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The characteristics of hierarchical trade flows, when placed in the context of differentiated markets, can provide some insight into the underlying bases of contemporary international trade. A model that relies on differentiated market theory and hierarchical market theory is developed. Trade characteristics derived in the model, concerning the frequency and value of trade, are empirically tested. Empirical results indicate that the model provides a useful framework for the analysis of contemporary international trade.
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Dean M. Hanink (1991) studied this question.
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