Boz, Emine; Li, Nan; Zhang, Hongrui - 2019
current account balances: countries specializing in sectors that face relatively high trade costs, such as services, tend to … run current account deficits, and similarly, countries specializing in low trade cost sectors, such as manufacturing, tend … to run current account surpluses. To test this view, we first infer comparative advantages and trade costs, by sector …