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The Margins Of US Trade

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Executive Summary

Recent research in international trade emphasizes the importance of firms' extensive margins for understanding overall patterns of trade as well as how firms respond to specific events such as trade liberalization. In this paper, the authors use detailed US trade statistics to provide a broad overview of how the margins of trade contribute to variation in US imports and exports across trading partners, types of trade (i.e., arm's length versus related party) and both short and long time horizons. Among other results, they highlight the differential behavior of related-party and arm's-length trade in response to the 1997 Asian financial crisis.

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