also identify international trade and local economic policy heterogeneity as growing centrifugal forces. … factors like distance and size as well as policy factors such as industrial, fiscal and trade policy. Results emphasize the … benefits of domestic trade and local fiscal policy rationalization on the stabilization of output fluctuations. However, they …

than 100,000 Chinese exporters over the period 2000-2006. We confirm a trade-deterring effect of RER volatility. We find …

than 100,000 Chinese exporters over the 2000-2006 period. We confirm a trade-deterring effect of RER volatility. We find …