With the steady growth of global value chains (GVCs), each country's trade now has a more complex relationship with the international division of labor. We decompose the employment effects of a country's trade into five components, specifically the labour content (1) in exports, (2) in imports,...

The paper discusses the extent of the structural change and its causes and implications for policy and theory. According to the paper, structural change is due to the rise of trade in intermediate goods. It emphasizes theories to be more focused on the competitive struggle of absolute advantage...

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?...

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?...