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Services, which are less traded than goods, rose from 50 percent of world expenditure in 1970 to 80 percent in 2015 …. Such structural change restrained "openness"—the ratio of world trade to world GDP—over this period. We quantify this …
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Global value chains (GVCs) have grown rapidly over the past several decades. Over the same period, the aggregate value of current account imbalances has risen substantially. This paper looks at whether these developments are related. While there is a sizable literature that has documented the...
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