The studies summarised in this paper focus on the economic implications of euro area firms’ participation in global value chains (GVCs). They show how, and to what extent, a large set of economic variables and interlinkages have been affected by international production sharing. The core conclusion is that GVC participation has major implications for the euro area economy. Consequently, there is a case for making adjustments to standard macroeconomic analysis and forecasting for the euro area, taking due account of data availability and constraints.
Keywords: international trade, global value chains, vertical specialisation, international interlinkages, euro area
Dorrucci, Ettore and Gunnella, Vanessa and Al-Haschimi, Alexander and Benkovskis, Konstantins and Chiacchio, Francesco and de Soyres, Francois and Di Lupidio, Benedetta and Fidora, Michael and Franco-Bedoya, Sebastian and Frohm, Erik and Gradeva, Katerina and Lopez-Garcia, Paloma and Koester, Gerrit B. and Nickel, Christiane and Osbat, Chiara and Pavlova, Elena and Schmitz, Martin and Schroth, Joachim and Skudelny, Frauke and Tagliabracci, Alex and Vaccarino, Elena and Wörz, Julia, The Impact of Global Value Chains on the Euro Area Economy (April 30, 2019). ECB Occasional Paper No. 221 (2019); ISBN 978-92-899-3686-6, Available at SSRN: https://ssrn.com/abstract=3381697 or http://dx.doi.org/10.2139/ssrn.3381697
European Economics: Macroeconomics & Monetary Economics eJournal
Subscribe to this fee journal for more curated articles on this topic
FOLLOWERS
1,109
PAPERS
16,978
This Journal is curated by:
Marco Da Rin at Tilburg University, Department of Finance, Francesco Giavazzi at University of Bocconi - Innocenzo Gasparini Institute for Economic Research (IGIER)National Bureau of Economic Research (NBER)