Description
Title: A Dynamic Panel Approach to Global Value Chain Participation During the COVID-19 Pandemic
Abstract: Global value chains (GVCs) have changed patterns of international trade in recent decades. Nowadays, countries can track the value-added distribution in international trade thanks to the international production sharing of goods. The COVID-19 pandemic, however, has decreased the volume of trade between nations and has the potential to disrupt many industries. The impact of the pandemic on GVC participation is examined in this study using a dynamic panel approach and the generalized method of moments estimator. We also examine the potential impact of GDP per capita on GVC participation, using institutional quality as a set of control variables. We made use of the 2010–2020 Multi-Regional Input–Output (ADB MRIO) data from the Asian Development Bank. For the purpose of addressing the issues with overvaluation in gross exports, we use backward and forward linkage approaches based on value-added exports. The empirical findings show that the COVID-19 pandemic generally resulted in a decline in GVC participation. Furthermore, GVC participation in backward and forward linkages with institutions of higher quality is significantly influenced by GDP per capita.
Keywords: participation; global value chains; COVID-19 pandemic; backward linkage; forward linkage; GDP per capita; dynamic panel model
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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