Instant, Immediate, Real Time Retail Payment Systems (IIRT-RPS)

Instant, Immediate, Real Time Retail Payment Systems (IIRT-RPS)


There are Five different kinds of Payments

  • B2C Business to Consumer
  • C2B Consumer to Business
  • B2B Business to Business
  • Domestic P2P Peer to Peer
  • Cross Border P2P Peer to Peer


From Real-time payments are changing the reality of payments


Existing Real Time Retail Payment Systems around the Globe



Planned Real Tine Retail Payments Systems around the Globe


From Global Trends and Developments in Instant Payments


Current Payments Ecosystem

  • Faster Payments
  • ACH
  • Cards
  • Closed Loop
  • Distributed Ledger


From 2017 Advanced Payments Report


Evolving Landscape of Payment Systems

From 2017 Advanced Payments Report



New RTP Developments


From Federal Reserve Payment Trends Update


USA – The Clearing House RTP System

From Federal Reserve Payment Trends Update


USA – How Payment Platforms Compare?

  • Wires
  • Next Day ACH
  • NACHA Same Day ACH
  • EWS Zelle
  • Mastercard Send


From Federal Reserve Payment Trends Update


Key Sources of Research:



Real-time payments are changing the reality of payments






Federal Reserve








Real-Time Payments for P2P
Eric Foust
Early Warning
Mike Wolf




Banks Re-enter the P2P Payments Fray: With Mobile, Will this Time Be Different?

By Terri Bradford, Payments Research Specialist

Fed Reserve




Faster Payments Finds Its Future






Faster payments: Building a business, not just an infrastructure




The Road to Faster Payments

As Real-Time Payments Rise, Payment Hubs See a Resurgence

The Clearing House





Real-Time Payments and Settlement Comes to the United States

How U.S. Banks Can Realize the Full Opportunities of Immediate Payments for Their Customers






Real-Time, Cross-Border Payments Survey






Strategies for Improving the U.S. Payment System Federal Reserve Next Steps in the Payments Improvement Journey

Federal Reserve





Strategies for Improving the U.S. Payment System

Federal Reserve





Strategies for Improving the U.S. Payment System
Feb 2016 Progress Report

Fed Reserve




Strategies for Improving the U.S. Payment System

Progress Report | January 2017

Federal Reserve




Strategies for Improving the U.S. Payments System

Claudia Swendseid



Strategies for Improving the U.S. Payment System




Making Payments Faster in the United States

Clearing House





The Clearing House RTP System “Back to The Future”: Emerging Payment Systems Legal and Regulatory Issues




The Federal Reserve Faster Payments and Secure Payments Task Forces
2016 Smart Card Alliance Payments Summit

April 5, 2016




Understanding and Regulating Twenty-First Century Payment Systems: The Ripple Case Study

Marcel T. Rosner
Delaware Court of Chancery
Andrew Kang
University of Michigan Law School





US Retail Payment Instruments and Systems

Structure, Transformation & Public Policy

NY Fed Reserve





Digital Payments Strategy for U.S. Retail Banks





US Real Time Payments Technology Playbook

The Clearing House





16 in 2016: Trailblazing trends in global payments










Flavors of the Fast

A trip around the world in immediate payments





Global Trends and Developments in Instant payments

Edger Dunn

14th February, 2017















Ripple as an Innovative Solution to the Ways We Pay





Instant revolution of payments?

The quest for real-time payments

Deutsche Bank





Retail payments and the real economy


Iftekhar Hasan, Tania De Renzis
and Heiko Schmiedel










Real-time payments for real-time banking
How banks can seize the full opportunities of immediate payments






The New Payments Platform: Fast-Forward to the Future





24/7 Domestic Real-time Payments




Innovations in retail payments

Report of the Working Group on Innovations in Retail Payments


May 2012



Fast payments – Enhancing the speed and availability of retail payments


November 2016


Is a Global Real-Time Payment System Possible?



Federal Reserve Payment Trends Update


Federal Reserve Bank of Richmond





Hal S. Scott

Nomura Professor and Director, Program on International Financial Systems Harvard Law School

December 16, 2014—mastercard-retail-payment-systems.pdf?sequence=1


Mechanism Design for Near Real-Time Retail Payment and Settlement Systems

Zhiling GUO
Singapore Management University,

Robert John UFFMAN
Singapore Management University, rkau

Singapore Management University,

Dan MA





2017 Advanced Payments Report

Edgar Dunn & Company


Network Economics of Block Chain and Distributed Ledger Technology

Network Economics of Block Chain and Distributed Ledger Technology


Quadruple Accounting System

Morris Copeland, and Hyman Minsky emphasized quadruple entry accounting system envisioning interrelated interlocking balance sheets of economic agents.  Interlocking balance sheets create a network of economic agents.

I attach a slide from a presentation by Marc Lavoie given at Minsky Summer school in 2010 at the Levy Institute of Economics (Bard College).




There are several FINTECH innovations which are bringing about dramatic changes in the financial services business.

  • Block Chain and Distributed Ledgers
  • Payment Banks
  • Retail P2P Payment services
  • Mobile Payments
  • Secured Wallets
  • Domestic Real Time Payments and Transfers
  • Cross Border Near Real time Money Transfers


Block Chain and Distributed Ledgers, in my opinion, are/can be implementation of quadruple accounting principles envisioned by Morris Copeland and Hyman Minsky.  Two economic agents engage in financial transactions which are recorded in distributed ledgers.

Some of the key components of distributed ledger technology are:

  • Peer-To-Peer Networking
  • Cryptography
  • Distributed Data Storage

In contrast with centralized ledgers, distributed ledgers store data at each node in the P2P network.  So there is no need for an intermediating institution.  From a payment system perspective, each node in the P2P network can be thought of as a bank.   Each node will have its own ledger and balance sheet which will record assets and liabilities.

Ripple is a Cross Border money transfer solution which is based on block chain technology.


Recent rise of retail P2P payment services such as

  • Xoom
  • M-Paisa
  • PayTM

indicates a trend toward real time payments/money transfers domestic and international.  This trend also indicates decoupling of these services from traditional deposit/lending banks. XOOM is a service provided by PAYPAL for international Money Transfers.  Money transfers are within a few minutes.

In USA, there are new P2P services offered to facilitate faster near real time payments/money transfers through mobile and online interfaces.

  • Venmo (Paypal)
  • Zelle (clearXchange Network)
  • Square Cash
  • Braintree (Paypal)

There are also social media payments available now through which consumers can quickly send money using social media applications such as

  • Facebook (through Messanger app)
  • Snapcash (through SnapChat)
  • Apple PayCash (through imessages app)
  • TenCent via WeChat


Rise of payment banks such as PayTM is one such example.  Reserve Bank of India has granted PayTM a payment bank status.  But transfers are still between bank accounts of transacting consumers where deposits are kept. Payment Bank acts as a technology provider and acts as an intermediary.

