Arbeitspapier
International trade and real transmission channels of financial shocks in globalized production networks
Because individual firms are interdependent and rely on each other, either as supplier of intermediate goods or client for their own production, an exogenous financial shock affecting a single firm, such as the termination of a line of credit, reverberates through the productive chain. The transmission of the initial financial shock through real channels is tracked by modelling input-output interactions. The paper indicates that when banks operate at the limit of their institutional capacity, defined by the capital adequacy ratio, and if assets are priced to market, then a resonance effect amplifies the back and forth transmission between real and monetary circuits. The paper illustrates the proposed methodology by computing a supply-driven indicator (IRSIC) and indirect demand-driven impacts on five interconnected economies of different characteristics: China, Japan, Malaysia, Thailand and the United States.
- Sprache
-
Englisch
- Erschienen in
-
Series: WTO Staff Working Paper ; No. ERSD-2009-06
- Klassifikation
-
Wirtschaft
Input-Output Models
Multinational Firms; International Business
Financial Aspects of Economic Integration
Financial Crises
Industrial Organization and Macroeconomics: Industrial Structure and Structural Change; Industrial Price Indices
- Thema
-
international supply chains
monetary circuit
real linkages
transmission channels of financial shock
Asian International Input-Output Tables
Industrieökonomik
Multinationales Unternehmen
Supply Chain Management
Auslandsproduktion
Finanzmarktkrise
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Escaith, Hubert
Gonguet, Fabien
- Ereignis
-
Veröffentlichung
- (wer)
-
World Trade Organization (WTO)
- (wo)
-
Geneva
- (wann)
-
2009
- DOI
-
doi:10.30875/4d900fbc-en
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Escaith, Hubert
- Gonguet, Fabien
- World Trade Organization (WTO)
Entstanden
- 2009
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