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❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ❊①t❡r♥❛❧ ❈♦♠♣❡t✐t✐✈❡♥❡ss ❛♥❞ ●❧♦❜❛❧ ❱❛❧✉❡ ❈❤❛✐♥s✿ ■♥ ❙❡❛r❝❤ ♦❢ ❛ ▲✐♥❦ ●✐✉❧✐❛ ❋❡❧✐❝❡ ✶✱✷ ▲✉❝✐❛ ❚❛❥♦❧✐ ✶ ✶ P♦❧✐t❡❝♥✐❝♦ ❞✐ ▼✐❧❛♥♦ ✷ ❈❡♥tr♦ ❙t✉❞✐ ▲✉❝❛ ❉✬❆❣❧✐❛♥♦ ❖❝t♦❜❡r ✷✵✶✾ ▲❯■❙❙ ❲♦r❦s❤♦♣✱ ❘♦♠❡ ✶ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ▼♦t✐✈❛t✐♦♥s ❛♥❞ ❛✐♠s ❚r❛❞❡ ✐♥ ✐♥t❡r♠❡❞✐❛t❡ ✐♥♣✉ts ✐s ❛ ❧❛r❣❡ ❛♥❞ ✐♥❝r❡❛s✐♥❣ s❤❛r❡ ♦❢ ✇♦r❧❞ tr❛❞❡✱ ♠❛❦✐♥❣ ✉♣ ♦✈❡r ♦♥❡ ✜❢t❤ ♦❢ t♦t❛❧ tr❛❞❡ ❛♥❞ ♠♦r❡ t❤❛♥ ❤❛❧❢ ♦❢ tr❛❞❡ ✐♥ ❣♦♦❞s ✭❖❊❈❉ ✷✵✶✻✱ ▼✐r♦✉❞♦✉t ❡t ❛❧✳ ✷✵✵✾✮ ❆ ❧❛r❣❡ ♣❛rt ♦❢ t❤✐s tr❛❞❡ ✐s ❞✉❡ t♦ ✐♥t❡r♥❛t✐♦♥❛❧ ❢r❛❣♠❡♥t❛t✐♦♥ ♦❢ ♣r♦❞✉❝t✐♦♥ ✭■❋P✮ ❛♥❞ ♣❛rt✐❝✐♣❛t✐♦♥ t♦ ❣❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥s ✭●❱❈s✮✱ ✇✐t❤ ❣♦♦❞s ❝r♦ss✐♥❣ ❜♦r❞❡rs ❛ ♥✉♠❜❡r ♦❢ t✐♠❡s✳ ✧❚❤❡ ❣r♦✇t❤ ♦❢ ❣❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥s ❤❛s s❧♦✇❡❞ s✐♥❝❡ t❤❡ ●❧♦❜❛❧ ❋✐♥❛♥❝✐❛❧ ❈r✐s✐s ❜✉t ♥♦t st♦♣♣❡❞✳ ■♥ ❢❛❝t✱ ❝♦♠♣❧❡① ●❱❈s ❣r❡✇ ❢❛st❡r t❤❛♥ ●❉P ✐♥ ✷✵✶✼✳✧ ✭●❧♦❜❛❧ ❱❛❧✉❡ ❈❤❛✐♥s ❉❡✈❡❧♦♣♠❡♥t ❘❡♣♦rt ✷✵✶✾✮ ❍♦✇ ✐s t❤✐s ❛✛❡❝t✐♥❣ t❤❡ ✇❛② ❝♦✉♥tr✐❡s ✐♥t❡r❛❝t ❣❧♦❜❛❧❧②❄ ❲❤❛t ❛r❡ t❤❡ ❝♦♥s❡q✉❡♥❝❡s ♦♥ tr❛❞❡ ✢♦✇s ♦❢ ■❋P ❛♥❞ ●❱❈s❄ ■s t❤✐s r❡❧❛t❡❞ t♦ t❤❡ ♣❡rs✐st❡♥t tr❛❞❡ ✐♠❜❛❧❛♥❝❡s ❛❝r♦ss t❤❡ ✇♦r❧❞ ❛♥❞ ✇✐t❤✐♥ t❤❡ ❊❯ ❄ ❆✐♠ ♦❢ t❤✐s ♣❛♣❡r✿ t♦ ❛ss❡ss t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ r❡❧❛t✐♦♥s❤✐♣ ✲ ❛♥❞ ✐ts ❝❤❛r❛❝t❡r✐st✐❝s ✲ ❜❡t✇❡❡♥ ✐♥t❡r♥❛t✐♦♥❛❧ ❢r❛❣♠❡♥t❛t✐♦♥ ♦❢ ♣r♦❞✉❝t✐♦♥ ❛♥❞ tr❛❞❡ ✐♠❜❛❧❛♥❝❡s✳ ✷ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ▼♦t✐✈❛t✐♦♥s ❛♥❞ ❛✐♠s ❚r❛❞❡ ✐♥ ✐♥t❡r♠❡❞✐❛t❡ ✐♥♣✉ts ✐s ❛ ❧❛r❣❡ ❛♥❞ ✐♥❝r❡❛s✐♥❣ s❤❛r❡ ♦❢ ✇♦r❧❞ tr❛❞❡✱ ♠❛❦✐♥❣ ✉♣ ♦✈❡r ♦♥❡ ✜❢t❤ ♦❢ t♦t❛❧ tr❛❞❡ ❛♥❞ ♠♦r❡ t❤❛♥ ❤❛❧❢ ♦❢ tr❛❞❡ ✐♥ ❣♦♦❞s ✭❖❊❈❉ ✷✵✶✻✱ ▼✐r♦✉❞♦✉t ❡t ❛❧✳ ✷✵✵✾✮ ❆ ❧❛r❣❡ ♣❛rt ♦❢ t❤✐s tr❛❞❡ ✐s ❞✉❡ t♦ ✐♥t❡r♥❛t✐♦♥❛❧ ❢r❛❣♠❡♥t❛t✐♦♥ ♦❢ ♣r♦❞✉❝t✐♦♥ ✭■❋P✮ ❛♥❞ ♣❛rt✐❝✐♣❛t✐♦♥ t♦ ❣❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥s ✭●❱❈s✮✱ ✇✐t❤ ❣♦♦❞s ❝r♦ss✐♥❣ ❜♦r❞❡rs ❛ ♥✉♠❜❡r ♦❢ t✐♠❡s✳ ✧❚❤❡ ❣r♦✇t❤ ♦❢ ❣❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥s ❤❛s s❧♦✇❡❞ s✐♥❝❡ t❤❡ ●❧♦❜❛❧ ❋✐♥❛♥❝✐❛❧ ❈r✐s✐s ❜✉t ♥♦t st♦♣♣❡❞✳ ■♥ ❢❛❝t✱ ❝♦♠♣❧❡① ●❱❈s ❣r❡✇ ❢❛st❡r t❤❛♥ ●❉P ✐♥ ✷✵✶✼✳✧ ✭●❧♦❜❛❧ ❱❛❧✉❡ ❈❤❛✐♥s ❉❡✈❡❧♦♣♠❡♥t ❘❡♣♦rt ✷✵✶✾✮ ❍♦✇ ✐s t❤✐s ❛✛❡❝t✐♥❣ t❤❡ ✇❛② ❝♦✉♥tr✐❡s ✐♥t❡r❛❝t ❣❧♦❜❛❧❧②❄ ❲❤❛t ❛r❡ t❤❡ ❝♦♥s❡q✉❡♥❝❡s ♦♥ tr❛❞❡ ✢♦✇s ♦❢ ■❋P ❛♥❞ ●❱❈s❄ ■s t❤✐s r❡❧❛t❡❞ t♦ t❤❡ ♣❡rs✐st❡♥t tr❛❞❡ ✐♠❜❛❧❛♥❝❡s ❛❝r♦ss t❤❡ ✇♦r❧❞ ❛♥❞ ✇✐t❤✐♥ t❤❡ ❊❯ ❄ ❆✐♠ ♦❢ t❤✐s ♣❛♣❡r✿ t♦ ❛ss❡ss t❤❡ ❡①✐st❡♥❝❡ ♦❢ ❛ r❡❧❛t✐♦♥s❤✐♣ ✲ ❛♥❞ ✐ts ❝❤❛r❛❝t❡r✐st✐❝s ✲ ❜❡t✇❡❡♥ ✐♥t❡r♥❛t✐♦♥❛❧ ❢r❛❣♠❡♥t❛t✐♦♥ ♦❢ ♣r♦❞✉❝t✐♦♥ ❛♥❞ tr❛❞❡ ✐♠❜❛❧❛♥❝❡s✳ ✷ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ■♥ t❤✐s ♣❛♣❡r✿ ❇② ✉s✐♥❣ t❤❡ ■♥t❡r♥❛t✐♦♥❛❧ ■♥♣✉t✲❖✉t♣✉t ❞❛t❛❜❛s❡ ❲■❖❉✱ ✇❡ ❝♦♠♣✉t❡ t✇♦ ❛❣❣r❡❣❛t❡ ✐♥❞✐❝❛t♦rs ♦❢ ✐♥t❡r♥❛t✐♦♥❛❧ ❢r❛❣♠❡♥t❛t✐♦♥ ♦❢ ♣r♦❞✉❝t✐♦♥✱ t❤❡ ❋❡❡♥str❛ ❛♥❞ ❍❛♥s♦♥ ♦✛s❤♦r✐♥❣ ✐♥❞✐❝❛t♦r ✭✶✾✾✻✮ ❛♥❞ ❛♥ ✐♥❞✐❝❛t♦r ♣r♦♣♦s❡❞ ❜② ❑♦♦♣♠❛♥ ❡t ❛❧✳ ✭✷✵✶✷✱ ✷✵✶✹✮❀ ❲❡ ❡♠♣❧♦② t❤❡s❡ ✐♥❞✐❝❛t♦rs t♦ ✐♥✈❡st✐❣❛t❡ t❤❡ ♣♦t❡♥t✐❛❧ r❡❧❛t✐♦♥s❤✐♣ ❜❡t✇❡❡♥ ❛ ❝♦✉♥tr②✬s ♣❛rt✐❝✐♣❛t✐♦♥ ✐♥ t❤❡ ❣❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥ ❛♥❞ ✐ts ❡①t❡r♥❛❧ ♣♦s✐t✐♦♥✱ ❝♦♥s✐❞❡r✐♥❣ ❞✐✛❡r❡♥t ♣♦t❡♥t✐❛❧ ❝❤❛♥♥❡❧s✱ ✐♥❝❧✉❞✐♥❣ ❝♦♠♣❡t✐t✐✈❡♥❡ss ❡✛❡❝ts❀ ❚♦ ❛ss❡ss ❞✐✛❡r❡♥t ❡✛❡❝ts✱ ✇❡ t❛❦❡ ✐♥t♦ ❛❝❝♦✉♥t t❤❡ ❝❤❛r❛❝t❡r✐st✐❝s ♦❢ t❤❡ ♣❛rt♥❡rs✱ ✐✳❡✳✱ ❧♦✇✲✐♥❝♦♠❡✴❧♦✇✲♣r♦❞✉❝t q✉❛❧✐t② ❝♦✉♥tr✐❡s ✈s ❤✐❣❤✲✐♥❝♦♠❡✴♣r♦❞✉❝t q✉❛❧✐t② ❝♦✉♥tr✐❡s✳ ✸ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ●❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥ ♣❛rt✐❝✐♣❛t✐♦♥✿ ❛❞✈❛♥❝❡❞ ❝♦✉♥tr✐❡s Foreign value added in advanced countries exports (shares) 0.3 0.25 0.2 0.15 0.1 0.05 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 DEU FRA ITA USA Source: our elaborations on WIOD database ✹ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ●❧♦❜❛❧ ✈❛❧✉❡ ❝❤❛✐♥ ♣❛rt✐❝✐♣❛t✐♦♥✿ ❡♠❡r❣✐♥❣ ❝♦✉♥tr✐❡s Foreign value added in emerging countries exports (shares) 0.6 0.5 0.4 0.3 0.2 0.1 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 China CZE MEX POL SVK Source: our elaborations on WIOD database ✺ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ❚r❛❞❡ ✐♠❜❛❧❛♥❝❡s ✐♥ t❤❡ ❊❯ External balances EU 28 (% of GDP) 8 6 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -2 -4 -6 -8 Av. EU 15 Av. EU new members Source: World Bank WDI database ✻ ✴ ✸✶

❆✐♠s ❉❛t❛ ❊♠♣✐r✐❝❛❧ ❡✈✐❞❡♥❝❡ ❲♦r❧❞ ❚r❛❞❡ ❜❛❧❛♥❝❡s External balances (% of GDP) 6 4 2 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 -2 -4 -6 High Income countries Low Income Countries Source: World Bank WDI database ✼ ✴ ✸✶