Aggregate Demand, Vertical Specialization and Growth Accounting

Hubert Escaith

Journal of International Commerce, Economics and Policy (JICEP), 2016, vol. 07, issue 03, 1-20

Abstract: Global manufacturing and international supply chains have changed the way trade and economic growth are understood today. Recent statistical advances suggest new ways of looking at growth accounting when global value chains (GVCs) — articulating supply and demand chains from an international perspective — are taken into consideration. The method is applied to the G-20 countries, a group of leading developed and developing economies that took a prominent role in fostering and managing global economic governance. The demand dynamics is first analyzed through a growth-accounting decomposition, then through the long term determinants of income elasticity of imports and the household marginal propensity to consume imported products.

Keywords: Global value chains; trade and development; growth accounting; import elasticity; balance of payments constraints (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1142/S1793993316500162

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