Previous studies have argued that global value chains (GVCs) have increased the sensitivity of trade to external business cycle shocks. This may occur either because GVC trade is concentrated in durable goods industries, which are known to have high income elasticities (a composition effect), or...

Previous studies have argued that global value chains (GVCs) have increased the sensitivity of trade to foreign income shocks. This may occur either because GVC trade is concentrated in durable goods industries, which are known to have high income elasticities (a composition effect), or because,...

In the past few decades, East Asia has become a key player in the global value chains of products that are consumed in Western markets. In this paper, we discuss how idiosyncratic shocks propagate through global value chains, and assess how this has affected East Asian countries' vulnerability...

Previous studies have argued that global value chains (GVCs) have increased the sensitivity of trade to external business cycle shocks. This may occur either because GVC trade is concentrated in durable goods industries, which are known to have high income elasticities (a composition effect), or...

In the field of economics, a vast literature has attributed the rise of global value chains to globalization-related forces such as declining costs of transportation, improvements in communications technology, and institutional and policy reforms in developing countries. Through an in-depth...