and growth in services' trade. The objective of this paper is to build a simple three sector quantitative model which can … productivity (TFP) and increase in the level of trade in industrial and service sectors. The results from a counterfactual … of sectoral trade negligibly affects the results. Hence I conclude that services' productivity growth versus the increase …

. In doing so, it considers the main channels of transmission, to focus on international trade, investment, finance and …