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Does trade improve institutions and contribute to long run growth? I develop a theory of trade, in which trade liberalization provides incentive to change institutions in two ways. On the one hand, trade leads to specialization according to comparative advantage, expanding the industries that do...
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The unprecedented economic rise of Eastern Europe and China in the last two decades has triggered concerns in developed … regional import and export exposure using trade flows from other highly-developed countries with East Europe and China. We find … effects of trade integration with China on the employment margin. We complement our findings with results on regional wage …
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This paper assesses the role of financial variables in real economic fluctuations, in view of analysing the link between financial cycles and business cycles at the global level. A Global VAR modelling approach, which has been proved suitable for modelling country or regional linkages, is used...
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For spatial data with a sufficiently long time dimension, the concept of global cointegration has been recently included in the econometrics research agenda. Global cointegration arises when non-stationary time series are cointegrated both within and between spatial units. In this paper, we...
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markets world-wide gained importance during the post-crisis "second phase of global liquidity" (Shin, 2013). The analysis …
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