As per the RBI guidelines, payments banks cannot lend they can only take deposits or accept payments.

There are four payment banks in India now.

  • PayTM Payment Bank
  • Airtel Payment Bank
  • India Post Payment Bank
  • FINO Payment Bank


Mobile payments using secured wallets is another such example.

  • Consumer to Business payments and transfers
  • Consumer to Consumer payments and transfers
  • Google Wallet
  • Apple Pay
  • Android Pay
  • Alipay


Cross Border Payment Solutions:

  • XOOM
  • Earthport
  • TransferWise
  • Remitly
  • WorldRemit



Please see my other related posts:

Next Generation of B2C Retail Payment Systems

Cross Border/Offshore Payment and Settlement Systems



Key sources of Research:


Minsky and Godley and financial Keynesianism

Marc Lavoie
University of Ottawa



Block Chain:  A Primer



Distributed Ledger Technologies/Blockchain: Challenges, opportunities and the prospects for standards

Advait Deshpande, Katherine Stewart, Louise Lepetit, Salil Gunashekar



Banking on Distributed Ledger Technology: Can It Help Banks Address Financial Inclusion?

By Jesse Leigh Maniff and W. Blake Marsh




Distributed ledger technology in payments, clearing, and settlement

Mills, David, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton
Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian,
Max Ellithorpe, Wendy Ng, and Maria Baird (2016).

Finance and Economics Discussion
Series 2016-095. Washington: Board of Governors of the Federal Reserve System,




Distributed Ledger Technology: beyond block chain

A report by the UK Government Chief Scientific Adviser


Bitcoin, Blockchain & distributed ledgers: Caught between promise and reality




Distributed ledger technology in payment, clearing and settlement
An analytical framework





The Truth About Blockchain

January–February 2017 Issue






Peer-to-peer payments: Surveying a rapidly changing landscape

By Jennifer Windh

August 15, 2011

Boundaries and Networks

Boundaries and Networks


Boundaries precede Networks.

It is the difference which makes the difference.

Boundaries in

  • Regionalism, Globalization, Multinational Firms (Trade/Economics)
  • Social Networks Theory/Relational Sociology (Sociology)
  • Complex Systems Theory – Micro/Macro Links (System Sciences)
  • Autocatalysis, Autopoiesis and Relational Biology (Biology)
  • System and Its Environment (Strategic Planning/Management)
  • Functional Silos (Supply Chain Management/Operations Management)
  • Individual and the Collective (Philosophy)
  • Self, Nature, Culture (Meta Integral Theories – Ken Wilber/Roy Bhaskar)
  • Fractal/Recursive/Holographic Paradigm (Cosmology)


Chapter 2
The Relational Turn in Social Sciences

Recent times have witnessed relational sociology, as arguably the major form of relational scholarship, gain considerable scholarly momentum. There is a forthcoming major handbook (Dépelteau, 2018), significant edited collections such as Conceptualizing relational sociology (Powell & Dépelteau, 2013), Applying relational sociology (Dépelteau & Powell, 2013), and in the broader leadership literatures Advancing relational leadership research (Uhl-Bien & Ospina, 2012).  In addition, there have been key texts from Crossley (2011), the work of Donati (1983, 1991, 2011) has become more accessible in English (to which he thanks Margaret Archer for, stating she “greatly encouraged and assisted me in presenting my theory to an international audience (Donati, 2011, p. xvii)), and – although less engaged with by English-speaking audiences—Bajoit’s (1992) Pour une sociologie relationnelle.

The Canadian Sociological Association has established a research cluster for relational sociology, with regular symposia, meetings, and events. Significantly, in 2015 the International Review of Sociology/ Revue Internationale de Sociolgie published a special section on relational sociology. Edited by Prandini (2015) and with contributions from Crossley (2015), Dépelteau (2015), Donati (2015), and Fuhse (2015), this special section sought to ascertain whether an original and international sociological paradigm entitled “relational sociology” could be identified. Prandini (2015) argues:

A new and original social paradigm is recognizable only if it accedes to the world stage of the global scientific system constituted and structured by networks of scientific scholars, scientific contributions published in scientific journals, books, internet sites, etc., fueled by a vast array of international meetings, seminars, conferences, and so on. It is only at this global level that we can decide if a new paradigm is gaining a global stage or not. Put in other words: are we really witnessing a new and emergent sociological ‘school’, or are we observing only a sort of ‘esprit du temp’ which is able to catalyse similar intuitions and sociological insights? (pp. 1–2)

At the end of his paper, Prandini (2015) contends that there is less a paradigm (in its precise Kuhnian meaning) and instead it is better to speak of a “relational turn” in sociology. Built on a strong and clear convergence toward a common critique of classic sociological theories, it is possibly the early stages of an emerging paradigm but such a label is currently premature. The real breakthrough of this turn is in forcing social scientists to specify “accurately the ontology of society and social relation and to discover new methods and research techniques well suited to study it” (Prandini, 2015, p. 13).

Relational theory is, as Emirbayer (1997) declares, beyond any one disciplinary background, national tradition, or analytic and empirical point of view. Outside of the major centers of Europe and the USA, Yanjie Bian hosted the International Conference on Relational Sociology at the Institute for Empirical Social Science of Xi’an Jiaotong University, and Jan Fuhse hosted the international symposium Relational Sociology: Transatlantic Impulses for the Social Sciences at Humboldt University of Berlin. Donati (2011) claims that interest in social relations can be found in philosophy (from the metaphysical point of view), psychology (from the psychic point of view), economics (from the resource perspective), law (control by rule), and even biology (bioethics). The interest is also not limited to the social sciences, with Bradbury and Lichtenstein (2000) noting:

The interdependent, interrelated nature of the world has also been discovered by physicists in their study of quantum reality. In their quest to identify the basic building blocks of the natural world, quantum physicists found that atomic particles appeared more as relations than as discrete objects (Capra 1975; Wolf 1980), and that space itself is not empty but is filled with potential (Bohm 1988). Heisenberg’s discovery early this century that every observation irrevocably changes the object being observed, further fueled the recognition that human consciousness plays an irreversible role in our understanding of reality (Bachelard, 1934/1984; Wilber 1982; Jahn & Dunne 1987). (p. 552)

Apart from its widespread contemporary appeal, relational thinking has a long history. The North American stream arguably finds its roots in the New York School, European scholars such as Karl Marx, Georg Simmel, Gabriel Tarde, Norbert Elias, Niklas Luhmann, Pierre Bourdieu, Bruno Latour, among others, have long argued for various relational approaches (even if not using that label), and Emirbayer traces the tradition of privileging relations rather than substances to pre-Socratic Greek philosopher Heraclitus. What is consistently germane across these various scholars is a critique of substantialism in classic sociological accounts. This also arguably speaks to the proliferation of relational scholarship in the past few decades as globalized forces are causing a rethink of spatio-temporal conditions (e.g., the nation state and geographic borders). In breaking down the substantialist approaches, and their underlying analytical dualisms, relational scholarship asks questions of the ontological and epistemological as much as the empirical.

