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The model is closed with respect to international trade. This means that trade relationships
for each country included in the model with the rest of the world are modelled and the
adding up constraint for world exports and imports is obeyed. Apart from the countries of
the European Union, the US and Japan, we distinguish the following remaining regions,
namely Central and Eastern Europe (CE), other OECD countries distinguished into
Australia (AU), Canada (CA), Norway (NO), Switzerland (CH),and the rest of the OECD
(RO), OPEC (OP), the tigers (TI), other industrialised countries (OI) and the rest of the
World (RW).
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1. |
BL |
Belgium-Luxembourg Economic Union (BLEU) 17. CA Canada | |
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2. |
DK |
Denmark |
18. AU Australia |
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3. |
DE |
FR of Germany |
19. NO Norway |
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4. GR Greece 5. ES Spain 6. FR France 7. IR Ireland 8. IT Italy 9. NL Netherlands 10. OS Austria 11. PO Portugal 12. SF Finland 13. SW Sweden 14. UK United Kingdom 15. US United States of America 16. JA Japan =rqh Wudgh-IhhGEdfN PrGhOv |
20. CH Switzerland | ||
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21 |
RO |
The rest of the OECD countries: |
Iceland, New Zealand, Turkey |
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22 |
OP |
OPEC: |
Algeria, Ecuador, Gabon, Indonesia, Iran, Iraq, |
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23 |
CE |
Central and Eastern European |
Albania, Bulgaria, CIS, Czech Republic, |
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24 |
TI |
The Asian newly industrializing |
Hong Kong, Korea, Malaysia, Philippines, |
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25 |
OI |
Other newly industrialising countries: |
Argentina, Brazil, Israel, South Africa, |
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26 |
RW |
The rest of the world: |
All countries not included elsewhere, including |
18