... the latest issue (No. 105) of the ECB Research Bulletin, (is, n.d.r.) entitled "Understanding
the impact of COVID-19 supply disruptions on exporters in global value chains".
Laura Lebastard and Roberta Serafini (both
Directorate General Economics, European Central Bank) find that
participation in global value chains increased firms’ vulnerability to
the pandemic shock, in terms of both export sales and probability
of survival in the export market – especially when supply bottlenecks
were more salient.
Firms located relatively more downstream in the value
chain were more severely affected by supply disruptions.
At the same
time, their results suggest that exporting firms
benefited from sourcing their core inputs from different countries,
supporting the hypothesis that diversification in global value chains
fosters supply chain resilience.
The ECB Research Bulletin features a selection of
recent work on policy-relevant topics by ECB economists. Published on a
monthly basis, the articles in the Research Bulletin are intended for a
general audience. The views expressed in each
article are those of the authors and do not necessarily represent the
views of the European Central Bank and the Eurosystem. (...)
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