Policies to strengthen the resilience of global value chains: Empirical evidence from the COVID-19 shock
Widespread supply disruptions in the wake of the COVID-19 pandemic and the Russian Federation's large-scale aggression against Ukraine have raised concerns among policy makers that globalised value chains expose domestic production to shocks from abroad. This paper uses new indicators of global...
Gespeichert in:
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| Weitere Verfasser: | , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2023
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| Schriftenreihe: | OECD Science, Technology and Industry Policy Papers
no.141 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Widespread supply disruptions in the wake of the COVID-19 pandemic and the Russian Federation's large-scale aggression against Ukraine have raised concerns among policy makers that globalised value chains expose domestic production to shocks from abroad. This paper uses new indicators of global value chain dependencies and exogenous pandemic shocks to econometrically estimate the effects of supply disruptions abroad on domestic output. The results suggest that the adverse effects of supply disruptions are particularly large when concentration of supplying countries and supplying firms is high. Counterfactual simulations of the econometric model suggest that diversification of suppliers would have sizeable benefits in terms of shielding domestic production against country-specific supply shocks, with partial onshoring of production having only small additional benefits. Technological innovation that reduces foreign dependencies, such as the substitution of renewable energies for fossil fuels, can have similar benefits as diversification. |
| Beschreibung: | 1 Online-Ressource (43 p.) 21 x 28cm. |
| DOI: | 10.1787/fd82abd4-en |
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| spelling | Schwellnus, Cyrille VerfasserIn aut Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock Cyrille, Schwellnus, Antton, Haramboure and Lea, Samek Paris OECD Publishing 2023 1 Online-Ressource (43 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Science, Technology and Industry Policy Papers no.141 Widespread supply disruptions in the wake of the COVID-19 pandemic and the Russian Federation's large-scale aggression against Ukraine have raised concerns among policy makers that globalised value chains expose domestic production to shocks from abroad. This paper uses new indicators of global value chain dependencies and exogenous pandemic shocks to econometrically estimate the effects of supply disruptions abroad on domestic output. The results suggest that the adverse effects of supply disruptions are particularly large when concentration of supplying countries and supplying firms is high. Counterfactual simulations of the econometric model suggest that diversification of suppliers would have sizeable benefits in terms of shielding domestic production against country-specific supply shocks, with partial onshoring of production having only small additional benefits. Technological innovation that reduces foreign dependencies, such as the substitution of renewable energies for fossil fuels, can have similar benefits as diversification. Science and Technology Economics Trade Industry and Services Haramboure, Antton MitwirkendeR ctb Samek, Lea MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/fd82abd4-en Volltext |
| spellingShingle | Schwellnus, Cyrille Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock Science and Technology Economics Trade Industry and Services |
| title | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock |
| title_auth | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock |
| title_exact_search | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock |
| title_full | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock Cyrille, Schwellnus, Antton, Haramboure and Lea, Samek |
| title_fullStr | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock Cyrille, Schwellnus, Antton, Haramboure and Lea, Samek |
| title_full_unstemmed | Policies to strengthen the resilience of global value chains Empirical evidence from the COVID-19 shock Cyrille, Schwellnus, Antton, Haramboure and Lea, Samek |
| title_short | Policies to strengthen the resilience of global value chains |
| title_sort | policies to strengthen the resilience of global value chains empirical evidence from the covid 19 shock |
| title_sub | Empirical evidence from the COVID-19 shock |
| topic | Science and Technology Economics Trade Industry and Services |
| topic_facet | Science and Technology Economics Trade Industry and Services |
| url | https://doi.org/10.1787/fd82abd4-en |
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