Contemporary thought and analysis in social theory is overrun with “turns.” In this chapter, rather than be seduced by contemporary attention to a relational turn in the social sciences, I seek to highlight some major events, trajectories, or streams of relational thought. In doing so, I am critically aware of the difficulty of arguing for relational understanding and then constructing significant events as though they are entities in and of their own right. Within the confines of a single chapter, and mindful of the role that this chapter is playing the book (e.g., setting some context/trajectory for developing my argument), my goal is to cite key developments and how they relate to one another and my argument. Given my particular interest in organizing activity, my focus is on the Human Relations Movement of the early twentieth century, the New York School of relational sociology, and then contemporary developments in sociology, leadership, and to a lesser extent, the natural sciences. While I concede that there is increasing interest in what has come to be known as “relational sociology” (see also the following chapter), relational scholarship has a long and diverse intellectual history. Importantly though, as Powell and Dépelteau (2013) note, relational sociology is not a heterogeneous label and as a collection of scholars, is still quite some way from achieving any form of  consensus. Whether consensus is required, or even desirable, for relational scholarship is questionable. The diversity of ontological and methodological starting points allows scholars to investigate a wide range of phenomena. This diversity, complexity, depth, and vitality enable dialogue and debate without requiring consensus. What binds them together is their scholarly focus on relations rather than alignment with a specific empirical object and/or method of inquiry



The Relational Turn in Sociology: Implications for the Study of Society, Culture, and Persons

Special issue of the academic journal Stan Rzeczy [State of Affairs]

The relational approach, which has a long tradition, has re-emerged and strengthened, forming a new, vital movement of divergent variants in sociology. Initiated and systematically developed by Pierpaolo Donati, it has grown into what is called the Italian relational turn, later followed by a proliferation of relational sociologies of various origins, including the works of Harrison C. White, Charles Tilly, Mustafa Emirbayer, Pierre Bourdieu and others. After the postmodern diffusion and beyond the stagnation of interpretative against normative conceptualizations of social life, relational sociology offers new conceptual tools and plays a leading role in reconstructing sociology both on theoretical and applied planes.

Modern sciences are founded on the study of relations, rather than essences or substances. From the outset, the relational approach has had to pave its way in sociology against holistic (“science of society”) and nominalistic (“science of individuals”) orientations. Social relations are among the key sociological concepts and have been studied as constitutive for social bonding. On the micro-level, interpersonal relations have been in the center of attention in the area where sociology and social psychology overlap. The relational turn consists not only of focusing on social relations; it also involves introducing relational categories of analysis.

The category of social relations is certainly not new in social theory. What is new is the way of looking at them. Contemporary relational thinking assumes radical changes in the ontological, epistemological, and phenomenological status of social relations. Refocusing on social relations, on their constitution and emergent effects leads us to a new way of describing, understanding and explaining social and cultural phenomena as relational facts.

A particularly significant feature of relational sociology resides in its capacity to broaden the theory of the human subject not only as a self, agent, and actor, but also through the development of the concept of the person; more precisely, through deeper research on the relational constitution of the human person as a social subject emerging from relational reflexivity (dialogue between ‘I’, ‘Me’, ‘We’, ‘You’ in a situated social context) – in other words, a view of the human person as homo relatus. Analyzing these processes leads to a sui generis relational theory of agency.

Various or divergent theories of contemporary social and cultural processes evoke relationality, but relational analysis differs from “relationistic” positions. Most existing approaches, both historical and modern, cannot be considered relational sociology in a true sense unless the social relation is conceived as a reality sui generis and society is conceptualized as a network of social relations.

“Turn” refers to a gradual transformation of the field of scientific theories, rather than to a scientific revolution. Several characteristic features of a “turn” appear to correspond well with significant traits of the relational turn: an epistemological rupture, which is brought about by introducing an innovative vocabulary that opens up new analytic perspectives;  an attempt to reconstruct the scientific domains of knowledge under conditions of their growing fragmentation; introduction of a novel perspective that shows existing knowledge in a new light; moving on from the research object to the category of analysis. These are the features of a genuine new intellectual movement that enters into debates and polemics, particularly as regards various ways of understanding relations and relationality.

The synergetic effect of a creative exchange of ideas between the founders of theories that have been independently pursued – the relational theory of society developed by Pierpaolo Donati and the theory of morphogenic society, developed on the basis of critical realism by Margaret S. Archer – proves particularly fruitful for the study of the after-modern and the new possibilities of a morphogenic society, in which the challenge of re-articulating social relations remains of central importance.

The aim of this special issue is to reflect upon the innovative potential of contemporary relational theorizing of society, culture, and persons and to go beyond superficial statements on relational sociology by addressing these issues through in-depth investigations. We invite authors to take on problems of relational sociology by discussing its main assumptions, by conceptual clarifications, by re-articulating the concepts pertinent to understanding social phenomena in relational terms, and by empirical studies guided by methodological rules of relational analysis.


Key Terms:

  • Order
  • Class
  • Identity
  • Culture
  • Meaning
  • Difference
  • Boundaries
  • Networks
  • Hierarchies
  • Heterarchy
  • Control
  • Power
  • System/Environment
  • Inside/Outside
  • Interior/Exterior
  • Included/Excluded
  • Multi-Level
  • Fractals
  • Scale
  • Multiplex
  • Ties
  • Chains
  • Silos
  • Connections
  • Links
  • Netchains
  • Operational Closure
  • Inequality
  • Information Asymmetry
  • Categories
  • Domain
  • Social Structure
  • Interaction
  • Interlocks
  • Institutions
  • Memory
  • Agency
  • Limits
  • Relational
  • Intra/Inter
  • Process
  • Subjective/Objective



Please see my related posts:

Boundary Spanning in Multinational and Transnational Corporations

Relational Turn in Economic Geography

Networks and Hierarchies

Boundaries and Relational Sociology

Autocatalysis, Autopoiesis and Relational Biology

Society as Communication: Social Systems Theory of Niklas Luhmann

Art of Long View: Future, Uncertainty and Scenario Planning


Key Sources of Research:




Chapter of Book ME++



Relational Sociology: Transatlantic Impulses for the Social Sciences

International Symposium, Berlin, September 25/26, 2008




Symposium on Relational Sociology


Relational sociology




Networks and Boundaries

Athanasios Karafillidis

RWTH Aachen University

Paper presented at the International Symposium
„Relational Sociology: Transatlantic Impulses for the Social Sciences“,

