Capital Services in Global Value Chains*

• 成果类型: Article; Early Access
• 署名作者: Ding, Xiang
• 署名单位: Georgetown University
• 刊物名称: QUARTERLY JOURNAL OF ECONOMICS
• ISSN/ISSBN: 0033-5533
• DOI: 10.1093/qje/qjag041
• 发表日期: 2026
• 关键词: vertical specialization; dynamic gains; TRADE; GROWTH; gravity; GOODS; explanation; network; exports; shocks

摘要

This article constructs the first global data set on intersectoral capital service expenditures. I use these data to disaggregate capital services and intermediate inputs in a dynamic multisector 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 toward producers with larger declines in capital rental prices. These reallocations raise capital incomes and lower consumption price indices.