suppliers, leading to a cushioning of economic downswing from adverse supply-side spillovers, because COVID-19 stroke major hubs …

economy. Our empirical results suggest that these sectoral spillovers are both statistically significant and of economic … links between these sectors and the rest of the global value chain are severed, the spillovers diminish strongly and … spillovers and the prominent role played by hub sectors in the global economy. …

with input-output linkages to gauge the effects of this adverse supply shock in China on the global economy through … countries even gain from the shock due to trade diversion. As a key methodological contribution, we quantify the role of GVCs … (in contrast to final goods trade) in transmittingthe shock. In a hypothetical world without GVCs, the welfare loss due to …

far exceed any benefits from lower shock exposure. In the U.S., a repatriation of GVCs would reduce national welfare by 2 …

with input-output linkages to gauge the effects of this adverse supply shock in China on the global economy through … countries even gain from the shock due to trade diversion. As a key methodological contribution, we quantify the role of GVCs … (in contrast to final goods trade) in transmitting the shock. In a hypothetical world without GVCs, the welfare loss due …