The age of global value chains

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[size=0.9em]原文链接：http://www.voxeu.org/article/age-global-value-chains

[size=0.9em]The age of global value chains

[size=0.9em]João Amador, Filippo di Mauro 09 September 2015

[size=0.9em]There is an urgent need for policymakers to fully acknowledge the extent to which conventional indicators related to gross trade are severely flawed as policy benchmarks because they fail to take into account the existence of global value chains and their increasing role in shaping the global economy. This column, which introduces a new Vox eBook, urges academics to start proposing workable indicators that are systematically produced and readily available.

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The importance of global value chains (GVCs) has been steadily increasing in the last decades and, as reported in UNCTAD’s World Investment Report 2013, about 60% of global trade consists of trade in intermediate goods and services, which are then incorporated at different stages of production (UNCTAD 2013). The prevalence of GVCs in the world economy impacts strongly on trade and labour markets, but also on issues such as inequality, poverty and the environment.

This notwithstanding, the measures that usually inform the policy debate, such as bilateral trade balances, export market shares or real exchange rates, continue to be used with little indication of the caveats that affect severely their accurateness.

In a recent VOX eBook we have collected relevant research by scholars directly or indirectly associated with CompNet, the Competitiveness Research Network of the EU System of Central Banks. There are three messages we want to share here on the three parts that comprise the eBook – GVC mapping, GVC impacts, and the firm-level dimension – leaving the rest to the readers to discover.

• The mapping. When compared internationally, value chains based in the Eurozone appear to be further integrated globally, though they still maintain a strong regional character. More specifically, following a temporary contraction in 2009, foreign value added in exports rose sharply in 2011 (Figure 1). Such higher global integration notwithstanding, most of the foreign value added was to a major extent sourced from other Eurozone countries (Figure 2). Similarly, as Los et al. put it in Chapter 2 of the eBook, regional blocs like ‘Factory Europe’ are still important, but the construction of ‘Factory World’ is progressing rapidly.
  

Figure 1. Foreign value added in exports in major economies (% of total exports)

Source: Amador et al. (2015).

Figure 2. Decomposition of foreign value added in exports by origin (% of total foreign value added in exports), 2011

Source: Amador et al. (2015).

• The impacts. The existence of GVCs has impacts on several economic dimensions. Indicators such as revealed comparative advantage and real effective exchange rates, for instance, usually based on the trade in gross terms, are no longer fully relevant. The concept of ‘country of origin’ also is increasingly difficult to apply, as the various production operations are spread across the world. In fact, a country may appear to be a large exporter of a specific good relative to the world average without having contributed much value added to its production. As a result, the analysis of a country’s export potential, competitiveness and labour market developments needs to take into account its integration in GVCs. The recent Global Crisis showed that GVCs affect the magnitude and the international transmission of m
  

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