the weight of U.S. liabilities in the rest of the world''s stock of external assets. Finally, it relates the empirical …

advantage. Financial globalization then induces more specialization and more trade. The present framework yields explicit closed …

decoupling between the world's two largest economies. Results based on gravity model regressions with high-dimensional fixed … other hand, we find no evidence of an increased regionalisation of world trade since the shock of the COVID-19 pandemic or … the war in Ukraine. Therefore, our results suggest that near-shoring strategies did not have a large impact on world trade …