National Value Chain Length under Internal Circulation and Economic Volatility
This paper accurately characterizes pure domestic input-output relationships by scientifically removing the external circulation components of China's interregional input-output tables to measure the national value chain(NVC)production length under internal circulation.Chinese provincial-industrial dimension panel data are then used to study its impact on economic volatility.The main conclusions are as follows.First,promoting the extension of the NVC length under internal circulation can significantly reduce China's economic volatility.The mechanism for this effect is to enhance industrial resilience,stimulate domestic consumption,and make up for deficiencies in the institutional environment.Second,when there is openness,and the status of the global value chain(GVC)is high,the effect of extending the NVC length has a more significant stabilizing effect on economic volatility.In the current period of increased openness on all fronts,China should stabilize its economy through a strategic synergy of NVC extension and GVC upgrading.Third,in comparison,increasing NVC length for manufacturing industries and those in the eastern region is more crucial for stabilizing economic volatility.Therefore,focusing on extending the length of the NVC under internal circulation and reasonably positioning policy measures is an important means for stabilizing economic operations.
万方数据
维普
