A study of industrial upgrading using global commodity chains

In development[ edit ] The first references to the GVC concept date from the mids and were enthusiastic about the upgrading prospects for developing countries that joined them. This encouraged the World Bank and other leading institutions to encourage developing firms to develop their indigenous capabilities through a process of upgrading technical capabilities to meet global standards with leading multinational enterprises MNE playing a key role in helping local firms through transfer of new technology, skills and knowledge. Wider adoption of open source hardware technology used for digital fabrication such as 3D printers like the RepRap has the potential to partially reverse the trend towards global specialization of production systems into elements that may be geographically dispersed and closer to the end users localization and thus disrupt global value chains. Subsequently, the process of upgrading might also cover inter-sectoral upgrading.

A study of industrial upgrading using global commodity chains

Louis working papers are preliminary materials circulated to stimulate discussion and critical comment.

Recent Working Papers by Laura E.

A study of industrial upgrading using global commodity chains

Kliesen, and Michael T. Owyang Working Paper A updated November We consider the effects of uncertainty shocks in a nonlinear VAR that allows uncertainty to have amplification effects. When uncertainty is relatively low, fluctuations in uncertainty have small, linear effects.

In periods of high uncertainty, the effect of a further increase in uncertainty is magnified. We find that uncertainty shocks in this environment have a more pronounced effect on real economic variables.

We also conduct counterfactual experiments to determine the channels through which uncertainty acts. Uncertainty propagates through both the household consumption channel and through businesses delaying investment, providing substantial contributions to the decline in GDP observed after uncertainty shocks.

Finally, we find evidence of the ability of systematic monetary policy to mitigate the adverse effects of uncertainty shocks. Manuelli and Juan M.

A study of industrial upgrading using global commodity chains

We assume that firms must access the bond market and they issue debt with a flexible structure coupon, face value, and maturity. Since lenders do not refinance projects with positive but small net present value, firms may be forced to default in the first phase. We call this liquidity risk.

The technology is such that earnings can switch to a higher but riskier level.

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In this second phase firms have access to the equity market but they may default if this is the best option. We call this strategic default risk. In the model optimal maturity balances these two risks.

We show that firms with poor prospects and firms in more unstable industries will choose shorter maturities even if it is feasible to issue longer debt. The model also offers predictions on how asset maturity, asset salability, and leverage influence maturity.

Even though our model is extremely stylized we find that the predictions are roughly consistent with the evidence.

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Moreover, it offers some insights into the factors that determine the structure of the debt. The empirical evidence also shows that a news shock has a significantly larger contemporaneous impact on sovereign credit spreads than a comparable shock to labor productivity.

We develop a quantitative model of news and sovereign debt default with endogenous maturity choice that generates impulse responses very similar to the empirical estimates.

The model allows us to interpret the empirical evidence and to identify key parameters. We find that, first, the increase in sovereign yield spreads around a debt crisis episode is due mostly to the lower expected productivity following a bad news shock, and not to the borrowing choices of the government.

Second, a shorter debt maturity increases the chance that bad news shocks trigger a debt crisis. Third, an increase in the precision of news allows the government to improve its debt maturity management, especially during periods of high financial stress, and thus face lower spreads and default risk while holding the amount of debt constant.

Mendoza, and Paulina Restrepo-Echavarria Working Paper A updated October In this paper we document the stylized facts about the relationship between international oil price swings, sovereign risk and macroeconomic performance of oil-exporting economies.

We develop a small open economy model of sovereign risk with incomplete international financial markets, in which optimal oil extraction and sovereign default interact. We use the model to understand the mechanisms behind the empirical facts, and show that it supports them.

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Additionally, a counterfactual analysis where we set the uniformly low tax rate of 10 percent reveals that aggregate investment rose by 7 percent in the long-run. We introduce a slow mean-reverting process of consumption growth and a segmented asset market mechanism with heterogeneous trading technology to otherwise a standard heterogeneous agent general equilibrium model.

First, a slow mean-reverting consumption growth process implies that the expected consumption growth rate is only slightly countercyclical and the process can exhibit a near zero first-order autocorrelation as seen in the data.

The very small countercyclicality of the expected consumption growth rate suggests that the long term bonds are risky and hence the term premia are positive. Second, the segmented asset market mechanism amplifies the size and the magnitude of term premia since the aggregate risk is concentrated into a small fraction of marginal traders who demand high risk premia.

For sensitivity analysis, the role of each assumption is further investigated by taking each factor out one by one. After estimating it using US data, we show that an RCT evaluation of a short-run small-scale early childhood program in the model predicts effects on children's education and income that are similar to the empirical evidence.

A long-run large-scale program, however, yields twice as large welfare gains, even after considering GE and taxation effects. Key to this difference is that investing in a child not only improves her skills but also creates a better parent for the next generation.

Through the links in the collaboration network, researchers create spillovers not only to their direct coauthors but also to researchers indirectly linked to them. We characterize the equilibrium when agents collaborate in multiple and possibly overlapping projects.

We bring our model to the data by analyzing the coauthorship network of economists registered in the RePEc Author Service.JSTOR is a digital library of academic journals, books, and primary sources. The aquaculture value chain in Zambia has experienced significant growth and upgrading in recent years.

• Intensive aquaculture is growing whilst smallholders operate in isolation of a . Produced By. June , Indiana Convention Center, Indianapolis, IN. The industrial learning process, which essentially supports upgrading in the productive chains, is directly related to governance (power) or leadership in the chain, and may occur by means of a dictatorial imposition of standards on the side of the leading company or through softer forms of.

Oil sands, also known as tar sands or crude bitumen, or more technically bituminous sands, are a type of unconventional petroleum regardbouddhiste.com sands are either loose sands or partially consolidated sandstone containing a naturally occurring mixture of sand, clay, and water, saturated with a dense and extremely viscous form of petroleum technically referred to as bitumen (or colloquially as tar.

Globalization has been promoted by industrial and commercial firms alike, which have established two distinct types of international economic networks that have been called "producer-driven" and "buyer-driven" global commodity .

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