Conventional econometric analysis using VEC suggests that there is a long-term relationship between nominal world GDP … and nominal world exports. The analysis cannot say anything about the causal relationships between the levels of GDP and … short-term adjustments, GDP plays the first fiddle. Short-term GDP changes have driven short-term changes in world exports …

old joke goes, the rest of the world caught a cold. But that dominance is now being challenged by the rise of rapidly … outline the consequences of this evolving world economic order – in particular, how it is decoupling the business cycles of …