Motivated by increasing trade and fragmentation of production across countries, accompanied by income convergence by many emerging economies, we build a dynamic two-country model featuring sequential, multi-stage production and capital accumulation. As trade costs decline over time, global-value-chain (GVC) trade expands across countries, particularly more in the faster-growing country, consistent with the empirical pattern. Via Heckscher–Ohlin forces, GVC trade can generate back-and-forth feedback between comparative advantage and capital accumulation (growth). Moreover, GVC trade increases both steady-state and dynamic gains from trade.

中文翻译：

---

贸易一体化、全球价值链和资本积累

在各国贸易增加和生产分散化的推动下，伴随着许多新兴经济体的收入趋同，我们构建了一个以连续、多阶段生产和资本积累为特征的动态两国模型。随着贸易成本随着时间的推移而下降，全球价值链 (GVC) 贸易在各国之间扩大，尤其是在增长较快的国家扩大，这与实证模式一致。通过赫克歇尔-俄林力，全球价值链贸易可以在比较优势和资本积累（增长）之间产生来回反馈。此外，全球价值链贸易增加了贸易的稳态收益和动态收益。