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Using a newly constructed dataset on trade in services for 192 countries from 1970 to 2014, this paper shows that services currently constitute one-fourth of world trade and an increasingly important component of global production. A detailed analysis of patterns and stylized facts reveals that exports of services are not only gaining strong momentum and catching up with exports of goods in many countries, but they could also trigger a new wave of trade globalization. Research applications of the trade in service dataset on structural transformation, resilience, labor reallocation, and income distribution are outlined.

Service industries. --- Free trade. --- Free trade and protection --- Trade, Free --- Trade liberalization --- International trade --- Industries --- Service industries --- Free trade --- E-books --- Exports and Imports --- Industries: Service --- Empirical Studies of Trade --- Economic Growth of Open Economies --- Trade: General --- Industry Studies: Services: General --- International economics --- Service exports --- Exports --- Trade in services --- Export performance --- Services sector --- Economic sectors --- Balance of trade --- China, People's Republic of

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This paper investigates the microeconomic origins of aggregate economic fluctuations in Europe. It examines the relevance of idiosyncratic shocks at the top 100 large firms (the granular shocks) in explaining aggregate macroeconomic fluctuations. The paper also assesses the strength of spillovers from large firms onto SMEs. Using firm-level data covering over 14 million firms and eight european countries (Austria, Belgium, Finland, France, Germany, Italy, Portugal and Spain), we find that: (i) 40 percent of the variance in GDP in the sample can be explained by idiosyncratic shocks at large firms; (ii) positive granular shocks at large firms spill over to domestic SMEs’ output, especially if SMEs’ balance sheets are healthy and if SMEs belong to the services and manufacturing sectors.

Corporate Finance --- Macroeconomics --- Industries: Service --- Production and Operations Management --- Investment --- Capital --- Intangible Capital --- Capacity --- Business Fluctuations --- Cycles --- Financial Markets and the Macroeconomy --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Measurement of Economic Growth --- Aggregate Productivity --- Cross-Country Output Convergence --- Macroeconomics: Production --- Corporate Finance and Governance: General --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- Externalities --- Industry Studies: Services: General --- Ownership & organization of enterprises --- Productivity --- Small and medium enterprises --- Labor productivity --- Spillovers --- Services sector --- Production --- Economic sectors --- Financial sector policy and analysis --- Industrial productivity --- Small business --- International finance --- Service industries --- United States

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This Selected Issues paper examines the vulnerability of firms in Malta and investigates the effect of their balance sheets on investment in innovation. The results indicate that, while the financial health of medium and large firms has improved in recent years, vulnerabilities remain in the construction sector and for small and medium enterprises. Firms with weaker balance sheets tend to invest less in innovation, even during good times. Policy implications call for (1) accelerating the restructuring of corporate balance sheets of highly leveraged but viable firms, (2) improving the insolvency framework to allow a fast exit of nonviable companies, and (3) expanding corporate funding options for small and medium enterprises, including via nonbank financing alternatives.

Economic development --- Input-output analysis --- Interindustry economics --- Economics, Mathematical --- National income --- Input-output tables --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Accounting --- International Monetary Fund --- Internationaal monetair fonds --- International monetary fund --- Macroeconomics --- Real Estate --- Industries: Service --- Industries: Financial Services --- Housing Supply and Markets --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Public Administration --- Public Sector Accounting and Audits --- Business Fluctuations --- Cycles --- Industry Studies: Services: General --- Property & real estate --- Finance --- Financial reporting, financial statements --- Housing prices --- Financial statements --- Financial conditions index --- Services sector --- Prices --- Financial institutions --- Public financial management (PFM) --- Economic sectors --- Financial sector policy and analysis --- Housing --- Finance, Public --- Business cycles --- Service industries --- Malta