He identifies three phases: namely, the quantitative easing policy, the zero interest rate policy, and the interest rate policy. In between, there are two transitional phases: One is dismantling the bank reserve target to the required reserve level (about 6 trillion yen), or the shrinkage of zero interest rates to the uncollateralized overnight call rate.
Early development of global value chains (GVCs) was mainly the product of technological improvements and falling tariffs and other costs, such as transportation and logistical support costs. GVC development received a major boost when China joined the World Trade Organization (WTO), which, again, can only happen once (Ferrantino and Taglioni 2014; Constantinescu, Matoo and Ruta 2015).