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The impact of global value chains on the euro area economy

Vanessa Gunnella, Al-Haschimi, Alexander, Konstantins Benkovskis (), Francesco Chiacchio, François de Soyres, Benedetta Di Lupidio, Michael Fidora, Franco-Bedoya, Sebastian, Erik Frohm, Katerina Gradeva, Lopez-Garcia, Paloma, Gerrit Koester, Christiane Nickel, Chiara Osbat, Elena Pavlova, Martin Schmitz, Joachim Schroth, Frauke Skudelny, Alex Tagliabracci (), Elena Vaccarino, Julia Wörz and Ettore Dorrucci

No 221, Occasional Paper Series from European Central Bank

Abstract: The studies summarised in this paper focus on the economic implications of euro area firms’ participation in global value chains (GVCs). They show how, and to what extent, a large set of economic variables and inter-linkages have been affected by international production sharing. The core conclusion is that GVC participation has major implications for the euro area economy. Consequently, there is a case for making adjustments to standard macroeconomic analysis and forecasting for the euro area, taking due account of data availability and constraints. JEL Classification: F6, F10, F14, F16, E3

Keywords: euro area; global value chains; international interlinkages; international trade; vertical specialisation (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-eec, nep-int and nep-opm
Date: 2019-04
Note: 2700331
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Handle: RePEc:ecb:ecbops:2019221