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Global value chains and the pandemic: the impact of supply bottlenecks

Author

Listed:
  • Lebastard, Laura
  • Serafini, Roberta

Abstract

The box provides an assessment of the impact of the pandemic on the exports of firms involved in global value chains (“GVC” firms), based on firm-level data for France. Following the outbreak of the pandemic, GVC firms, defined as firms that both export and import, faced disruptions in their supplies from source countries. These shortages of intermediate inputs traded via global value chains constrained firms’ production and exports. The weaker export performance of GVC firms relative to other exporters coincided with the emergence of supply bottlenecks, which suggests that these disruptions were a key factor holding back the performance of firms involved in global value chains. Estimates in this box suggest that these supply-side disruptions had a significant downward impact on exports in the euro area in 2020 and 2021. JEL Classification: D22, F14, F61

Suggested Citation

  • Lebastard, Laura & Serafini, Roberta, 2023. "Global value chains and the pandemic: the impact of supply bottlenecks," Economic Bulletin Boxes, European Central Bank, vol. 2.
    • Handle: RePEc:ecb:ecbbox:2023:0002:4
    Note: 375045
    as

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    More about this item

    Keywords

    global value chains; Pandemic; sourcing dependency;
    All these keywords.

    JEL classification:

    • D22 - Microeconomics - - Production and Organizations - - - Firm Behavior: Empirical Analysis
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F61 - International Economics - - Economic Impacts of Globalization - - - Microeconomic Impacts

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