Vertical Linkages and the Collapse of Global Trade
利用全球投入产出框架分析2008-2009年贸易崩溃，发现最终品贸易降幅是中间品两倍，但中间品仍贡献超五分之二；垂直专业化贸易下降13%，增加值贸易下降10%。
A common view is that cross-border vertical linkages played a key role in the 2008–2009 collapse of global trade. This paper presents two accounting results from a global input-output framework that shed light on this channel. We feed in observed changes in final demand and find that trade in final goods fell by twice as much as trade in intermediate goods. Nevertheless, intermediate goods account for more than two-fifths of the trade collapse. We also find that vertical specialization trade fell 13 percent, while value-added trade fell by 10 percent, because declines in demand were largest in highly vertically-specialized sectors.