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标题：Global value chains during the great trade collapse: a bullwhip effect?
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作者：Carlo Altomonte ; Filippo di Mauro ; Gianmarco Ottaviano 等
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2012
出版社：European Central Bank
摘要：This paper analyzes the performance of global value chains during the trade collapse. To do so, it exploits a unique transaction-level dataset on French rms containing infor- mation on cross-border monthly transactions matched with data on worldwide intra-rm linkages as dened by property rights (multinational business groups, hierarchies of rms). This newly assembled dataset allows us to distinguish rmlevel transactions among two alternative organizational modes of global value chains: internalization of activities (intra- group trade/trade among related parties) or establishment of supply contracts (arms length trade/trade among unrelated parties). After an overall assessment of the role of global value chains during the trade collapse, we document that intra-group trade in intermediates was characterized by a faster drop followed by a faster recovery than arms length trade. Am- plied uctuations in terms of trade elasticities by value chains have been referred to as the "bullwhip e¤ect" and have been attributed to the adjustment of inventories within supply chains. In this paper we rst conrm the existence of such an e¤ect due to trade in inter- mediates, and we underline the role that di¤erent organizational modes can play in driving this adjustment
关键词：trade collapse; multinational rms; global value chains; hierarchies of rms ; vertical;integration.