+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»

JOURNALS

  

FOR AUTHORS

  

SUBSCRIBE

    
Finance and Credit
 

Risk management in global value chains

Vol. 24, Iss. 1, JANUARY 2018

Received: 30 November 2017

Received in revised form: 14 December 2017

Accepted: 28 December 2017

Available online: 29 January 2018

Subject Heading: CHALLENGES OF GLOBALIZATION

JEL Classification: F01, F21, F65, G32, O16

Pages: 111–126

https://doi.org/10.24891/fc.24.1.111

Golovin A.O. Higher Business School (Institute), Tver, Russian Federation
AGolovin@outlook.com

https://orcid.org/0000-0002-5738-4194

Tolkachenko G.L. Tver State University, Tver, Russian Federation
tolkachenko59@mail.ru

https://orcid.org/0000-0002-3537-2942

Importance This article discusses the issues of development and improvement of risk management in global value chains (GVC).
Objectives The article aims to consider the changing situation in transnational business, emergence and development of new risks. As well, it aims to form a possible new approach to risk management in global value chains.
Methods The study rests on the expert evaluation method, comparative analysis, and heuristic prediction.
Results This article demonstrates the need for comprehensive risk management across the entire global value chain, helping to effectively identify risks and minimize their impact. The article also says about the need to rethink the general approach to risk management in global chains.
Conclusions and Relevance Systemic, market, operational, credit, and other risks should be tracked across all parts of the global chain. Risk monitoring should cover absolutely all business participants in GVC. Only integrated actions to identify risk and apply a set of financial and non-financial instruments lead to the necessary results.

Keywords: globalization, global chains, risk, management

References:

  1. Dynkin A.A. (Ed.). Mir 2035. Global'nyi prognoz [World in 2035. Global Forecast]. Moscow, IMEMO RAS, Magistr Publ., 2017, 352 p.
  2. Cordella T., Rojas A.O. Financial Globalization and Market Volatility: An Empirical Appraisal. Policy Research Working Paper, 2017, no. 8091, pp. 1–29. URL: Link
  3. Cecchetti S., Mancini-Griffoli T., Narita M. Does Prolonged Monetary Policy Easing Increase Financial Vulnerability? IMF Working Papers, 2017, no. WP/17/65, pp. 1–31.
  4. Vitek F. Policy, Risk and Spillover Analysis in the World Economy: A Panel Dynamic Stochastic General Equilibrium Approach. IMF Working Papers, 2017, no. WP/17/89, pp. 1–122.
  5. Arkhipova V.V. [Institutional sources of financial instability]. Sovremennaya Evropa = Contemporary Europe, 2016, no. 5, pp. 103–114. URL: Link (In Russ.)
  6. Shchepeleva M.A. [Financial contagion: global transmission of systemic risk]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2017, vol. 61, iss. 1, pp. 17–28. (In Russ.) URL: Link
  7. Obolenskii V.P. [World prices and reforms of the global financial system]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2017, no. 2, pp. 71–83. URL: Link (In Russ.)
  8. Rasskazov V.E. [The methodology for measuring financial contagion: the case study of bank default risk simulation]. Vestnik Finansovogo universiteta = Bulletin of the Financial University, 2016, vol. 20, iss. 3, pp. 54–61. URL: Link (In Russ.)
  9. Dolgov S.I., Savinov Yu.A. [Globalization: no alternative]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2017, no. 9, pp. 3–26. URL: Link (In Russ.)
  10. Cusolito A.P., Safadi R., Taglioni D. Inclusive Global Value Chains: Policy Options for Small and Medium Enterprises and Low-Income Countries. Washington, D.C., World Bank, 2016, 114 p. URL: Link
  11. Kummritz V., Taglioni D., Winkler D. Economic Upgrading through Global Value Chain Participation: Which Policies Increase the Value Added Gains? Policy Research Working Paper, 2017, no. 8007, pp. 1–45. URL: Link
  12. Meliado F. Private Standards, Trade and Sustainable Development: Policy Options for Collective Action. Geneva: International Centre for Trade and Sustainable Development Issue Paper, 2017, August, pp. 1–60. URL: Link
  13. Kleinkhof I.A. [State regulation of economy in countries of Northern Europe: theory and practice]. Ekonomika i Upravlenie: Problemy, Resheniya, 2017, vol. 2, iss. 1, pp. 12–18. (In Russ.)
  14. Tolkachev S.A., Teplyakov A.Yu. [Global value chain and national industrial competition]. Ekonomicheskoe vozrozhdenie Rossii = Economic Revival of Russia, 2017, no. 1, pp. 63–81. URL: Link (In Russ.)
  15. Flegontova T.A. [GVCs: Participation of EAEU countries]. Rossiiskii vneshneekonomicheskii vestnik = Russian Foreign Economic Journal, 2017, no. 1, pp. 73–84. URL: Link (In Russ.)
  16. Luk'yanov S., Drapkin I. [Global value chains: effects for integrating economy]. Mirovaya ekonomika i mezhdunarodnye otnosheniya = World Economy and International Relations, 2017, no. 4, pp. 16–25. (In Russ.)
  17. Auer R., Borio C., Filardo A. The Globalization of Inflation: The Growing Importance of Global Value Chains. BIS Working Papers, 2017, no. 602, pp. 1–23. URL: Link
  18. Khudyakova L.S., Polivach A.P. [Exported and Imported Inflation in Open Economies]. Den'gi i kredit = Money and Credit, 2016, no. 10, pp. 34–42. (In Russ.)
  19. Usoskin V.M., Belousova V.Yu., Kozyr' I.O. [Financial intermediation in a new technology environment]. Den'gi i kredit = Money and Credit, 2017, no. 5, pp. 14–21. (In Russ.)
  20. Maslennikov V.V., Fedotova M.A., Sorokin A.N. [New financial technologies change our world]. Finansy: teoriya i praktika = Finance: Theory and Practice, 2017, vol. 21, iss. 2, pp. 6–11. (In Russ.) URL: Link
  21. Calatayud A., Ketterer J.A. Integrated Value Chain Risk Management. Inter–American Development Bank Technical Note, 2016, no. IDB–TN–922, pp. 1–49. URL: Link
  22. He D., Leckow R., Haksar V. et al. Fintech and Financial Services: Initial Considerations. International Monetary Fund Staff Discussion Note, 2017, no. SDN/17/05, pp. 1–49. URL: Link
  23. Arkhipova V.V. [Green finance as recipe for solving global problems]. Ekonomicheskii zhurnal Vysshei shkoly ekonomiki = Higher School of Economics Economic Journal, 2017, vol. 21, iss. 2, pp. 312–332. URL: Link (In Russ.)
  24. Rubtsov B.B., Guseva I.A., Il'inskii A.I. et al. “Zelenye finansy” v mire i Rossii. Monografiya [Green finance in the world and in Russia: a monograph]. Moscow, Rusains Publ., 2016, 170 p.

View all articles of issue

 

ISSN 2311-8709 (Online)
ISSN 2071-4688 (Print)

Journal current issue

Vol. 30, Iss. 3
March 2024

Archive