September 25-26, 2008



Theorising Borders as Mechanisms of Connection

Anthony Cooper



Boundaries, Hierarchies and Networks in Complex Systems




Fractal Boundaries of Complex Networks

Jia Shao, Sergey V. Buldyrev, Reuven Cohen
Maksim Kitsak1, Shlomo Havlin, and H. Eugene Stanley


Rethinking the Financial Network

Speech given by
Andrew G Haldane, Executive Director, Financial Stability, Bank of England

At the Financial Student Association, Amsterdam

28 April 2009




Knowledge, limits and boundaries

Paul Cilliers



On the Status of Boundaries, both Natural and Organizational: A Complex Systems Perspective

Kurt A. Richardson & Michael R. Lissack

Exploring System Boundaries: Complexity Theory and Legal Autopoiesis

Thomas Edward Webb



The Role of Leaders in Managing Organisation Boundaries




Managing Boundary Spanning Elements: An Introduction

Sunil Sahadev, Keyoor Purani, and Neeru Malhotra





Boundary-Spanning in Organizations: Network, Influence and Conflict

Edited by Janice Langan Fox, Cary Cooper

A Borderless World and Nationless Firms?






Arnaud Costinot
Lindsay Oldenski
James E. Rauch

January 2009


The Boundaries of Multinational Enterprises and the Theory of International Trade

James R. Markusen


Incomplete Contracts and the Boundaries of the Multinational Firm

Nathan Nunn

Daniel Trefler§

June 2008



Complexity and Philosophy







Complexity, Deconstruction and Relativism

Paul Cilliers



Towards an Economy of Complexity: Derrida, Morin and Bataille

Oliver Human

Stellenbosch University, South Africa

Paul Cilliers




The architecture of complexity

Herbert Simon





Complexity and postmodernism

Understanding complex systems

Paul Cilliers



Complexity, Difference and Identity
An Ethical Perspective

Paul Cilliers, Rika Preiser (Eds.)


Introduction to Critical Complexity. Collected Essays by Paul Cilliers



Chapter 2
The Relational Turn in Social Sciences

Beyond Leadership
A Relational Approach to Organizational Theory in Education

Authors: Eacott, Scott



Relational Sociology: A New Paradigm for the Social Sciences

By Pierpaolo Donati




Conceptualizing Relational Sociology: Ontological and Theoretical Issues

edited by C. Powell, F. Dépelteau


Applying Relational Sociology: Relations, Networks, and Society,

edited by Francçois Depélteau and Christopher Powell.
Hampshire, UK: Palgrave Macmillan,




Birth and development of the relational theory of society:
a journey looking for a deep ‘relational sociology




Beyond the Manifesto: Mustafa Emirbayer and Relational Sociology

Lily Liang Sida Liu





Towards Relational Sociology

By Nick Crossley





Manifesto for a Relational Sociology

Mustafa Emirbayer

The American Journal of Sociology, Vol. 103, No. 2. (Sep., 1997), pp. 281-317





by Josef Langer (Klagenfurt)






Michele Lamont and Vira ́g Molnar




Beyond “the relationship between the individual and society”: broadening and deepening relational thinking in group analysis

Sasha Roseneil




The Relational Turn in Sociology: Implications for the Study of Society, Culture, and Persons

Special issue of the academic journal Stan Rzeczy [State of Affairs]





Regional Trading Blocs and Economic Integration

Regional Trading Blocs and Economic Integration



From Asia’s Rise in the New World Trade Order

Asia Rising




From What is Regional Trade Blocs or Free Trade Agreements?

As trade integration across countries is intensifying, we hear more and more about Free Trade Agreements (FTAs) and Regional Trade Blocs (RTBs). As their name suggests these RTBs/FTAs are arrangements aimed for faster trade liberalisation at regional levels.

Countries are convinced that trade is an engine of growth and they are searching for arrangements that promote trade.

The WTO that contains 162 countries is the most popular one; a truly multilateral forum for trade liberalisation. But the history of WTO led trade liberalisation shows that the organisation is facing difficulty in bringing further trade liberalisation because of conflicting interest among large number of countries.

This has led to interest in trade liberalisation within a limited number of countries that may be regionally close together. These regional trade promoting arrangements advocate more tariff cuts and removal of other restrictions within the group while maintaining restrictions against the rest of the world.

Though many regional trade agreements like the EU, NAFTA and ASEAN were established before or around the time of WTO’s formation, there is mushrooming of RTBs in recent years. Recently formed Trans Pacific Partnership (TPP) shows this increasing affinity towards RTBs. Many RTBs like the TPP would like to make advanced level trade liberalisation and hence they are not satisfied with the slow pace of trade liberalisation within the WTO.

What are Regional Trade Blocs (RTBs)?

Regional Trade Blocs or Regional Trade Agreements (or Free Trade Agreements) are a type of regional intergovernmental arrangement, where the participating countries agree to reduce or eliminate barriers to trade like tariffs and non-tariff barriers.  The RTBs are thus historically known for promoting trade within a region by reducing or eliminating tariff among the member countries.

Over the last few decades, international trade liberalisations are taking place in a serious manner through the formation of RTBs. They are getting wide attention because of many important international developments. First, now the world is trying hard to escape from the ongoing great recession phase. Second is the failure of the WTO to take further liberalisation measures on the trade liberalisation front.

The EU, NAFTA, ASEAN, SAFTA etc are all examples for regional integration. The triad of North America, Western Europe, and Asia Pacific have the most successful trade blocs. Recently signed Trans Pacific Partnership is a powerful RTB. Similarly, another one called RCEP is in negotiation round. India has signed an FTA with the ASEAN in 2009. Simultaneously, the country has signed many bilateral FTAs.

Different types of RTBs

All regional trade blocs don’t have the same degree of trade liberalisation. They may differ in terms of the extent of tariff cutting, coverage of goods and services, treatment of cross border investment among them, agreement on movement of labour etc.

The simple form of regional trade bloc is the Free Trade Area. The Free Trade Area is a type of trade bloc, a designated group of countries that have agreed to eliminate tariffs, quotas and preferences on most (if not all)goods and services traded between them.

From the lowest to the highest, regional trade integration may vary from just tariff reduction arrangement to adoption of a single currency. The most common type of regional trade bloc is the free trade agreement where the members abolish tariffs within the region. Following are the main types of regional economic integrations.

Classification of RTBs

Preferential trading union: Here, two or more countries form a trading club or a union and reduce tariffs on imports of each other ie, when they exchange tariff preferences and concessions.

Free trade union or association: Member countries abolish all tariffs within the union, but maintain their individual tariffs against the rest of the world.

Customs union: countries abolish all tariffs within and adopt a common external tariff against the rest of the world.

