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It was with sadness that I absorbed the results of the U.K. referendum on whether to remain in the European Union. As an economist, I can appreciate the economic consequences of a U.K. exit, both for the U.K., the EU, and for the global financial and trading system.

But this is not the reason for my sadness. This vote, and the eventual Brexit, will be but a blip on the global economic radar. The U.K. will negotiate trade agreements with the EU and with other countries, and in the medium to long run the economic consequences will not be severe. In...

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