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High value added firms (chipmakers) are more at risk of negative payments shocks than low value added firms (assemblers). That’s because the assembler gets the big payment, but keeps only a small portion to pay manual laborers and passes the rest of it on to the chipmakers as a payment for intermediate goods. That means that the impact on funding pressures coming from missed payments along the manufacturing supply chain will mirror the value-added share of different jurisdictions along the funding chain. Figure 4 shows that Japan, Korea and Taiwan dominate the value added share of the tech supply chain that runs through China, which means that cross-currency bases are more at risk of widening on the back of missed payments in Japan, Korea or Taiwan than in China.
If you read nothing else today...read this Global Money Note...just Google Title below...
Zoltan Pozsar: Global Money Notes #27 Covid-19 and Global Dollar Funding
High value added firms (chipmakers) are more at risk of negative payments shocks than low value added firms (assemblers). That’s because the assembler gets the big payment, but keeps only a small portion to pay manual laborers and passes the rest of it on to the chipmakers as a payment for intermediate goods. That means that the impact on funding pressures coming from missed payments along the manufacturing supply chain will mirror the value-added share of different jurisdictions along the funding chain. Figure 4 shows that Japan, Korea and Taiwan dominate the value added share of the tech supply chain that runs through China, which means that cross-currency bases are more at risk of widening on the back of missed payments in Japan, Korea or Taiwan than in China.
If you read nothing else today...read this Global Money Note...just Google Title below...
Zoltan Pozsar: Global Money Notes #27 Covid-19 and Global Dollar Funding
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