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Are global value chains receding? The jury is still out. Key findings from the analysis of deflated world trade in parts and components

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Date
2020-05
Dewey
Economie internationale
Sujet
Global value chains; Parts and components; Trade in volume; Electronics
JEL code
F.F1.F15; F.F1.F14; L.L6.L60
Journal issue
International Economics
Volume
161
Publication date
05-2020
Article pages
219-236
Publisher
Elsevier
DOI
http://dx.doi.org/10.1016/j.inteco.2019.12.002
URI
https://basepub.dauphine.fr/handle/123456789/20939
Collections
  • LEDa : Publications
Metadata
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Author
Gaulier, Guillaume
88251 Banque de France
171776 Centre de recherche de la Banque de France
Sztulman, Aude
12772 Développement, institutions et analyses de long terme [DIAL]
559342 Laboratoire d'Economie de Dauphine [LEDa]
Ünal, Deniz
39083 Centre d'Etudes Prospectives et d'Informations Internationales [CEPII]
Type
Article accepté pour publication ou publié
Abstract (EN)
The weakening of global value chain dynamics is considered as one of the causes of the slowdown in world trade since the 2008 crisis. To better understand the evolution of GVCs at the world level, we use very detailed trade data for 2000 to 2017, which distinguishes different production stages along the GVC. In particular, among intermediate goods, we focus on Parts and Components (P&C) rather than semi-finished products since the manufacture of P&C corresponds to activities more embedded in GVCs. We control for price effects using an original production stages deflator based on detailed bilateral trade unit-values, and take into account the evolution of the global business cycle. We show that the development of international value chains, measured as the share of trade in P&C in manufacturing world trade in volume, continued after the crisis. Moreover, such dynamics are not the result of sectoral composition effects.

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