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Vito Amendolagine, Mr. Andrea F Presbitero, Roberta Rabellotti, Marco Sanfilippo, and Adnan Seric
The local sourcing of intermediate products is one the main channels for foreign direct investment (FDI) spillovers. This paper investigates whether and how participation and positioning in the global value chains (GVCs) of host countries is associated to local sourcing by foreign investors. Matching two firm-level data sets of 19 Sub-Saharan African countries and Vietnam to country-sector level measures of GVC involvement, we find that more intense GVC participation and upstream specialization are associated to a higher share of inputs sourced locally by foreign investors. These effects are larger in countries with stronger rule of law and better education.
Vito Amendolagine, Mr. Andrea F Presbitero, Roberta Rabellotti, Marco Sanfilippo, and Adnan Seric

) countries for which participation in the global market through GVC involvement can be a “ golden opportunity ” ( IMF, 2015 : 56). In developing countries, one of the main motivations for attracting FDI is the possibility to take advantage of spillovers arising from the superior technology owned by foreign enterprises which can be transmitted to local developing country firms ( Rodriguez-Clare, 1996 ). Since the pioneering work of Caves (1974) , the effect of spillovers on local economic development in the recipient countries has been quite thoroughly investigated, and

Vito Amendolagine, Mr. Andrea F Presbitero, Roberta Rabellotti, Marco Sanfilippo, and Adnan Seric

Front Matter Page Strategy, Policy, and Review Department Contents 1. Introduction 2. FDI, local sourcing and GVC involvement 3. Data and descriptive analysis 4. Empirical analysis 5. Discussion of the main findings 6. Conclusions References Figures Figure 1. GVC participation at country level (2010) Figure 2. GVC participation at sector level (2010) Figure 3. GVC position at country level (2010) Figure 4. GVC position at sector level (2010) Tables Table 1. Foreign investors by country and sector (number and

International Monetary Fund. European Dept.

where a domestic exporter simply sources a lot of inputs abroad. Anecdotal evidence suggests that these tight forms of GVCs are generally rather rare in the Baltic countries, although a fair number of them seem to have developed between Estonia and Finland and Sweden and there should be no presumption that tight GVCs are necessarily more advantageous than loose ones. The share of intermediate industrial goods in trade is a useful supplementary indicator for GVC involvement that is less prone to capture loose GVC links. On this metric, all three Baltic countries show

International Monetary Fund. Asia and Pacific Dept

linkages. This will require reducing trade barriers, strengthening infrastructure, enhancing human capital formation, supporting research and development (R&D), improving institutions, and strengthening resilience to shocks. Key Stylized Facts What Are GVCs? A GVC is a network of interlinked stages of production for the manufacture of goods and services that straddles international borders. Typically, a GVC involves combining imported intermediate goods and domestic goods and services into products that are then exported for use as intermediates in the

Mr. Nadeem Ilahi, Mrs. Armine Khachatryan, William Lindquist, Ms. Nhu Nguyen, Ms. Faezeh Raei, and Jesmin Rahman

property rights, and enforcement of contracts irrespective of residency status can help promote cross border investment and GVC trade. Deepening of trade agreements is one way to fast track the development of key institutions needed for investment and GVC trade ( World Bank 2017b ). Because deep integration often involves leveling the playing field for investment, intellectual property, and competition policy, participation in deep agreements is an effective way for countries to fast track key institutional reforms and expand GVC involvement. Also, as these measures are

Mr. Kevin C Cheng, Sidra Rehman, and Shiny Zhang

GVCs? A GVC is a network of interlinked stages of production for the manufacture of goods and services that straddles international borders. Typically, a GVC involves combining imported intermediate goods and domestic goods and services into products that are then exported for use as intermediates in the subsequent stage of production. A standard GVC encompasses a number of production stages from upstream product conception to midstream assembly and then to downstream branding and marketing. As Figure 1 illustrates, a hypothesis in the GVC literature is that

Mr. Kevin C Cheng, Sidra Rehman, and Shiny Zhang
Against the backdrop of the rise of global value chains (GVCs), particularly in Asia, this paper documents key developments of GVCs and investigates what factors cause economies to reap greater benefits from GVC participation. Key findings include: first, moving toward a more upstream position in production and raising economic complexity are associated with the country increasing its share of GVC value added. Second, fostering GVC participation and expanding the share of the domestic value added in a value chain require efforts to reduce trade barriers, enhance infrastructure, foster human capital formation, support research and development, and improve institutions.
International Monetary Fund. European Dept.
This Selected Issues paper focuses on the Baltic model, Baltic–Nordic links, and convergence. The Baltic countries form a distinct group within a tightly integrated Nordic–Baltic region. They are following similar approaches to economic policy, broadly in line with those of Northern European and the Anglo-Saxon countries. Their macroeconomic policies are generally robust. The paper examines the possible causes of the creditless recoveries in the Baltic countries. It characterizes their experience in comparison with other episodes of creditless recoveries in both advanced and emerging market economies, and also investigates demand and supply constraints to credit expansion in the Baltics.
International Monetary Fund

$18 trillion in 2013, growing at near 7 percent per year. The share of developing countries in global goods exports rose from 27 percent in 1980 to 43 percent in 2013, while the share accounted for by trade among developing countries has risen steadily reaching 17 percent in 2013. The development of global value chains (GVCs), involving the geographic dispersion of various stages in the process of producing final goods, has been an important contributor to this growth, but these GVCs remain highly concentrated in specific regions—North America, Europe and Southeast