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Drawing on a large sample of countries, this paper explores whether closer economic ties between countries foster business cycle synchronisation and disentangles the role of the various channels, including trade and financial linkages as well as the similarity in sectoral specialisation....
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2008Q4-2009Q1 was so severe and synchronized across the world, and also examines the subsequent recovery in global trade …-level can explain a significant proportion of the decline in world imports during the crisis, while declines in the highly …", suggesting that widespread global production chains may have amplified the downturn in world trade and partly explains its high …
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