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Using a gravity-type explanation of international trade flows at the industry level, it is shown that the pattern of comparative advantage in terms of sectoral export/import ratios in bilateral trade can be explained by relative income and relative per capita income. Total income of a country is...
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a theory consistent econometric model, in which we show that there is a long run relationship between real income, the … investment rate, and the real value of oil production. Secondly, we investigate the long-run (level) effects of natural resource …
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