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Do firms create immunity to production network shocks? Evidence from the Covid-19 global pandemic
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This paper studies whether firms learn from major supply-chain disruptions and adjust their pro-duction network to create immunity to future similar shocks. I use a ten-year time period comprehending two events that caused major production network disruptions - The Great East Japan Earthquake, in March 2011, and the COVID-19 global pandemic, in 2020. I first show that companies with Japanese suppliers during the Japanese earthquake diversified their production network in the years following the disaster. I then document that this learning mechanism provided immunity to the downstream propagation of the COVID-19 shock.
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Covid-19 Production networks Propagation effect Supply-chain diversification