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Dongyeol Lee

) , the average impact of shocks on industry productivity growth can be computed by: Δ l n L ^ P i t = β 1 ^ U P i t D M + β 2 ^ D N i t D M + β 3 ^ O W N i t E X ( 10 ) Equation (10) can be further expanded by substituting Equations (1) to (3) for each individual industry j and country C as

Hang T. Banh, Mr. Philippe Wingender, and Cheikh A. Gueye
The COVID-19 pandemic has led to an unprecedented collapse in global economic activity and trade. The crisis has also highlighted the role played by global value chains (GVC), with countries facing shortages of components vital to everything from health systems to everyday household goods. Despite the vulnerabilities associated with increased interconnectedness, GVCs have also contributed to increasing productivity and long-term growth. We explore empirically the impact of GVC participation on productivity in Estonia using firm-level data from 2000 to 2016. We find that higher GVC participation at the industry level significantly boosts productivity at both the industry and the firm level. Frontier firms, large firms, and exporting firms also benefit more from GVC participation than non-frontier firms, small firms, and non-exporting firms. We also find that GVC participation of downstream industries has a negative correlation with productivity. Frontier firms and large firms benefit more from GVC participation of upstream industries, while non-frontier firms and small firms benefit more from GVC participation of downstream industries. Our results suggest that policies designed to promote participation in GVCs are important to raise aggregate productivity and potential growth in Estonia.
Hang T. Banh, Mr. Philippe Wingender, and Cheikh A. Gueye

output to control for macro shocks at the country and sector levels that may also affect productivity. Causal interpretation of the relationship between the degree of GVC participation and productivity at the industry level can be problematic given endogeneity concerns and potential for reverse causality. It is unclear from correlations whether GVC participation improves firms’ performance and drives industry productivity growth or higher productivity growth makes it easier for firms and industries to participate in GVCs. Therefore, following Constantinescu et al

Man-Keung Tang
Advanced economies have been experiencing diverse developments in accumulation of financial liabilities by their household and corporate sectors since around 1995. Crosscountry- industry evidence indicates that the type of the financial system and the degree of labor market flexibility matter for the economic impact of expanded borrowings. Especially in countries with a more arm's length-based financial system and less rigid labor market, faster creation of corporate liabilities in recent years appears to have spurred growth of industries more reliant on external finance, and strengthened the development of growing industries. The findings suggest an association of recent increases in corporate borrowings with a reduction in costs of external finance and improvement in resource allocation-two supposed channels through which finance facilitates growth.
Dongyeol Lee
In the last two decades, manufacturing industries in Korea have become more concentrated, and interconnectedness across industries and to foreign countries has risen via vertical relationships and trade linkages. This paper investigates the transmission of economic shocks in such a highly concentrated and interconnected structure, focusing on the role of vertical and trade linkages and using the industry-level international input-output data. The results suggest that, first, the role of vertical and trade linkages in propagating growth shocks from both domestic sources and external sources is important. Second, the growth impact of a few key sources of economic shocks is relatively large. These findings highlight that economic shocks in a few key industries and/or major trading partners that are transmitted through vertical and trade linkages can lead to large swings in the overall economy. This paper contributes to the understanding of the potential interactions between the industrial structure and economic growth and stability.
International Monetary Fund

: ICT Capital Accumulation 2. Canada–United States Labor Productivity Growth Gap 3. Canada: ICT Regression with Current and Lagged ICT Capital Services Growth 4. Canada and the United States: Value-Added, Shares of Total Figures I. 1. United States and Canada: Income and Productivity Indicators 2. Sectoral Contributions to the Canada-U.S. Aggregate Labor Productivity Growth Gap 3. Canada: Sectoral TFP Growth and Openness to Trade Appendices I. 1. Data Sources 2. Canada and U.S. IndustriesProductivity Growth, 1982–2000 II

International Monetary Fund
The first part of the study investigates Australia’s recent growth and productivity performance and then analyzes the impact of structural reforms on productivity growth. The short- and long-term effects of structural reforms on productivity growth are estimated using pooled and fixed effect distributed lag models. The study also includes the following statistical data: labor market, selected price index, selected fiscal indicators, credit aggregates, money supply, banking soundness statistics, current account, exports and imports, exports by commodity group, direction of trade, capital and financial account, interest rates, and so on.
Stephen R. Yeaple and Wolfgang Keller
We estimate international technology spillovers to U.S. manufacturing firms via imports and foreign direct investment (FDI) between 1987 and 1996. In contrast to earlier work, our results suggest that FDI leads to substantial productivity gains for domestic firms. The size of FDI spillovers is economically important, accounting for about 11 percent of productivity growth in U.S. firms between 1987 and 1996. In addition, there is some evidence for import-related spillovers, but it is weaker than for FDI spillovers. The paper also gives a detailed account of why our study leads to results different from those found in previous work. This analysis indicates that our results are also likely to apply to other countries and periods.