Common market: in addition to the customs union, unrestricted movement of all factors of production including labour between the member countries. In the case of European Common Market, once a visa is obtained one can get employed in France or Germany or in any other member country with limited restrictions.

Economic union: The Economic Union is the highest form of economic co-operation. In addition to the common market, there is common currency, common fiscal and monetary policies and exchange rate policies etc. European Union is the example for an Economic Union. Under the European Monetary Union, there is only one currency- the Euro.

At present, out of the total regional trade arrangements FTAs are the most common, accounting for nearly 90 per cent.


From Regionalism in a globalizing world: an Asia-Pacific perspective


From Asia’s Rise in the New World Trade Order



From The world’s free trade areas – and all you need to know about them

International trade is a driving force behind economic growth, and two so-called “mega-regional” trade deals are dominating public debate on the issue: the Trans-Pacific Partnership (TPP) and the Transatlantic Trade and Investment Partnership (TTIP).

But there are around 420 regional trade agreements already in force around the world, according to the World Trade Organization. Although not all are free trade agreements (FTAs), they still shape global trade as we know it.

 Global exports and trade agreements

Image: The Economist


What exactly are free trade areas?

The OECD defines a free trade area as a group of “countries within which tariffs and non-tariff trade barriers between the members are generally abolished but with no common trade policy toward non-members”.

The free movement of goods and services, both in the sense of geography and price, is the foundation of these trading agreements. However, tariffs are not necessarily completely abolished for all products.


Which are the world’s major free trade areas?


The North American Free Trade Agreement (NAFTA)


Free trade between the three member nations, Canada, the US and Mexico, has been in place since January 1994. Although tariffs weren’t fully abolished until 2008, by 2014 total trilateral merchandise trade exceeded US$1.12 trillion.

According to the US government, trade with Canada and Mexico supports more than 140,000 small and medium-size businesses and over 3 million jobs in the US. Gains in Canada are reportedly even higher, with 4.7 million new jobs added since 1993. The country is also the largest exporter of goods to the US.

 US Trade with NAFTA Partner 1993-2012

Image: Congressional Research Service


However, the Council on Foreign Relations suggests that the impact on Mexico is harder to assess. Per capita income has not risen as fast as expected; nor has it slowed Mexican emigration to the US. However, farm exports to the US have tripled since 1994, and the cost of goods in Mexico has declined. The cost of basic household goods has halved since NAFTA came into force, according to estimates by GEA, a Mexican economic consulting firm.


Association of Southeast Asian Nations Free Trade Area (AFTA)


The AFTA was signed in January 1992 in Singapore. The original members were Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand. Four countries have subsequently joined: Vietnam, Laos, Myanmar and Cambodia.

The bloc has largely removed all export and import duties on items traded between the nations. It has also entered into agreements with a number of other nations, including China, eliminating tariffs on around 90% of imported goods.


Image: ASEAN Briefing


The AFTA nations had a combined GDP of US$2.3 trillion in 2012, and they’re home to 600 million people. The agreement has therefore helped to dramatically reduce the cost of trade for a huge number of businesses and people.


Southern Common Market (MERCOSUR)


Although MERCOSUR was envisaged as a Latin American single market, enabling the free movement of people, goods, capitals and services, this vision is yet to become reality. Internal disputes have slowed progress towards removing tariffs and the free movement of people and goods.

But MERCOSUR is still one of the world’s leading economic blocs, and has a major influence on South American trade and the global economy.


Common Market of Eastern and Southern Africa (COMESA)


Formed in December 1994, the organization aims to develop natural and human resources to benefit the region’s population. Its primary focus, according to the United Nations, is to establish a large economic and unit to overcome barriers to trade.

With 19 member states, and an annual export bill in excess of $80 billion, the organization is a significant market place, both within Africa and globally.

 COMESA Member States

Image: United Nations


COMESA utlimately aims to remove all barriers to intra-regional trade, starting with preferential tariffs and working towards a tariff-free common market and economic union.


What about the European Union?


The EU is a single market, which is similar to a free trade area in that it has no tariffs, quotas or taxes on trade; but a single market allows the free movement of goods, services, capital and people.

The EU strives to remove non-tariff barriers to trade by applying the same rules and regulations to all of its member states. The region-wide regulations on everything from working hours to packaging are an attempt to create a level playing field. This is not necessarily the case in a free trade area.

 The European Union

Image: BBC


The creation of the single market was a slow process. In 1957, the Treaty of Rome established the European Economic Community (EEC) or Common Market. However, it was not until 1986 that the Single European Act was signed. This treaty formed the basis of the single market as we know it, as it aimed to establish the free-flow of trade across EU borders. By 1993 this process was largely complete, although work on a single market for services is still ongoing.

Today, the EU is the world’s largest economy, and the biggest exporter and importer. The EU itself has free trade agreements with other nations, including South Korea, Mexico and South Africa.

 The State of EU Trade

Image: European Union


What about the TPP and TTIP?


Once fully ratified, the Trans-Pacific Partnership is set to become the world’s largest trade agreement. The TPP already covers 40% of global GDP, and trade between member nations is already significant.

However, by removing tariffs and other barriers to trade, the agreement hopes to further develop economic ties and boost economic growth.

 The Trans-Pacific Trade Deal

Image: Reuters


The Transatlantic Trade and Investment Partnership is a deal currently being negotiated between the EU and the US. If reached, it would itself become the world’s largest trade agreement – covering 45% of global GDP.

Like the TPP, it aims to cut tariffs and regulatory barriers to trade. Among these is the removal of customs duties, according to the EU’s negotiation factsheet.

The Center for Economic Policy Research has estimated that the deal would be worth $134 billion a year for the EU and $107 billion for the US – although opponents have disputed these figures.

 Transatlantic Negotiations

Image: Brookings

As the World Economic Forum’s E15 Initiative has highlighted, effective global trade is central to economic growth and development. Trade agreements are an integral part of making this a reality.

From Regional Trade Agreements and the Multi-polar Global Order:
Implications for South Korea’s Economy


From Regional Trade Agreements and the Multi-polar Global Order:
Implications for South Korea’s Economy


From Regional Trade Agreements: Promoting conflict or building peace?


Key Terms:

  • Rising Powers
  • Global Economic Governance
  • Mega-Regionals
  • World Trade Organization (WTO)
  • Transatlantic Trade and Investment Partnership (TTIP)
  • Transpacific Trade and Investment Partnership (TPP)
  • MFN (Most Favored Nation)
  • PTA (Preferred Trading Agreement)
  • FTA (Free Trade Agreement)
  • RTA (Regional Trade Agreement)
  • MTS (Multi Lateral Trade System)
  • BTA (Bilateral Trade Agreement)
  • Belt and Road Initiative
  • Regional Comprehensive Economic Partnership (RCEP)
  • AEC
  • APEC
  • EU
  • Free Trade Area of the Asia-Pacific (FTAAP)
  • ASEAN+3
  • ASEAN+6
  • Custom Unions
  • Common Markets
  • Economic Unions
  • GATT
  • WTO
  • SADC
  • SACU
  • AFTA

Key Sources of Research:



What is Regional Trade Blocs or Free Trade Agreements?




