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Visiting Scholar, Research Department; National Institute of Public Finance and Policy, India; and Asian Development Bank, Philippines respectively.
The emerging markets considered are based on the msci country list, with the addition of Argentina.
The data are obtained from the World Bank’s WDI at an annual frequency and averaged for the period 1992 – 2010.
Data on net barter terms of trade is obtained from the World Bank’s WDI and averaged for the period 1992 – 2010.
The data are obtained from National Accounts Statistics.
Data on GDP, private consumption, gross fixed capital formation, exports and imports are obtained from IFS and data on net barter TOT are from WDI.