Risks and Global Supply Chains: What We Know and What We Need to Know

IF 6.8 2区 经济学 Q1 ECONOMICS
Richard Baldwin,Rebecca Freeman
{"title":"Risks and Global Supply Chains: What We Know and What We Need to Know","authors":"Richard Baldwin,Rebecca Freeman","doi":"10.1146/annurev-economics-051420-113737","DOIUrl":null,"url":null,"abstract":"Recent supply disruptions catapulted the issue of risk in global supply chains (GSCs) to the top of policy agendas and created the impression that shortages would have been less severe if GSCs had been either shorter and more domestic or more diversified. But is this right? We start our answer by reviewing studies that look at risks to and from GSCs and at how GSCs have recovered from past shocks. We then look at whether GSCs are too risky, starting with business research on how firms approach the cost-resilience trade-off. We propose the risk-versus-reward framework from portfolio theory as a good way to evaluate whether anti-risk policy is justified. We then discuss how exposures to foreign shocks are measured and argue that exposure is higher than direct indicators imply. Finally, we consider the future of GSCs in light of current policy proposals and advancing technology before pointing to the rich menu of topics for future research on the risk-GSC nexus. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":6.8000,"publicationDate":"2022-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Annual Review of Economics","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1146/annurev-economics-051420-113737","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0

Abstract

Recent supply disruptions catapulted the issue of risk in global supply chains (GSCs) to the top of policy agendas and created the impression that shortages would have been less severe if GSCs had been either shorter and more domestic or more diversified. But is this right? We start our answer by reviewing studies that look at risks to and from GSCs and at how GSCs have recovered from past shocks. We then look at whether GSCs are too risky, starting with business research on how firms approach the cost-resilience trade-off. We propose the risk-versus-reward framework from portfolio theory as a good way to evaluate whether anti-risk policy is justified. We then discuss how exposures to foreign shocks are measured and argue that exposure is higher than direct indicators imply. Finally, we consider the future of GSCs in light of current policy proposals and advancing technology before pointing to the rich menu of topics for future research on the risk-GSC nexus. Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.
风险和全球供应链:我们知道什么和我们需要知道什么
最近的供应中断使全球供应链(GSCs)的风险问题成为政策议程的首要问题,并给人一种印象,即如果GSCs更短、更本土化或更多样化,短缺就不会那么严重。但这对吗?我们通过回顾研究GSCs的风险以及GSCs如何从过去的冲击中恢复来开始我们的回答。然后,我们从企业如何处理成本-弹性权衡的商业研究开始,研究gsc是否风险过大。我们提出了投资组合理论中的风险与回报框架,作为评估抗风险政策是否合理的好方法。然后,我们讨论了如何衡量对外国冲击的敞口,并认为敞口高于直接指标所暗示的。最后,我们根据当前的政策建议和先进的技术考虑了gsc的未来,然后指出了未来研究风险- gsc关系的丰富主题。《经济学年度评论》第14卷的最终在线出版日期预计为2022年8月。修订后的估计数请参阅http://www.annualreviews.org/page/journal/pubdates。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 求助全文
来源期刊
CiteScore
9.70
自引率
3.60%
发文量
34
期刊介绍: The Annual Review of Economics covers significant developments in the field of economics, including macroeconomics and money; microeconomics, including economic psychology; international economics; public finance; health economics; education; economic growth and technological change; economic development; social economics, including culture, institutions, social interaction, and networks; game theory, political economy, and social choice; and more.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信