In this paper, we explore the possible policy responses to the COVID‐19 pandemic shock as well as the related economic (financial crisis) shocks on trade and global value chains (GVC) in East Asia. We find that regional policy coordination is critical to mitigate and isolate the pandemic shock. It is important to identify the pandemic events early to flatten the pandemic curve at the national and regional level. This supports a recent study by the World Bank (2020), which highlights the importance of early mitigation policies during the pandemic shock. The cost of the pandemic and economic shocks will increase significantly when several countries in the region experience the pandemic shock concurrently. In this case, flattening the regional pandemic curve becomes important. The results also indicate the need for greater coordination in East Asia to mitigate the pending economic shock in terms of unemployment, corporate bankruptcy and financial market fragility. The paper also highlights that the stability of the GVC network is critical during the pandemic in terms of hedging the risk of disruptions to the procurement of critical medical and health products as well as maintaining service linkages to manufacturing, such as the logistics sector. Regional policy coordination and the stability of GVC will be valuable in the post‐pandemic recovery of the region.

中文翻译：

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大流行（COVID-19）政策，区域合作和新兴的全球生产网络†

在本文中，我们探讨了针对COVID-19大流行冲击以及对东亚贸易和全球价值链（GVC）的相关经济（金融危机）冲击的可能政策对策。我们发现，区域政策协调对于缓解和隔离大流行性冲击至关重要。重要的是尽早识别大流行病，以在国家和地区层面拉平大流行曲线。这支持了世界银行最近的一项研究（2020年），该研究强调了大流行性震荡期间早期缓解政策的重要性。当该地区的几个国家同时遭受大流行性冲击时，大流行性疾病和经济冲击的代价将大大增加。在这种情况下，扁平化区域大流行曲线变得很重要。研究结果还表明，东亚需要加强协调，以缓解失业，公司破产和金融市场脆弱性方面即将发生的经济冲击。该论文还强调，在大流行期间，全球价值链网络的稳定性至关重要，因为它可以规避对关键医疗和保健产品的采购造成的中断风险，并维持与制造业（如物流部门）的服务联系。区域政策协调和全球价值链的稳定性在该区域大流行后的恢复中将具有重要价值。该论文还强调，在大流行期间，全球价值链网络的稳定性至关重要，因为它可以规避对关键医疗和保健产品的采购造成的中断风险，并维持与制造业（如物流部门）的服务联系。区域政策协调和全球价值链的稳定性在该区域大流行后的恢复中将具有重要价值。该论文还强调，在大流行期间，全球价值链网络的稳定性至关重要，因为它可以规避对关键医疗和保健产品的采购造成的中断风险，并维持与制造业（如物流部门）的服务联系。区域政策协调和全球价值链的稳定性在该区域大流行后的恢复中将具有重要价值。