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The Great Collapse in Value Added Trade

Author

Listed:
  • Arne J. Nagengast
  • Robert Stehrer

    (The Vienna Institute for International Economic Studies, wiiw)

Abstract

This paper studies the great collapse in value added trade using a structural decomposition analysis. We show that changes in vertical specialisation accounted for almost half of the great trade collapse, while the previous literature on gross trade has mainly focused on final expenditure, inventory adjustment and adverse credit supply conditions. The decline in international production sharing during the crisis may partially account for the observed decrease in global trade elasticities in recent years. Second, we find that the drop in the overall level of demand accounted for roughly a quarter of the decline in value added exports while just under one third was due to compositional changes in final demand. Finally, we demonstrate that the dichotomy between services and manufacturing sectors observed in gross exports during the great trade collapse is not apparent in value added trade data.

Suggested Citation

  • Arne J. Nagengast & Robert Stehrer, 2015. "The Great Collapse in Value Added Trade," wiiw Working Papers 112, The Vienna Institute for International Economic Studies, wiiw.
  • Handle: RePEc:wii:wpaper:112
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    7. Arne J. Nagengast & Robert Stehrer, 2016. "The Great Collapse in Value Added Trade," Review of International Economics, Wiley Blackwell, vol. 24(2), pages 392-421, May.
    8. Łukasz Ambroziak, 2017. "Decomposition of Poland's Bilateral Trade Imbalances by Value Added Content," Entrepreneurial Business and Economics Review, Centre for Strategic and International Entrepreneurship at the Cracow University of Economics., vol. 5(2), pages 51-69.
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    13. Feás, Enrique, 2023. "The impact of the Brexit referendum on UK’s value-added exports: A structural decomposition," Economic Analysis and Policy, Elsevier, vol. 80(C), pages 1239-1254.
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    15. Pahl, Stefan & Brandi, Clara & Schwab, Jakob & Stender, Frederik, 2020. "Cling together, swing together: The contagious effects of COVID-19 on developing countries through global value chains," IDOS Discussion Papers 21/2020, German Institute of Development and Sustainability (IDOS).
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    More about this item

    Keywords

    great trade collapse; vertical specialisation; trade in value added; input-output tables; structural decomposition analysis;
    All these keywords.

    JEL classification:

    • F1 - International Economics - - Trade
    • F2 - International Economics - - International Factor Movements and International Business
    • C67 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Input-Output Models
    • R15 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Econometric and Input-Output Models; Other Methods

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