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Trade with differentiated goods normally provides a form of insurance against disasters, such as floods and fires … affecting also the trading partners are preferred over idiosyncratic shocks. Trade thus increases economic vulnerability to …
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resources ; depletion ; transition dynamics ; steady state ; trade ; migration ; capital flows …
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Commodity price increases associated with the entry of China, India, and other countries into the world economy have led to increased pressure on common-property renewable natural resources. The problem is particularly worrisome for economies that obtain a large share of their income from the...
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