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Characterizing Regionalism in Asia: A Modern Global Supply Chain Perspective

Author

Listed:
  • Shang-Jin Wei

    (Columbia University)

  • Xinding Yu

    (University of International Business and Economics)

Abstract

This paper employs a modern global value chain (GVC) decomposition framework to quantify economic interdependence among Asian economies and between Asia and the rest of the world. It pays special attention to the value-added relationships among three sets of economies: those belonging to both Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and Regional Comprehensive Economic Partnership (RCEP), those belonging to one but not the other, and those belonging to neither. GVC linkages in value-added terms across economies are found to have grown faster than the value-added linkage through final goods trade. For GVC connections, indirect GVC linkages via third economies have been growing faster than the direct linkages. Finally, there is an increased tendency in Asia for both “near selling” of the value added in output and “near sourcing” of value added in inputs.

Suggested Citation

  • Shang-Jin Wei & Xinding Yu, 2022. "Characterizing Regionalism in Asia: A Modern Global Supply Chain Perspective," ADB Economics Working Paper Series 671, Asian Development Bank.
    • Handle: RePEc:ris:adbewp:0671
    as

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    References listed on IDEAS

    as
    1. Zhi Wang & Shang-Jin Wei & Kunfu Zhu, 2013. "Quantifying International Production Sharing at the Bilateral and Sector Levels," NBER Working Papers 19677, National Bureau of Economic Research, Inc.
    2. Wang, Zhi & Wei, Shang-Jin & Yu, Xinding & Zhu, Kunfu, 2022. "Global value chains over business cycles," Journal of International Money and Finance, Elsevier, vol. 126(C).
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • F15 - International Economics - - Trade - - - Economic Integration
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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