Jerónimo Carballo, Christian Volpe, Ana Cusolito
The Inca Empire was the last and greatest in a long series of highly developed cultures in pre-colonial South America. The Inca Road has played a particularly important part in the region’s history. Not only did it play a major role during the Inca Empire but it was a key component of the economy when most of South America was under Spanish rule. Unlike how they treated the Inca’s agriculture or language, the Spaniards incorporated the road system into their trade-based economy and merged it with their own institutions. It was thus a linchpin of the colonial economy in the New World (Glave 1989).
Sleep study s eye-opening findings
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A sleep study s eye-opening findings | MIT News | Massachusetts Institute of Technology
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Emine Boz, Camila Casas, Georgios Georgiadis, Gita Gopinath, Helena Le Mezo , Arnaud Mehl, Tra Nguyen
We are accustomed to drawing an automatic link between exchange rates and exports through the trade competitiveness channel of exchange rates. This column highlights another important channel through which exchange rates affect global trade activity – the impact of a stronger dollar on tighter financial conditions, which in turn adversely affects credit availability for working capital of exporting firms.
Figure 1 is a striking illustration of how global trade activity fluctuates with the strength of the dollar. The chart plots the ratio of world goods exports to world GDP over the past 20 years or so. We see the strong growth in exports before the 2007-2009 Global Crisis, a deep decline as the crisis hit, and an equally sharp rebound in its aftermath. Thereafter, global trade was on a gentle declining trend relative to GDP until the Covid-19 pandemic struck last year. What i