Georgiadis, Georgios; Gräb, Johannes; Khalil, Makram - 2019
This paper draws a causal link between the rise of global value chain participation and the decline of exchange rate …-currency import prices | to exchange rate changes. Hence, an increase in the economy's global value chain participation implies a fall … partners participate more in global value chains. Quantitatively, our estimates imply that the rise in global value chain …