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Policy brief of the week

  • Should we worry about the Great Trade Slowdown?

    China’s recent decision to allow a very slight devaluation of the Yuan caused a momentary panic in stock markets around the world. Behind the extreme reaction are concerns about China’s slowing growth and the effect it will have on exports to China by the rest of the world. But these trade concerns are not limited to trade with China. In fact, world trade, the sum of exports and imports of goods and services, which used to grow much faster than world GDP, has barely matched it over the last four years. Based on historical relationships,...

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