The Impact of Global Value Chains on the Euro Area Economy

121 Pages Posted: 3 May 2019

See all articles by Ettore Dorrucci

Ettore Dorrucci

European Central Bank (ECB)

Vanessa Gunnella

European Central Bank (ECB)

Alexander Al-Haschimi

European Central Bank (ECB)

Konstantins Benkovskis

Bank of Latvia; Stockholm School of Economics in Riga

Francesco Chiacchio

European Central Bank (ECB)

Francois Michel Marie Raphael De Soyres

World Bank

Benedetta Di Lupidio

European Central Bank (ECB)

Michael Fidora

European Central Bank (ECB)

Sebastian Franco-Bedoya

World Bank

Erik Frohm

Sveriges Riksbank

Katerina Gradeva

Goethe University Frankfurt

Paloma Lopez-Garcia

European Central Bank (ECB)

Gerrit Koester

European Central Bank (ECB)

Christiane Nickel

European Central Bank (ECB)

Chiara Osbat

European Central Bank (ECB)

Elena Pavlova

European Central Bank (ECB)

Martin Schmitz

European Central Bank (ECB)

Joachim Schroth

European Central Bank (ECB)

Frauke Skudelny

European Central Bank (ECB)

Alex Tagliabracci

Bank of Italy

Elena Vaccarino

Frontier Economics

Julia Wörz

Oesterreichische Nationalbank (OeNB)

Date Written: April 30, 2019

Abstract

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

JEL Classification: F6, F10, F14, F16, E3

Suggested Citation

Dorrucci, Ettore and Gunnella, Vanessa and Al-Haschimi, Alexander and Benkovskis, Konstantins and Chiacchio, Francesco and De Soyres, Francois Michel Marie Raphael 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

Ettore Dorrucci

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 13440 (Phone)
+44 69 1344 6000 (Fax)

Vanessa Gunnella (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Alexander Al-Haschimi

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Konstantins Benkovskis

Bank of Latvia ( email )

Riga
Latvia

Stockholm School of Economics in Riga ( email )

Strelnieku iela 4a
Riga, LV 1010
Latvia

Francesco Chiacchio

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Francois Michel Marie Raphael De Soyres

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Benedetta Di Lupidio

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Michael Fidora

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 1344 5713 (Phone)

Sebastian Franco-Bedoya

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Erik Frohm

Sveriges Riksbank ( email )

Brunkebergstorg 11
SE-103 37 Stockholm
Sweden

HOME PAGE: http://https://sites.google.com/site/erikfrohm/

Katerina Gradeva

Goethe University Frankfurt

Grüneburgplatz 1
Frankfurt am Main, 60323
Germany

Paloma Lopez-Garcia

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Gerrit B. Koester

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Christiane Nickel

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Chiara Osbat

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49 69 1344 6821 (Phone)
+49 69 1344 6000 (Fax)

Elena Pavlova

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Martin Schmitz

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Joachim Schroth

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Frauke Skudelny

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Alex Tagliabracci

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Elena Vaccarino

Frontier Economics ( email )

London
United Kingdom

Julia Wörz

Oesterreichische Nationalbank (OeNB) ( email )

Otto-Wagner-Platz 3, PO Box 61
Vienna,
1010 Vienna, A-1011
Austria

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