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for estimating long-run relationships. The empirical results suggest that the growth of output in France has been spurred … by increased trade integration within the European Community and by the accumulation not only of business sector capital …--the only measure of capital included in most empirical studies--but also by the accumulation of government infrastructure …
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Globalization increasingly involves less-developed countries (LDCs), i.e., economies which usually suffer from severe imperfections in their financial systems. Taking these imperfections seriously, we analyze how credit frictions affect the distributive impact of trade liberalizations. We find...
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