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This paper presents a stock-flow-consistent model in which growth is led by exports and government expenditure. It considers domestic and external debt dynamics and gross capital flows. Countries may choose to not fully use their external space to accumulate international reserves. The model is...
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oil products, 3 are exposed to world prices of oil through the exports channel. 5 countries are exposed to this variable …
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former. The main factor in this relentless long-term depreciation is the loss of productivity in Mexico relative to the US …
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