{
  "title": "The Composition and Cyclical Behavior of Trade Flows in Emerging Economies",
  "publication": "IMF Working Papers, February 1, 2010",
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  "summary": "Trade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM) but this is not the case for exports.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Trade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM).\n- Exports differ: unlike developed economies,\n  - EM export few or only a selective set of capital goods.\n  - Capital good and overall exports in EM tend to be acyclical.\n- The lack of procyclicality in exports drives the strong countercyclicality of EM trade balances observed in previous studies.\n- A quantitative exercise demonstrates how the standard small open economy business cycle model can be improved for EM by incorporating these features."
    },
    {
      "heading": "Quantitative exercise and model implications",
      "content": "- The standard small open economy business cycle model can be improved for emerging markets by:\n  - Incorporating the selective export of capital goods.\n  - Allowing capital good and overall exports to be acyclical rather than procyclical.\n- These model modifications help account for the observed strong countercyclicality of EM trade balances."
    },
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      "heading": "Key statistics and publication metadata",
      "content": "- Author: Reinout De Bock\n- Date: February 1, 2010\n- Pages: 32\n- Volume: 2010\n- Issue: 046\n- Series: Working Paper No. 2010/046\n- DOI: https://doi.org/10.5089/9781451963106.001\n- Stock No: WPIEA2010046\n- ISBN: 9781451963106\n- ISSN: 1018-5941\n- Subject tags: Consumption, Exports, Imports, Labor, Trade balance\n- Keywords: WP\n\nSource: \"The Composition and Cyclical Behavior of Trade Flows in Emerging Economies\", Reinout De Bock, IMF Working Papers, February 1, 2010.\n\n---\n\n Content in this bundle\n\n- wp1046\n  - wp1046 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp1046 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-composition-and-cyclical-behavior-of-trade-flows-in-emerging-economies-23635"
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    "Authors: Reinout De Bock",
    "Published: February 1, 2010",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451963106.001",
    "Trade flows data show that the composition and cyclical properties of imports are similar in developed economies and emerging markets (EM).",
    "Exports differ: unlike developed economies,",
    "The lack of procyclicality in exports drives the strong countercyclicality of EM trade balances observed in previous studies.",
    "A quantitative exercise demonstrates how the standard small open economy business cycle model can be improved for EM by incorporating these features.",
    "The standard small open economy business cycle model can be improved for emerging markets by:",
    "These model modifications help account for the observed strong countercyclicality of EM trade balances.",
    "Author: Reinout De Bock",
    "Date: February 1, 2010",
    "Pages: 32",
    "Volume: 2010",
    "Issue: 046",
    "Series: Working Paper No. 2010/046",
    "DOI: https://doi.org/10.5089/9781451963106.001",
    "Stock No: WPIEA2010046",
    "ISBN: 9781451963106",
    "ISSN: 1018-5941",
    "Subject tags: Consumption, Exports, Imports, Labor, Trade balance",
    "Keywords: WP",
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