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The debate about the Prebisch-Singer thesis has focused on primary commodities with some extensions to manufactures. As the authors think that the link between the terms of trade and long-run development, growth and convergence is the ability of exports to enhance investment through importing capital goods they analyse trends in country terms-of-trade. They use two data sets. They find that for the poor countries the terms of trade of goods and services are falling at a rate that is less negative than for net-barter terms of trade and those found earlier for primary commodities.
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