This paper studies the role of global input–output linkages in transmitting economic disturbances in the international economy. Our empirical results find that these links are both statistically significant and of economic importance for generating spillovers. We also provide evidence that it is not the inter-linkages per se that matter for the international transmission but rather the presence of global hub sectors that are either large suppliers or purchasers of other sectors' inputs. When the links between these sectors and the rest of the global value chain are severed, the spillovers diminish strongly and eventually become statistically insignificant. This highlights the importance of the structure of the production network for enabling spillovers and outlines the prominent role played by hub sectors in the global economy.

中文翻译：

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全球生产网络的溢出效应

本文研究了全球投入产出联系在传递国际经济中的经济扰动方面的作用。我们的实证结果发现，这些联系对于产生溢出效应具有统计意义和经济重要性。我们还提供证据表明，对于国际传输而言，重要的不是相互联系本身，而是作为其他部门投入的大型供应商或购买者的全球枢纽部门的存在。当这些部门与全球价值链其他部分之间的联系被切断时，溢出效应会大大减少，最终在统计上变得微不足道。这突出了生产网络结构对于实现溢出的重要性，并概述了枢纽部门在全球经济中发挥的突出作用。