This paper aims to overview the recent body of empirical work on the importance of Global Value Chains (GVCs) in international production and trade. We begin by reviewing different approaches and levels of GVC analysis. We then consider developments in methods and data. Focusing on the...

Terms of trade shocks may slow growth, worsen the distribution of income, and raise the odds of highly disruptive currency crises. This note raises questions on how can countries cope with terms of trade shocks; if commodity price stabilization funds can help; and, how can the private sector...