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While the traditional approach to the adjustment of international imbalances assumes industrialized countries at a similar level of development and with similar production structures, such imbalances have historically been the result of a process of catching up by late-industrializing developing...
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countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing … divergent current account patterns in emerging Europe and emerging Asia based on the assumption that both regions constitute two … found to be the most significant factors to explain divergent current account patterns in emerging Europe and emerging Asia …
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