENT ECONOMICSDEVELOPMENT POLICYDISAGGREGATED LEVELDIVERSIFICATIONECONOMIC ACTIVITYECONOMIC BOOMECONOMIC DEVELOPMENTECONOMIC GROWTHECONOMIC PERFORMANCEECONOMIC POLICYECONOMIC REFORMECONOMIC REFORMSECONOMICS LETTERSEMPIRICAL EVIDENCEEMPIRICAL LITERATUREEXCHANGE RATEEXCHANGE RATESEXPORTEXPORT DIVERSIFICATIONEXPORT GROWTHEXPORT MARKETSEXPORTSFINANCIAL CRISISFOREIGN EXCHANGEFOREST RESOURCESGDPGLOBAL ECONOMYGLOBAL MARKETSGROWTH EPISODEGROWTH MODELGROWTH RATEGROWTH RATESGROWTH REGRESSIONSHIGH GROWTHHUMAN CAPITALINCOMEINCOME LEVELSINCREASING RETURNSINCREASING RETURNS TO SCALEINDEPENDENT VARIABLESINFLATIONINTEREST RATEINTERNATIONAL DEVELOPMENTINTERNATIONAL MARKETSKNOWLEDGE ECONOMYLOW-INCOME COUNTRIESMACROECONOMIC STABILITYMARKET DISTORTIONSMARKET REFORMSMARKETINGMEATMILKMILLSNATURAL RESOURCESNEGATIVE EFFECTNON- TRADITIONAL EXPORTSNON-TRADITIONAL EXPORTSPER CAPITA INCOMEPERFUMESPOLICY RESEARCHPORTFOLIO THEORYPOVERTY REDUCTIONPRICE INCREASEPRICE INDEXPRICE LEVELSPRICE VARIATIONSPRICE VOLATILITYPRIMARY PRODUCTSPUBLIC FUNDSPUBLIC POLICIESPURCHASINGPURCHASING POWERRAPID GROWTHREAL EXCHANGE RATERETAILRISK AVERSESALESIGNIFICANT FACTORSIGNIFICANT IMPACTSTATISTICAL DATASTRUCTURAL CHANGESUGARTANNINGTAXTECHNOLOGY FRONTIERTIMBERVALUE ADDEDWorld Bank10.1596/1813-9450-5868