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Cross-country Correlation: Per Capita GDP and the Shares of International Trade in Manufacturing and Services in GDP

Cross-country Correlation: Per Capita GDP and the Shares of International Trade in Manufacturing and Services in GDP

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Gravity models have been extensively used as workhorse models to study the determinants of international trade. While most of the literature has focused on trade in manufacturing, a recent literature has emerged that uses gravity models to study international trade in services. Despite showing that gravity equations are well suited to studying trad...

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... endeavor in this paper is oriented towards understanding how the nature of bilateral trade in the two product categories differs. Preliminary evidence of how demand bias towards services is reflected in the international trade basket is depicted in Figure 2. It graphs the simple correlation between per capita GDP and the manufacturing and services total trade as shares of GDP across the 177 countries in our sample. ...

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