The world’s free trade areas – and all you need to know about them




Regional trade agreements: Blessing or burden?

Caroline Freund, Emanuel Ornelas

02 June 2010




Regional Trade Agreements: Promoting conflict or building peace?

Oli Brown
Faisal Haq Shaheen
Shaheen Rafi Khan
Moeed Yusuf

October 2005




Regional trade agreements




MARCH 2001




Globalization and the Growth in Free Trade Agreements






Regional trade agreements: blessing or burden?




Mexico’s Free Trade Agreements

M. Angeles Villarreal
Specialist in International Trade and Finance

April 25, 2017



Regional Trade Agreements in a Multilateral Trade Regime: An Overview

Parthapratim Pal




REGIONAL TRADE INTEGRATIONS: A Comparative Study of African RTAs

Sannassee R., Boopendra S and Tandrayen Verena




Trade Blocks and the Gravity Model: A Study of Economic Integration among Asian
Developing Countries

E. M. Ekanayake

Amit Mukherjee

Bala Veeramacheneni



Free Trade Agreements, the World Trade Organization and Open Trade

Michael SUTTON









Regional Trade Agreements and the WTO

Ildikó Virág-Neumann






Committee on International Trade

Principal Drafters:
Helena Sullivan, Chair
Stuart Shroff
Mark Du
Albert Bloomsbury





Regional Trade Agreements and the Multi-polar Global Order:
Implications for South Korea’s Economy

Dr. Mi Park




Rising Powers in the Global Trading System – China and Mega-Regional Trade Negotiations

Clara Brandi



Asia’s Rise in the New World Trade Order

The Effects of Mega-Regional Trade Agreements on Asian Countries

Part 2 of the GED Study Series:

Effects of Mega-Regional Trade Agreements





Regional Trade Agreements: Development Challenges and Policy Options

By Antoni Estevadeordal, Kati Suominen, Christian Volpe Martinicus,
December 2013




Regional Trade Agreements




What are mega-regional trade agreements?



Regional trade agreements, integration and development



Mega-Regional Trade Agreements and the Future of the WTO

Chad Brown




Agata Antkiewicz

John Whalley

December 2004




Chunding Li Jing

Wang John Whalley

January 2014



Currency Unions and Regional Trade Agreements: EMU and EU Effects on Trade

Reuven Glick

Federal Reserve Bank of San Francisco

October 2016


Regionalism in a globalizing world: an Asia-Pacific perspective

Dilip Das



Global Liquidity and Cross Border Capital Flows

Global Liquidity and Cross Border Capital Flows


Types of Cross Border Capital Flows

  • Intra Bank Flows (Intra Firm Transfers)
  • Inter Bank Flows (wholesale Money Markets)
  • International Shadow Banking
  • Euro Dollar Market
  • International Bond and Equity Portfolio Flows

Growth of Capital Flows and FX Reserves





Capital Flows 2

From Stitching together the global financial safety net

Cap Flows 6


Decline in Global Trade and Cross Border Capital Flows since 2008


From Global Liquidity and Cross-Border Bank Flows

Cap Flows 7


US DOLLAR FLOWS – Inter regional Flows

  • Not all dollar flows are from USA.
  • Through Eurodollar Market, firms in many countries are engaged in US Dollar transactions.
  • US Dollar dominates cross border capital flows.


From External dimension of monetary policy

Cap Flows 4



From Economic resilience: a financial perspective


Cap Flow 15




From Breaking free of the triple coincidence in international finance

Cap Flows 10


Who is Involved in Cross Border Capital Flows

From The shifting drivers of global liquidity

Cap Flows 8


Recent Trends in Capital Flows


From The shifting drivers of global liquidity

Cap Flows 9


Problem of Boundaries

From Breaking the Triple Coincidence in International Finance

Capital Flows 3

Cross Border (International) Capital Flows (Networks) for

  • Intra Bank Flows
  • Inter-bank Lending
  • Debt and Securities Flows
  • International Shadow Banking

Capital Flows are not confined to National Boundaries.

Boundaries for

  • Monetary Policy
  • National Income Accounting
  • National Currencies

Types of Flows

From From Breaking the Triple Coincidence in International Finance

Cap Flows 11


A. Round tripping of Capital Flows

From Breaking the Triple Coincidence in International Finance

Cap Flows 12

B. International Debt Issuance by Non Financial Corporates in Emerging Markets


From From Breaking the Triple Coincidence in International Finance

Cap Flows 13

From Global dollar credit: links to US monetary policy and leverage

Cap flow 14


From  What does the new face of international financial intermediation mean for emerging market economies?

capflows 16



From Economic resilience: a financial perspective


Cap Flow 16

Please see my other related posts:

The Dollar Shortage, Again! in International Wholesale Money Markets

Currency Credit Networks of International Banks

Low Interest Rates and International Capital Flows

Low Interest Rates and International Investment Position of USA

Economics of Trade Finance

External Balance sheets of Nations


Key Sources of Research:



Breaking the Triple Coincidence in International Finance

Hyun Song Shin

Bank for International Settlements
Keynote speech at seventh conference of
Irving Fisher Committee on Central Bank Statistics

Basel, 5 September 2014



Breaking free of the triple coincidence in international finance

Hyun Song Shin, BIS

Eighth IFC Conference on “Statistical implications of the new financial landscape”
Basel, 8–9 September 2016




Breaking free of the triple coincidence in international finance

by Stefan Avdjiev, Robert N McCauley and Hyun Song Shin

Monetary and Economic Department


October 2015




Global Liquidity and Cross-Border Bank Flows

Eugenio Cerutti (International Monetary Fund)
Stijn Claessens (Federal Reserve Board)
Lev Ratnovski (International Monetary Fund)

Economic Policy
63rd Panel Meeting
Hosted by the De Nederlandsche Bank

Amsterdam, 22-23 April 2016




Stitching together the global financial safety net

Edd Denbee, Carsten Jung and Francesco Paternò

Financial Stability Paper No. 36 – February 2016





Gross Capital Inflows to Banks, Corporates and Sovereigns

Stefan Advjiev

Bryan Hardy

Sebnem Kalemli-Ozcan

Luis Serven

January 2017



External dimension of monetary policy

Hyun Song Shin

Remarks at the Board of Governors of the Federal Reserve System conference
“Monetary policy implementation and transmission in the post-crisis period”

Washington DC, Friday 13 November 2015





Financial deglobalisation in banking?

