Gartner and Jung Clothes for the Emperor or Can Research Learn from Undergraduate Macroeconomics? (Kyklos)
We ignore the negative effect of a global recession on a small open economy's exports, to keep things simple, and because this does not bear on our qualitative results. Van Bergeijk (2009) provides a quantification of this channel by looking at how major post 1980 financial crises affected import volumes of individual economies.
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