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The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within...
Persistent link: https://www.econbiz.de/10013052107
Recent decades have seen the emergence of global value chains (GVCs), in which production stages for individual goods are broken apart and scattered across countries. Stimulated by these developments, there has been rapid progress in data and methods for measuring GVC linkages. The...
Persistent link: https://www.econbiz.de/10012943190
This paper makes two methodological contributions. First, it proposes a framework to decompose total production activities at the country, sector, or country-sector level, to different types, depending on whether they are for pure domestic demand, traditional international trade, simple GVC...
Persistent link: https://www.econbiz.de/10012960797
alternative conceptualizations for the measurement of the phenomenon, as well as for elucidating the key determinants and …
Persistent link: https://www.econbiz.de/10012858026
We develop a property-rights model of the firm in which production entails a continuum of uniquely sequenced stages. In each stage, a final-good producer contracts with a distinct supplier for the procurement of a customized stage-specific component. Our model yields a sharp characterization for...
Persistent link: https://www.econbiz.de/10013104981
specialization of countries within GVCs in a world with barriers to international trade. With costly trade, the optimal location of …
Persistent link: https://www.econbiz.de/10012955438
Recent studies document a decline in the share of labour and a simultaneous increase in the share of residual (‘factorless') income in national GDP. We argue the need for study of factor incomes in cross-border production to complement country studies. We define a GVC production function that...
Persistent link: https://www.econbiz.de/10012908162
This paper evaluates the extent to which the world economy has entered a phase of de-globalisation, and it offers some … indicating that the world economy has already entered an era of de-globalisation. Instead, the observed slowdown in globalisation …
Persistent link: https://www.econbiz.de/10013231215
value chains (increased export platform production). Surprisingly, however, the elasticity of world trade to trade costs is …
Persistent link: https://www.econbiz.de/10012867254
the use of inputs observed in the latter. Improving measurement matters quantitatively since it affects both value …
Persistent link: https://www.econbiz.de/10012869543