Robert N McCauley, Agustín S Bénétrix,
Patrick M McGuire and Goetz von Peter

TEP Working Paper No. 1717

July 2017



Monetary policy spillovers and currency networks in cross-border bank lending

by Stefan Avdjiev and Előd Takáts
Monetary and Economic Department

March 2016




Accounting for global liquidity: reloading the matrix

Hyun Song Shin
Economic Adviser and Head of Research

IMF-IBRN Joint Conference “Transmission of macroprudential and monetary policies across borders”

Washington DC, 19 April 2017






Maurice Obstfeld
Alan M. Taylor
May 2017




The Currency Dimension of the Bank Lending Channel in International Monetary Transmission

BIS Working Paper No. 600

Posted: 2 Jan 2017

Előd Takáts

Judit Temesvary




The Second Phase of Global Liquidity and Its Impact on Emerging Economies

Hyun Song Shin
Princeton University

November 7, 2013





BIS Quarterly Review

September 2017

International banking and financial market developments





The Three Phases of Global Liquidity





The Shifting Drivers of Global Liquidity

Stefan Avdjiev
Leonardo Gambacorta
Linda S. Goldberg
Stefano Schiaffi

Staff Report No. 819
June 2017




How Do Global Liquidity Phases Manifest Themselves in Asia?

Iwan J. Azis
Asian Development Bank and Cornell University
Hyun Song Shin
Princeton University
August 2013












The shifting drivers of global liquidity

Stefan Avdjiev, Leonardo Gambacorta, Linda S. Goldberg and Stefano Schiaffi

May 2017






IMF Note for G20 IFA WG
February 2016





Capital Flows, Cross-Border Banking and Global Liquidity∗

Valentina Bruno

Hyun Song Shin

March 15, 2012



Cross-Border Banking and Global Liquidity

Valentina Bruno

Hyun Song Shin

August 28, 2014



The international monetary and financial system: a capital account historical perspective

by Claudio Borio, Harold James and Hyun Song Shin




Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses




Global dollar credit and carry trades: a firm-level analysis

Valentina Bruno

Hyun Song Shin

August 2015



Global dollar credit: links to US monetary policy and leverage

by Robert N McCauley, Patrick McGuire and Vladyslav Sushko





Global liquidity and procyclicality

Hyun Song Shin

Bank for International Settlements

“The State of Economics, The State of the World” World Bank conference,

8 June 2016





Economic resilience: a financial perspective

Note submitted to the G20 on 7 November 2016

December 2016



Emerging Market Nonfinancial Corporate Debt: How Concerned Should We Be?,

Beltran, Daniel, Keshav Garud, and Aaron Rosenblum (2017).

IFDP Notes. Washington: Board of Governors of the Federal Reserve System, June 2017.





International capital flows and financial vulnerabilities in emerging market economies: analysis and data gaps

By Nikola Tarashev, Stefan Avdjiev and Ben Cohen

Note submitted to the G20 International Financial Architecture Working Group

August 2016




Recent trends in EME government debt volume and composition

Corporate Debt in Emerging Economies: Threat to Financial Stability

Viral Acharya et al





 Dollar credit to emerging market economies

Robert N McCauley Patrick McGuire Vladyslav Sushko






What does the new face of international financial intermediation mean
for emerging market economies?

Hyun song shin and PhiliP Turner, Bank for International Settlements


Production Chain Length and Boundary Crossings in Global Value Chains

Production Chain Length and Boundary Crossings in Global Value Chains


From Structure and length of value chains

In a value chain, value is added in sequential production stages and is carried forward from one producer to the next in the form of intermediate inputs. Value chains driven by the fragmentation of production are not an entirely new economic phenomenon, but the increasing reliance on imported intermediate inputs makes value chains global.

According to a 2013 report by the OECD, WTO and UNCTAD for the G-20 Leaders Summit, “Value chains have become a dominant feature of the world economy” (OECD et al., 2013).

Obviously, this dominant feature of the world economy needs measuring and analyzing. Policy-relevant questions include, but are not limited to:

  • what is the contribution of global value chains to economy GDP and employment? how long and complex are value chains?
  • what is the involvement and position of individual industries in global value chains? do multiple border crossings in global value chains really matter?

These and related questions generated a considerable amount of investigations proposing new measures of exports and production to account for global value chains. Some of those were designed to re-calculate trade  flows in value added terms, whereas other provided an approximation of the average length of production process.

A relatively new stream of research focuses on a deep decomposition of value added or final demand ( rather than exports or imports ) into components with varied paths along global value chains and measurements of the length of the related production processes. Consider, for example, a petrochemical plant that generates some value added equal to its output less all intermediate inputs used. We would be interested to know which part of this value added, embodied in the petrochemicals, is used entirely within the domestic economy and which part is exported.

We would also inquire how much of the latter satisfies final demand in partner countries and how much is further used in production and, perhaps, in exports to third countries and so on. We would be interested, in particular, in counting the number of production stages the value added in these petrochemicals passes along the chain before reaching its final user.


From Structure and length of value chains




From Structure and length of value chains

A natural question is whether this method can be applied to the real economy with myriads of products, industries and dozens of partner countries? It can surely be applied if the data on inter-industry transactions are organized in the form of input-output accounts, and the computations are performed in block matrix environment. In fact, the measurement of the number of production stages or the length of production chains has attracted the interest of many input-output economists. The idea of simultaneously counting and weighting the number of inter-industry transactions was formalized by Dietzenbacher et al. (2005). Their “average propagation length” (APL) is the average number of steps it takes an exogenous change in one industry to affect the value of production in another industry. It is the APL concept on which we build the count of the number of production stages from the petrochemical plant to its consumers in our simplified example above. The only difference is that Dietzenbacher et al. (2005), and many authors in the follow-up studies, neglect the completion stage. First applications of the APL concept to measure the length of cross-border production chains appear in Dietzenbacher and Romero (2007) and Inomata (2008), though Oosterhaven and Bouwmeester (2013) warn that the APL should only be used to compare pure interindustry linkages and not to compare different economies or different industries.

Fally (2011, 2012) proposes the recursive definitions of two indices that quantify the “average number of embodied production stages” and the “distance to final demand”.  Miller and Temurshoev (2015), by analogy with Antras et al. (2012), use the logic of the APL and derive the measures of “output upstreamness” and “input downstreamness” that indicate industry relative position with respect to the nal users of outputs and initial producers of inputs. They show that their measures are mathematically equivalent to those of Fally and the well known indicators of, respectively, total forward linkages and total backward linkages. Fally (2012) indicates that the average number of embodied production stages may be split to account for the stages taking place within the domestic economy and abroad. This approach was implemented in OECD (2012), De Backer and Miroudot (2013) and elaborated in Miroudot and Nordstrom (2015).

