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

我们研究了国家在持续投资激增期间和之后经历结构变化的程度。特别是，我们探讨了贸易流量的演变，考虑 (i) 出口的复杂性或复杂性，(ii) 出口多样化，以及 (iii) 资本货物进口。使用 Libman 等人确定的情节。（2019 年），我们记录了这些事件的异质性，发现虽然资本货物的进口增加，但它们与出口的复杂性、复杂性和多样化的变化没有系统地相关，至少对于过去 130 年的可用样本而言1962-2014 年期间。高投资往往是结构变革的必要条件，但不是充分条件。