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We investigate the fundamental determinants of sustainability in general equilibrium. We adopt a definition of sustainability that requires that the welfare of future generations is not expected to decrease on average. We then use a stochastic growth model to explore the conditions under which...
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dynamics of financial integration and assesses whether advances in financial integration and globalization yield the beneficial … real effects resulting from a more efficient resource allocation predicted by theory. We find that: (a) financial … financial integration and globalization predict higher growth, lower growth volatility, as well as lower probabilities of …
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This paper attempts to quantify the impact of economic policy uncertainty on overall trade and trade linked to global value chains. Using new data on policy uncertainty for 18 countries and 24 years, it finds a statistically significant negative impact of policy uncertainty on overall trade...
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