Before revision:  We have also refined our analysis by considering specific subsets of countries and products: according to our analysis, the most statistically significant early-warning signals are provided by the most volatile macrosectors, especially when measured on emerging economies , suggesting the latter as the most sensitive indicators of the WTW health .
After revision:  We have also refined our analysis by considering specific subsets of countries and products: according to our analysis, the most statistically significant early-warning signals are provided by the most volatile macrosectors, especially when measured on emerging economies , suggesting the latter as the most sensitive ones to the global economic cycles .