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2025-06-03 |
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[Structural Change & Econ, Dynamics] Global Value Chains, Structural Change and
Growth Dynamics in South Korea and Spain: Costs and Benefits of Globalization |
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Keun Lee, Isabel Álvarez, Ángel Valarezo, "Global Value Chains, Structural Change and Growth Dynamics in South Korea and Spain: Costs and Benefits of Globalization," Structural Changes and Economic Dynamics 74: 517-537, 2025/09.
Abstract:
This paper revisits the roles of structural change, economic complexity, and Global Value Chain (GVC) participation in long-term growth dynamics of South Korea and Spain. The findings reveal both similarities and differences in their growth patterns, despite comparable economic size and income levels. First, we confirm the importance of capital formation, along with structural change at different intensities across the two countries. Second, we confirm the heterogeneous effects of economic complexity across two countries, which is because Korea exports high-tech and high complexity goods whereas Spain exports a mix of complex manufactured goods and low-complexity agricultural products. Third, and most importantly, we find a negative effect of forward GVC participation on economic growth, particularly in certain industries, highlighting the perils of globalization. Lastly, while some positive effects of backward GVC participation are observed in specific Spanish subsectors, negative effects on growth and structural change persist in Korea, underscoring the variability in growth outcomes.
Keywords: structural changes; global value chains; economic complexity; economic growth; backward participation; forward participation.
JEL clasificación: F14; F620; O14; O470
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1-s2.0-S0954349X25000888-main.pdf (1,620,473 byte) |
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Lee-Spain Korea-v3.pptx (1,902,772 byte) |
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