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The development of global value chains (GVCs) and their economic impact on countries, industries, and firms has been much discussed in the business and economics literature. This introductory paper reviews and highlights some of the key topics covered in GVC literature, aiming to give readers a comprehensive overview of the relevant material to enhance their understanding of GVC research. It has three sections: the first section explains key concepts, describes the characteristics of GVCs, and briefly discusses the factors behind recent GVC developments. The second section summarizes major GVC analytical approaches commonly used in the business and economics literature. The final section highlights the economic impact of GVCs in four important areas: competitiveness, economic development, labor markets, and trade costs.
Author(s)
Using data on service occupations in U.S. manufacturing sectors in 2016, this paper seeks to highlight the value of in-house services in U.S. manufacturing output, by assessing the relationship between the share of services occupations in a particular sector (services occupation intensity) and typical education and compensation in service occupations. Overall, this paper finds a positive and significant relationship between services intensity and the typical education level of service workers within sectors, and a positive and significant relationship between service intensity and the average compensation of service occupations across sectors. For U.S. manufacturing sectors, these in-house services represented between $8.7 and $17.5 billion in additional services value added in 2016 compared to $56.8 billion for intermediate services inputs in the same year.
Author(s)
The evolution of re-exporting hubs, entrepôts, is explored in this paper by looking at trade patterns of merchandise re-exports over the last 20 years through three key economies (Hong Kong, Singapore, and the United States), and their inter- and intra-regional linkages. The growth of re-exports of intermediate goods during this period suggests that these economies are playing an increasingly important role in global value chains (GVCs) by acting as hubs in regional supply chains. Findings also indicate that high volumes of intermediate goods that are re-exported appear in sectors in which GVCs have a strong presence, as in the case of semiconductors.
Author(s)
The European Union (EU) General Data Protection Regulation (GDPR) was enacted in May 2016 with a two-year implementation period that concluded in May 2018. Since then, EU member states and regional-level data protection authorities (DPAs) have issued over $500 million in fines. Although EU DPAs issued few fines for noncompliance in the first year of implementation, DPAs have subsequently acted much more aggressively against noncompliant firms. This paper will explore the broad trends in investigation and enforcement across the EU in the 21 months following GDPR implementation. These trends include a preliminary analysis of differences in GDPR enforcement in specific EU member states, the GDPR provisions that are most emphasized in enforcement, and the nature of the fines imposed on U.S. and EU-based firms. As of March 2020, the largest fines and enforcement actions under GDPR had occurred principally in Western European countries, with a split between enforcement against both U.S. and EU firms.
Author(s)
In this article, we examine the economic factors driving the recent boom in Brazilians traveling to the United States. First, we present several measures of the increase in Brazilian travelers and the consequent increase in U.S. services exports to Brazil. Then, we review the economics literature to identify factors that generally affect international tourism demand, including relative prices and income levels. Finally, we present statistical evidence and popular press accounts indicating the relevance and contribution of each of these factors to the recent boom in international travel from Brazil.
Author(s)
Green building services include construction, architecture, engineering, and related activities aimed at creating sustainable structures using environmentally responsible processes and materials. While the concept of building a structure to complement its surrounding environment is not new, there has been a sharp increase in the demand for green buildings and green retrofits in recent years. This trend can be linked to several factors, including a growing interest in cutting the costs associated with operating a structure, government regulations and incentives, and environmental concerns, among others. Available evidence suggests that U.S. exports and overseas sales of green building services are currently small. However, U.S. firms are internationally competitive, and growth in world markets offers substantial opportunities to green building firms that aim to provide their services abroad. This paper provides an overview of the U.S. and global markets for green building services; discusses factors that affect supply and demand for sustainable structures; examines trade in green building services as a component of overall trade in construction, architectural, and engineering services; and considers the outlook for the green building industry.
