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The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient industrial specialization and low international trade. As international portfolio diversification is limited and productivity is uncertain, investors wish to maintain a...
Persistent link: https://www.econbiz.de/10014403975
The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009 … internationally, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off …
Persistent link: https://www.econbiz.de/10012230745
The world economy has experienced four global recessions over the past seven decades: in 1975, 1982, 1991, and 2009 …, with severe economic and financial disruptions in many countries around the world. The 2009 global recession, set off by …
Persistent link: https://www.econbiz.de/10012159612
Persistent link: https://www.econbiz.de/10012224956
Persistent link: https://www.econbiz.de/10003823139
large parts of the world. In this paper we explore the financial and the trade channel in a unified framework and quantify …
Persistent link: https://www.econbiz.de/10012920861
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