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This paper analyzes the link between international trade and exchange rate levels in the context of the global financial crisis (GFC) and the rise of global and regional value chains (GVCs). Using bilateral data for 72 economies over the 2001-2015 period, we find a positive relationship between...
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substantially reduced trade costs and has enlarged the choice sets of music consumers around the world. Using comprehensive data on … appealing to world consumers. We conclude that a combination of c) and d) offers the most credible explanation for the observed …
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