Global value chains which have spread across the world economy require a strong global institutional framework to address new challenges and further trade liberalisation going far beyond tariff reduction with services, investment and regulatory issues gaining on importance. The revealed greater...

This paper considers the linkages between output growth and output volatility for the sample of G7 countries over the period 1958M2-2011M7, thereby paying particular attention to spillovers within and between countries. Using the VAR-based spillover index approach by Diebold and Yilmaz (2012),...