Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/262134 
Year of Publication: 
2022
Series/Report no.: 
ECB Occasional Paper No. 289
Publisher: 
European Central Bank (ECB), Frankfurt a. M.
Abstract: 
Global value chains (GVCs) have shaped the dynamics of globalisation in recent years. This paper reviews key concepts and tools to measure countries' involvement in GVCs, explores recent trends and investigates the underlying drivers of GVC participation empirically. The analysis in the paper finds that in the last decade, GVCs have undergone an important transformation, with participation falling on the back of rising trade costs and the trade integration of some large emerging market economies slowing, while the role of recent technological developments remains unclear. In addition, supply chains appear to have become increasingly regional over time. The paper also offers an insight into the role of production chain linkages in the transmission of recent global shocks across countries, uncovering important amplification effects on trade and activity. Finally, it discusses future prospects for GVCs and global trade, including in the light of developments associated with the coronavirus pandemic.
Subjects: 
global value chains
globalisation
trade slowdown
gravity equation,COVID-19
JEL: 
F13
F14
F15
F23
F62
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-4843-2
Document Type: 
Research Report

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