The recent large and rapid slowdown in economic activity has resulted in even larger and more rapid declines in international trade. As world trade is set to rebound, this paper addresses three questions: (i) Will trade volumes rebound in a symmetric fashion as world economic growth rebounds?...

Global value chains (GVCs) are international systems of production, typically governed by lead firms who coordinate elaborate networks of suppliers. The economic crisis has had a magnified effect on trade because of the prominence of GVC-based trade. This paper explores the role of GVCs in the...

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