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How does international monetary leadership end? This paper examines the decline of the Sterling Area between 1945 and 1979 to understand the process of international economic disintegration. Using an original cross-national panel dataset, we conduct survival analysis which systematically...
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goods. The model is estimated for three small open economies: Australia, Canada, and the United Kingdom. The empirical … small for the United Kingdom, and comparatively large for Canada; the distribution margin in the United Kingdom is …, expenditure switching by foreign distributors is comparatively small for Australia and Canada, since a larger fraction of …
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