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This paper explores theoretically and empirically the long run relation of the terms of trade (ratio of domestic and foreign prices of traded manufacturing goods) and economic growth of a pair of industrialized countries, one of which experiences a major catch-up process towards the other. It is...
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strong, there is a real possibility that the convergence of real-world financial systems, which many practitioners and … scholars currently believe will take place, is a convergence towards an inefficient system. …
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