Econ Papers Daily / 期刊论文
全球价值链中的资本服务
Capital Services in Global Value Chains
摘要
This paper constructs the first global dataset on inter-sectoral capital service expenditures. I use this data to disaggregate capital services and intermediate inputs in a dynamic multi-sector trade model. Steady state allocations and responses to shocks are determined by a capital-augmented global input-output matrix. Two properties of the measured network deliver larger long-run consumption gains from globalization than existing estimates, as well as larger gains in more capital-intensive countries. First, more trade-exposed sectors supply capital to more consumption-influential producers. Second, heterogeneity in the network reallocates sectoral expenditures towards producers with larger declines in capital rental prices. These reallocations raise capital incomes and lower consumption price indices.
中文摘要
本文构建了首个全球跨部门资本服务支出数据集。利用该数据，我在动态多部门贸易模型中对资本服务与中间投入进行了分解。稳态配置及对冲击的响应由资本增强型全球投入产出矩阵决定。相较于现有估算，该测算网络的两大特性表明：全球化带来的长期消费收益更大，且资本密集型国家的收益增幅更为显著。其一，贸易暴露度更高的部门向更具消费影响力的生产者提供资本；其二，网络异质性促使部门支出向资本租赁价格降幅更大的生产者重新配置。这种重新配置既提高了资本收入，又降低了消费价格指数。