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The impact of global value chains on the euro area economy

Author

Listed:
  • Gunnella, Vanessa
  • Al-Haschimi, Alexander
  • Benkovskis, Konstantins
  • Chiacchio, Francesco
  • de Soyres, François
  • Di Lupidio, Benedetta
  • Fidora, Michael
  • Franco-Bedoya, Sebastian
  • Frohm, Erik
  • Gradeva, Katerina
  • Lopez-Garcia, Paloma
  • Koester, Gerrit
  • Nickel, Christiane
  • Osbat, Chiara
  • Pavlova, Elena
  • Schmitz, Martin
  • Schroth, Joachim
  • Skudelny, Frauke
  • Tagliabracci, Alex
  • Vaccarino, Elena
  • Wörz, Julia
  • Dorrucci, Ettore

Abstract

The studies summarised in this paper focus on the economic implications of euro area firms’ participation in global value chains (GVCs). They show how, and to what extent, a large set of economic variables and inter-linkages have been affected by international production sharing. The core conclusion is that GVC participation has major implications for the euro area economy. Consequently, there is a case for making adjustments to standard macroeconomic analysis and forecasting for the euro area, taking due account of data availability and constraints. JEL Classification: F6, F10, F14, F16, E3

Suggested Citation

  • Gunnella, Vanessa & Al-Haschimi, Alexander & Benkovskis, Konstantins & Chiacchio, Francesco & de Soyres, François & Di Lupidio, Benedetta & Fidora, Michael & Franco-Bedoya, Sebastian & Frohm, Erik & G, 2019. "The impact of global value chains on the euro area economy," Occasional Paper Series 221, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2019221
    Note: 2700331
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    2. Mariam Camarero & Laura Montolio & Cecilio Tamarit, 2019. "Alternative Estimators For The Fdi Gravity Model: An Application To German Outward Fdi," Working Papers 1907, Department of Applied Economics II, Universidad de Valencia.
    3. Klaus S. Friesenbichler & Agnes Kuegler & Andreas Reinstaller, 2021. "Does value chain integration dampen producer price developments? Evidence from the European Union," The World Economy, Wiley Blackwell, vol. 44(1), pages 89-106, January.
    4. De Soyres,Francois Michel Marie Raphael & Franco Bedoya,Sebastian, 2019. "Inflation Dynamics and Global Value Chains," Policy Research Working Paper Series 9090, The World Bank.
    5. Koester, Gerrit & Lis, Eliza & Nickel, Christiane & Osbat, Chiara & Smets, Frank, 2021. "Understanding low inflation in the euro area from 2013 to 2019: cyclical and structural drivers," Occasional Paper Series 280, European Central Bank.
    6. Kazem Biabany Khameneh & Reza Najarzadeh & Hassan Dargahi & Lotfali Agheli, 2021. "The Role of Global Value Chains in Carbon Intensity Convergence: A Spatial Econometrics Approach," Papers 2111.00566, arXiv.org.

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    More about this item

    Keywords

    euro area; global value chains; international interlinkages; international trade; vertical specialisation;
    All these keywords.

    JEL classification:

    • F6 - International Economics - - Economic Impacts of Globalization
    • F10 - International Economics - - Trade - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles

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