1 “...This paper analyzes how the formation of Global Value Chains (GVCs) has affected the exchange rate...”

2 Subjects: “...Global Financial Crisis, 2008-2009...”

3

4 Subjects: “...Global Financial Crisis, 2008-2009...”

5 Subjects: “...Global Financial Crisis, 2008-2009...”

6 “... and the financial system to handle more volatile capital flows. From a global perspective, the decline in China’s...”

7 “... lifelines for hard-hit workers and sectors, and further integration into global value chains to bolster...”

8 “... global risk aversion. The results are especially strong for emerging economies, where the impact of flow...”