Re: Ang. straff

Det här the abstract till en artikel (av typ sex) som jag ska sammanfatta. Om någon förstår vad den handlar om, var god maila. Har försökt vrida och vända i typ tre timmar nu. GYNNAR INTE.

Så där fick jag mig mitt straff. Uppkopplingen är skit också. Och jag har förlagt min jacka

Between 1810 and 1940, a large GDP per capita gap appeared between the industrial core
and a poor periphery that was producing, increasingly, primary products. Over the same
period, the terms of trade facing the periphery underwent a secular boom then bust,
typically peaking in the 1870s or 1890s, exactly when, depending on the primary product
in which the periphery country was specialized. These terms of trade trends appear to
have been exogenous to the periphery. Additionally, the terms of trade facing the
periphery exhibited relatively high volatility. Are these correlations spurious, or are they
causal? This lecture argues that they are causal, that secular growth and volatility in the
terms of trade had asymmetric effects on core and periphery. On the upswing, the secular
rise in its terms of trade had powerful de-industrialization effects in the periphery. Over
the full cycle 1810-1940, terms of trade volatility suppressed accumulation and growth
there as well.