Emissions and Fluctuations in Global Value Chains: Cross-country and Industry-level Evidence

• 영문명: Emissions and Fluctuations in Global Value Chains: Cross-country and Industry-level Evidence
• 발행기관: 한국무역학회
• 저자명: 최봉석(Bongseok Choi)
• 간행물 정보: 『Journal of Korea Trade (JKT)』Vol.28 No.3, 1~22쪽, 전체 22쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.06.30

영문 초록

Purpose - This paper explores how global value chain (GVC) participation affects the comovement between real industrial value-added and emissions over business cycles. Design/Methodology - We follow de Soyres and Gaillard (2022) and Wang et al. (2022), first measuring the forward and backward links in GVC activities at the country and industry levels. Specifically, we examine both Simple and Complex GVC activities by considering the inclusion of indirect transactions through third countries. Second, we conduct a panel analysis on the covariation between value-added and emissions during economic f luctuations and the relationship with GVC participation rates. Findings - We find that the increase in participation rates in forward-link GVC activities enhances the covariation between economic fluctuations and emissions, whereas the effects of the change in participation rates in backward-link GVC activities are statistically insignificant. In contrast to EU members, this pattern is reversed in countries that depend largely on energy trade from a global perspective, such as the United States, Russia, Korea, and Japan. Originality/value - We contribute by quantitatively presenting the covariation of economic fluctuations and emissions within GVC activities, going beyond existing literature that predominantly explores growth, the environment, and trade. Our contrasting results among country groups indicate that as countries worldwide pursue carbon neutrality, the divergence in positions among countries based on their dependence on energy trade may intensify the likelihood of trade disputes.

목차

1. Introduction

2. Theoretical Background and GVC Participation

3. Empirical Analysis

4. Conclusion

References

키워드

Business Cycle Comovement Climate Change GHG Emission Global Value Chains Input-output Linkages