Global value chains (GVCs) - referring to the cross-border flows of goods, investment, services, know-how and people associated with international production networks - have transformed the world. Their emergence has resulted in a complete reconfiguration of world trade, bearing a strong impact on the assessment of competitiveness and economic policy. The contributions to this eBook are based on research carried out within the scope of the Eurosystem Competitiveness Research Network (CompNet), bringing together participants from EU national central banks, universities and international organisations interested in competitiveness issues. The mapping of GVCs and full awareness about their implications are essential to informed public debate and improved economic policy.
At a time when each of the BRICS’ exports are falling and when only India is expected to see faster economic growth in 2015 and 2016, the 17th GTA Report argues that the trade strategy of the BRICS should be rethought.
The post-Crisis decline in the growth rate of the ratio of global trade to GDP has been cause for some concern that global trade has peaked, and that we are now reaching a new normal in which trade levels will be weak in comparison to about a decade ago. Whether such a peak in trade was a defining moment in global trade or whether it is a cyclical phenomenon is one of the questions this eBook addresses.
The Global Crisis resulted in many trade barriers and distortions. This new eBook argues that least developed countries were hard hit by these barriers. Drawing on Global Trade Alert data, it argues that these barriers reduced these nations’ exports by 30% during the period 2009 to 2013 – over a quarter of a trillion US dollars in total.
Macroeconomics: A European Text, by Michael Burda and Charles Wyplosz, is an excellent example of ‘keeping it real’ by linking economics to real events. But examples in textbooks on a two- or three-year publication cycle become rapidly outdated. Students taking this year’s economics course may not have been reading newspapers two years ago. This Vox Course Companion tries to bridge this gap by providing up-to-date columns that illustrate the issues addressed in the Burda-Wyplosz text.