标题： 全球企业层面供应链网络中经济冲击暴露的不平等性 显示英文标题

标题： Inequality in economic shock exposures across the global firm-level supply network

摘要： 几个世纪以来，各国经济通过参与国际贸易和生产来创造财富。 由此产生的国际供应网络不仅为各国增加了财富，也带来了系统性风险：由一个国家公司倒闭引发的经济冲击可能会传播到其他国家。 利用企业层面的全球供应链数据，我们提出了一种方法来估计一个国家因另一国家公司倒闭而造成的直接和间接经济损失的暴露程度。 我们展示了全球系统性风险流动的网络。 我们发现，富裕国家比贫穷国家更大地将系统性风险暴露给贫穷国家。 我们证明，较高的系统性风险水平在GDP中没有得到风险溢价的补偿，也不与经济增长相关。 全球范围内的系统性风险似乎比财富分布得更加不均。 这些发现使人们经常称赞的发展中国家从全球化生产中获得的好处有了新的视角，因为它们与生产过程中的相关风险有关。 暴露风险是全球不平等的新维度，尤其影响供应链危机中的贫困人口。 通过所提出的方法，这种风险可以完全量化。 显示英文摘要

摘要： For centuries, national economies created wealth by engaging in international trade and production. The resulting international supply networks not only increase wealth for countries, but also create systemic risk: economic shocks, triggered by company failures in one country, may propagate to other countries. Using global supply network data on the firm-level, we present a method to estimate a country's exposure to direct and indirect economic losses caused by the failure of a company in another country. We show the network of systemic risk-flows across the world. We find that rich countries expose poor countries much more to systemic risk than the other way round. We demonstrate that higher systemic risk levels are not compensated with a risk premium in GDP, nor do they correlate with economic growth. Systemic risk around the globe appears to be distributed more unequally than wealth. These findings put the often praised benefits for developing countries from globalized production in a new light, since they relate them to the involved risks in the production processes. Exposure risks present a new dimension of global inequality, that most affects the poor in supply shock crises. It becomes fully quantifiable with the proposed method.