Did multinational production (MP) exacerbate or mitigate the collapse of international trade during the Great Recession? What role did MP and trade links play in propagating economic shocks across countries? I resolve the "Multinationals' Resilience Puzzle" during the Great Recession by...

This paper aims to examine the changes in global value chains (GVCs) in the years 2020-2022 (times of the COVID-19 pandemic) compared to 2019 (last year before the pandemic). GVCs are illustrated by diagrams based on the statistics on international trade measured by value-added exports and...