The ratio of the sum of total imports and exports to gross domestic product. This ratio roughly indicates the global division of labor in an economy. – Germany’s degree of openness was around 95 percent in 2011, compared with just 49 percent in 1994. However, this also means that the external economy can have a very strong dampening effect on the domestic economy, as was demonstrated in the recession following the financial crisis triggered by the subprime crisis in 2007. In addition, the composition of German exports – machinery, vehicles, chemical goods – reacts relatively strongly to both an increase and a decrease in global demand. – Total foreign assets and liabilities in relation to gross domestic product. This ratio provides information on the global financial integration of the respective economy. – See Chinn-Ito index, terms of trade, unit value ratio. – Cf. Deutsche Bundesbank Monthly Report, October 2007, p. 16 f. (general information on these indicators; comparative overviews).
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