Bussière, Matthieu; Chudik, Alexander; Sestieri, Giulia - 2009
in global imbalances, and second, to model exports and imports jointly. The latter proves to be very important due to the … imports seems well accounted for by the model, the fall in exports of several countries remains partly unexplained, suggesting … internationalisation of production and the high import content of exports. The model can be used to gauge the effect on trade flows of …