Can Vertical Specialization Explain the Growth of World Trade?

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,International Research, Federal Reserve Bank of New York, 33 Liberty St., New York, NY 10045.Kei-Mu. Yi@ny. frb. org. This paper is a revision and ex-tension of Ishii and Yi (1997). I have bene ? ted from comments by Scott Baier, Marianne Baxter, Je陇 Bergstrand, Eric Bond, Satyajit Chatterjee, Jonathan Eaton, Carolyn Evans, Paul Evans, Raquel Fernandez, Gerhard Glomm, Josh Green ? eld, James Harrigan, Jane Ihrig, Beth Ingram, Bob King, Narayana Kocherlakota, Ay-han Kose, Mordechai Kreinin, Kala Krishna, Robert E. Lipsey, Robert E. Lucas, Jr., Enrique Mendoza, B. Ravikumar, Dan Tre#er, Neil Wallace, David Wein-stein, and an anonymous referee, as well as seminar participants at Penn State, Rochester, Miami, SUNY-Albany, INSEAD, Notre Dame, Michigan State, Iowa, Brandeis, Federal Reserve Bank of Philadelphia, Virginia, Ohio State, Duke, North Carolina, Kentucky, Toronto, Queen's, NYU, the NBER Summer Institute, the Summer Econometric Society Meetings, the SED Meetings, and the Fed System Conference in Macroeconomics. Mychal Campos, Josh Green ? eld, and Stefan Pa-paioannou provided outstanding research assistance. The views expressed here are those of the author and are not necessarily re#ective of views at the Federal Reserve Bank of New York or the Federal Reserve System.