Ye et al. (2015) generalize previous length and distance indices and propose a consistent accounting system to measure the distance in production networks between producers and consumers at the country, industry and product levels from different economic perspectives. Their “value added propagation length” may be shown to be equal to Fally’s embodied production stages and Miller & Temurshoev’s input downstreamness when aggregated across producing industries.

Finally, Wang et al. (2016) develop a technique of additive decomposition of the average production length. Therefore, they are able to break the value chain into various components and measure the length of production along each component. Their production length index system includes indicators of the average number of domestic, cross-border and foreign production stages. They also propose new participation and production line position indices to clearly identify where a country or industry is in global value chains. Importantly, Wang et al. (2016) clearly distinguish between average production length and average propagation length, and between shallow and deep global value chains.

This paper builds on the technique and ideas of Wang et al. (2016) and the derivation of the weighted average number of border crossings by Muradov (2016). It re-invents a holistic system of analytical indicators of structure and length of value chains. As in Wang et al. (2016), global value chains are treated here within a wider economy context and are juxtaposed with domestic value chains. This enables developing new indices of orientation towards global value chains. The novel deliverables of this paper are believed to include the following. First, all measurements are developed with respect to output rather than value added or final product  flows. This is superior for interpretation and visualization purposes because a directly observable economic variable ( output ) is decomposed in both directions, forwards to the destination and backwards to the origin of value chain. It is also shown that at a disaggregate country-industry level, the measurement of production length is equivalent with respect to value added and output. Second, the decomposition of output builds on a factorization of the Leontief and Ghosh inverse matrices that allows for an explicit count of production stages within each detailed component. Third, the system builds on a refined classication of production stages, including final and primary production stages that are often neglected in similar studies. Fourth, the paper re-designs the average production line position index and proposes new indices of orientation towards global value chains that, hopefully, avoid overemphasizing the length of some unimportant cross-border value chains. Fifth, a new chart is proposed for the visualization of both structure and length of value chains. The chart provides an intuitive graphical interpretation of the GVC participation, orientation and position indices.

It is also worth noting that both Wang et al. (2016) and this paper propose similar methods to estimate the intensity of GVC-related production in partner countries and across borders. This is not possible with previous decomposition systems without explicitly counting the average number of production stages and border crossings.


 Key Terms:

  • Average Propagation Length
  • National Boundaries
  • Networks
  • Value Chains
  • Supply Chains
  • Upstreamness
  • Downstreamness
  • Structure of Chains
  • Smile Curves
  • Vertical Specialization
  • Fragmentation of Production
  • Shock Amplifiers
  • Shock Absorbers
  • Production Sharing
  • World Input Output Chains
  • WIOD
  • Counting Boundary Crossings
  • Production Staging
  • Slicing Up Value Chains
  • Mapping Value Chains
  • Geography of Value Chains
  • Spatial Economy

Key Sources of Research:



Characterizing Global Value Chains

Zhi Wang

Shang-Jin Wei

Xinding Yu and Kunfu Zhu

Background Paper Conference

Beijing, 17-18 March 2016



The Great Trade Collapse: Shock Amplifiers and Absorbers in Global Value Chains

Zhengqi Pan





Zhi Wang
Shang-Jin Wei
Xinding Yu
Kunfu Zhu
March 2017




Characterizing Global Value Chains

Zhi Wang
Shang-Jin Wei,
Xinding Yu and Kunfu Zhu

September 2016,%20Zhi.pdf





International Bank for Reconstruction and Development/The World Bank




Global Value Chains




4-5 December 2012
The OECD Conference Centre, Paris




Structure and length of value chains

Kirill Muradov


Production Staging: Measurement and Facts

Thibault Fally

August 2012





Robert Koopman
Zhi Wang
Shang-Jin Wei

November 2012





Robert Koopman
William Powers
Zhi Wang
Shang-Jin Wei

September 2010




Measuring the Upstreamness of Production and Trade Flows

By Pol Antràs, Davin Chor, Thibault Fally, and Russell Hillberry





Using Average Propagation Lengths to Identify Production Chains in the Andalusian Economy



Production Chains in an Interregional Framework: Identification by Means of Average Propagation Lengths





Vertical Integration and Input Flows

Enghin Atalay

Ali Hortaçsu

Chad Syverson





The Rise of Vertical Specialization Trade

Benjamin Bridgman

January 2010





David Hummels
Jun Ishii
Kei-Mu Yi*

March 1999



Accounting for Intermediates: Production Sharing and Trade in Value Added

Robert C. Johnson

Guillermo Noguera

First Draft: July 2008
This Draft: June 2009

First Draft: July 2008
This Draft: May 2011





Robert C. Johnson
Guillermo Noguera

June 2012




Can Vertical Specialization Explain The Growth of World Trade

Kei-Mu Yi





Kei-Mu Yi

Federal Reserve Bank of Philadelphia
June 2008
This revision: November 2008




Global Value Chains: New Evidence for North Africa

D. Del Prete, G. Giovannetti, E. Marvasi





Slicing Up Global Value Chains

Marcel Timmera Abdul Erumbana Bart Losa
Robert Stehrerb Gaaitzen de Vriesa

Presentation at International Conference on Global Value Chains and
Structural Adjustments,

Tsinghua University, June 25, 2013




On the Geography of Global Value Chains

Pol Antràs

Alonso de Gortari

May 24, 2017



Counting Borders in Global Value Chains

Posted: 12 Jul 2016

Last revised: 29 Aug 2016

Kirill Muradov



Determinants of country positioning in global value chains

Kirill Muradov

May 2017










On the fragmentation of production in the us

Thibault Fally

July 2011

A New Measurement for International Fragmentation of the Production Process: An International Input-Output Approach

Inomata, Satoshi

Output Upstreamness and Input Downstreamness of Industries/Countries in World Production

Ronald E. Miller

Umed Temurshoev


Date Written: July 9, 2015

Input-Output Calculus of International Trade

Kirill Muradov


Date Written: June 1, 2015

Posted: 9 Sep 2015 Last revised: 5 Oct 2015




 Made in the World?

S. Miroudot

Hakan Nordstrom

Date Written: September 2015




The Average Propagation Length Conflicting Macro, Intra-industry, and Interindustry Conclusions

October 2013
Jan Oosterhaven

Maaike C. Bouwmeester




Accounting Relations in Bilateral Value Added Trade

Robert Stehrer

May 2013

Whither Panama? Constructing a Consistent and Balanced World SUT System including International Trade and Transport Margins

Robert Stehrer

Quantifying International Production Sharing at the Bilateral and Sector Levels

Zhi Wang, Shang-Jin Wei, Kunfu Zhu

NBER Working Paper No. 19677
Issued in November 2013, Revised in March 2014

Measuring Smile Curves in Global Value Chains

Ming YE, Bo MENG , and Shang-jin WEI

August 2015





by Alessandro Borin and Michele Mancini