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Cars in Europe: Supply Chains and Spillovers during COVID-19 Times / Vizhdan Boranova, Raju Huidrom, Ezgi Ozturk, Ara Stepanyan, Petia Topalova, Shihangyin (Frank) Zhang.
- Format:
- Book
- Government document
- Author/Creator:
- Boranova, Vizhdan.
- Series:
- IMF Working Papers; Working Paper ; No. 2022/006
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (42 pages)
- Other Title:
- Cars in Europe
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2022.
- Summary:
- The auto sector is macro-critical in many European countries and constitutes one of the main supply chains in the region. Using a multi-sector and multi-country general equilibrium model, this paper presents a quantitative assessment of the impact of global pandemic-induced labor supply shocks—both directly and via supply chains—during the initial phase of the COVID-19 pandemic on the auto sector and aggregate activity in Europe. Our results suggest that these labor supply shocks would have a significant adverse impact on the major auto producers in Europe, with one-third of the decline in the value added of the car sector attributable to spillovers via supply chains within and across borders. Within borders, the pandemic-induced labor supply shocks in the services sector have a bigger adverse impact, reflecting their larger size and associated demand effects. Across borders, spillovers from the pandemic-induced labor supply shocks that originate in other European countries are larger than those that originate outside the region, though the latter are still sizable.
- Notes:
- Description based on print version record.
- ISBN:
- 9798400201301
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