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Global Value Chains and New Thinking on Trade and Industrial Policy XING, Yuqing https://www.grips.ac.jp/list/jp/facultyinfo/xing_yuqing/ This paper argues that global value chains (GVCs) have transformed bilateral trade relations into multilateral and value added approach is needed to accurately measure the contribution of trade to economic growth and bilateral trade balances. Under GVCs, the impact of exchange rates on bilateral trade balances have been weakened and technological innovations may not necessarily increase domestic employment. The challenges associated with the emergence of GVCs require an in-depth understanding of modern international trade, which in turn calls for new modes of thinking and new theories. For developing countries, focusing on specific segments of GVCs and upgrading industrial capacity along value chains could be an alternative path of industrialization. JEL Classification Codes: F1 GRIPS Policy Research Center 2016-06-24 eng technical report AM https://doi.org/10.24545/00001503 https://grips.repo.nii.ac.jp/records/1506 10.24545/00001503 https://ideas.repec.org/p/ngi/dpaper/16-07.html https://ideas.repec.org/p/ngi/dpaper/16-07.html GRIPS Discussion Papers DP16-07 https://grips.repo.nii.ac.jp/record/1506/files/DP16-07.pdf application/pdf 557.1 kB