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1、JournalofInternationalEconomics92(2014)1–13ContentslistsavailableatScienceDirectJournalofInternationalEconomicsjournalhomepage:www.elsevier.com/locate/jieComparativeadvantage,servicetrade,andglobalimbalancesAlessandroBarattieriESGUQAM,DepartmentofEconomic
2、s,315rueS.CatherineEst,LocalR-5610Montreal,Quebec,CanadaarticleinfoabstractArticlehistory:ThelargecurrentaccountdeficitoftheU.S.istheresultofalargedeficitinthegoodsbalanceandamodestsur-Received3May2012plusintheservicebalance.TheoppositeistrueforJapan,German
3、y,andChina.Moreover,Idocumenttheemer-Receivedinrevisedform7November2013gencefromthemid-ninetiesofastrongnegativerelationbetweenspecializationintheexportofservicesandtheAccepted7November2013currentaccountbalancesofalargesampleofOECDanddevelopingcountries.S
4、tartingfromthesenewstylizedAvailableonline21November2013facts,Iproposeinthispaperaservicehypothesisforglobalimbalances,anewexplanationbasedontheinterplaybetweentheU.S.comparativeadvantageinservicesandtheasymmetrictradeliberalizationprocessingoodsKeywords:
5、Comparativeadvantagetradeversusservicetradethattookplacestartinginthemid-nineties.First,IuseastructuralgravitymodeltoServicetradeshowthatservicetradeliberalizationlaggedbehindgoodstradeliberalization,andIquantifytheextentofthisGlobalimbalancesasymmetry.Se
6、cond,Ishowthatasimpletwo-periodmodelcanrationalizetheemergenceofcurrentaccountdef-icitsinthepresenceofsuchasymmetricliberalization.Thekeyinter-temporalmechanismistheasymmetrictimingoftradepolicies,whichaffectssavingdecisions.Finally,Iexplorethequantitativ
7、erelevanceofthisexpla-nationforglobalimbalances.Iintroducetradecostsinanotherwisestandard2-sector2-countryinternationalrealbusinesscyclemodel.Whenfedwiththeasymmetrictradeliberalizationpathfoundinthedata,themodelgeneratesatradedeficitofabout5%ofGDP.Iconclu
8、dethattheservicehypothesisforglobalimbalancesisquantitativelyrelevant.©2013ElsevierB.V.Allrightsreserved.1.Introductionfor32OECDcountries,aswellasBrazil,Russia,India,andChina.Thehorizontalaxisreportstherevealedcompa
