The Age of Global Value Chains : Maps and Policy Issues

Abstract

Global value chains (GVCs) became the paradigm for the production of most goods and services around the world. Production is nowadays fragmented across different countries, i.e., parts and components are produced in distinct locations and are assembled either sequentially along the supply chain or in a final location. It is widely acknowledged that GVCs are crucial for the operation of firms and have a bearing on macroeconomic developments and policy-decisions. In this context, the book aims to contribute to the policy and academic debate both in terms of mapping GVCs and assessing their implications. The book discusses: The path and characteristics of GVCs in the Eurozone, also making use of simple network visualization techniques and indicators, notably to discuss entry of countries and upgrading decisions. The evolution of GVCs from a regional dimension towards an increasingly global dimension and the role of multinational corporations and international business groups. The implications of GVCs from the perspective of inputs used and their cost, notably in what concerns labour market variables. The impact of GVCs on the transmission of macroeconomic shocks, trade elasticities, market shares and on the interpretation of trade imbalances. The role of financial considerations on the location and network decisions of multinational companies.

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