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Global value chains and changing trade elasticities

In: Global Economic Modeling A Volume in Honor of Lawrence R. Klein

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  • Byron Gangnes
  • Ari Van Assche

Abstract

The trade collapse of 2008-2009 and the anemic trade growth since then raise the question of whether trade elasticities may be undergoing fundamental structural change. A potential source of such change is the spread of global value chains (GVCs), which have brought a marked increase in the use of intermediate goods and changes in the nature of trade competition. We review the recent literature on the impact of GVCs on measured trade elasticities and the ways in which their emergence may affect how we estimate and interpret trade responsiveness. We then draw out a few implications of recent research for global modeling.

Suggested Citation

  • Byron Gangnes & Ari Van Assche, 2018. "Global value chains and changing trade elasticities," World Scientific Book Chapters, in: Peter Pauly (ed.), Global Economic Modeling A Volume in Honor of Lawrence R. Klein, chapter 10, pages 234-254, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813220447_0010
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    Keywords

    Econometrics; Modeling; International Economics;
    All these keywords.

    JEL classification:

    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics

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