bit more than half the world's countries experience declining CHB and rising TFP. The effects are big for the outliers. A …

to 9\% of world's welfare and to 11% of world's trade, unevenly distributed among winners and losers. Net exports of FDI … actual aggregate cross-section data for 89 countries in 2011 to a hypothetical world without FDI. The gains from FDI amount … substitute for export trade in the results …