RT Journal Article
T1 Global value chains, structural change and growth dynamics in South Korea and Spain: Costs and benefits of globalization
A1 Lee, Keun
A1 Álvarez González, María Isabel
A1 Valarezo Unda, Ángel Eduardo
AB This paper revisits structural change, economic complexity, and Global Value Chain (GVC) participation in long-term growth dynamics of South Korea and Spain. The findings reveal both similarities and differences in their growth patterns, despite comparable economic size and income levels. First, we confirm the importance of capital formation, along with structural change at different intensities across the two countries. Second, we confirm the heterogeneous effects of economic complexity across two countries, which is because Korea exports high-tech and high complexity goods whereas Spain exports a mix of complex manufactured goods and low-complexity agricultural products. Third, and most importantly, we find a negative effect of forward GVC participation on economic growth, particularly in certain industries, highlighting the perils of globalization. Lastly, while some positive effects of backward GVC participation are observed in specific Spanish subsectors, negative effects on growth and structural change persist in Korea, underscoring the variability in growth outcomes.
PB Elsevier
YR 2025
FD 2025-05-25
LK https://hdl.handle.net/20.500.14352/120454
UL https://hdl.handle.net/20.500.14352/120454
LA eng
NO Lee, Keun, et al. «Global Value Chains, Structural Change and Growth Dynamics in South Korea and Spain: Costs and Benefits of Globalization». Structural Change and Economic Dynamics, vol. 74, septiembre de 2025, pp. 517-37. DOI.org (Crossref), https://doi.org/10.1016/j.strueco.2025.05.017.
NO Ministerio de Ciencia e Inovación de España
NO Comisión Europea
NO Korea Bureau of Economic Research at the Institute of Economic Research
NO Seoul National University
DS Docta Complutense
RD 17 dic 2025