Global Value Chains (GVC) have reshaped the landscape of international trade. The quality and intensity of regulation significantly impacts firms' competitiveness and their ability to engage in GVC. Economic literature suggests that regulation of product market competition has a detrimental effect on trade by decreasing productivity, innovation, and economic growth. This paper expands existing knowledge on this relationship by examining the influence of product market regulation (PMR) on value-added trade flows in an augmented gravity model. We constructed a data panel with trade data from 40 OECD and BRICS countries in the period from 2000 to 2015 and combined it with an extensive multi-level indicator set on PMR developed by the OECD. By disentangling the PMR indicators, we account for the heterogeneity of regulation and potential different trade effects. Overall, our evidence suggests that PMR has a negative impact on trade. Further, our results indicate that the negative impact stems largely from barriers to trade and investment. For the BRICS, our results suggest the contrary: We observed an overall positive trade effect of PMR, mainly driven by barriers to trade and investment. Our results support identifying policy areas in which regulatory reform can improve the integration in GVC and emphasize different approaches to economic policy, particularly in emerging economies such as the BRICS. Moreover, the results underline the detrimental effects of increasing protectionism and tariff hikes, a phenomenon that we increasingly observe in recent years from the world’s largest economies, such as the United States and China.

全球价值链 (GVC) 重塑了国际贸易格局。监管的质量和强度显着影响企业的竞争力及其参与全球价值链的能力。经济文献表明，对产品市场竞争的监管会降低生产力、创新和经济增长，从而对贸易产生不利影响。本文通过检验产品市场监管 (PMR) 对增强引力模型中增值贸易流的影响，扩展了关于这种关系的现有知识。我们构建了一个包含 40 个经合组织和金砖国家 2000 年至 2015 年期间贸易数据的数据面板，并将其与经合组织开发的 PMR 广泛多层次指标集相结合。通过解开 PMR 指标，我们考虑了监管的异质性和潜在的不同贸易影响。总体而言，我们的证据表明 PMR 对贸易有负面影响。此外，我们的结果表明负面影响主要源于贸易和投资壁垒。对于金砖国家，我们的结果恰恰相反：我们观察到 PMR 总体上对贸易产生积极影响，这主要是由贸易和投资壁垒驱动的。我们的结果支持确定监管改革可以改善全球价值链一体化的政策领域，并强调采用不同的经济政策方法，特别是在金砖国家等新兴经济体中。此外，结果突显了日益加剧的保护主义和关税上涨的不利影响，这是我们近年来在世界最大经济体中越来越多地观察到的一种现象，