## 2 Review of Previous Studies
### Previous Studies Related to the GSCPI  
[PERSON] et al. [58] applied the GSCPI to examine the effects of global supply chain pressures, economic activity, and climate policy uncertainty on commodity markets from January 2000 to July 2022 using quantile-based connectedness and vector wavelet coherence. The analysis revealed that global supply chain shocks generally have a consistent impact on commodity markets, particularly with respect to the agricultural, food, and non-energymarkets. These findings are significant in providing market participants with valuable insights for decision-making when establishing strategies related to low-carbon initiatives and risk mitigation. [PERSON] [46] conducted a regression analysis to explore the impacts of global supply chain pressures on companies' leverage ratios. The results showed that firms generally reduced their overall leverage ratios in response to global supply chain pressures. However, during the COVID-19 pandemic, companies increased their short-term leverage while reducing long-term leverage. The study explained that companies adopt strategies to increase their leverage capacity to manage unexpected situations under global supply chain pressures. These findings highlight the importance of global supply chains as a macroeconomic determinant of corporate policies. [PERSON] et al. [59] conducted a multiple regression analysis to identify the factors driving food inflation in North America and employed monthly data from the U.S. Bureau of Labor Statistics (BLS) spanning from 2018 to 2022 to measure inflation factors. The analysis revealed that the unemployment rate, the GSCPI, and COVID-19-related financial assistance had a direct impact on food inflation in North America. Additionally, external factors such as the spread of COVID-19 and the Russia\(-\)Ukraine conflict were highlighted as major contributors to food inflation. [PERSON] [60] conducted a regression analysis to measure the impact of global supply chain disruptions on inflation across 28 European countries. The analysis utilized data from Eurostat, including the Consumer Price Index (CPI), the PI excluding food and energy prices, and the Index of Producer Prices. The results indicated that global supply chain disruptions had a significant impact on inflation in Europe. Moreover, they explained that the impact of supply chain disruptions is asymmetric, particularly one year after the shock occurs. Positive shocks maintained high inflation for up to two years, while negative shocks saw inflation return to average levels. Therefore, they concluded that positive shocks are stronger and more persistent than negative ones. [PERSON] et al. [47] illustrated the impact of the global supply chain bottlenecks on the main macroeconomic variables, namely, inflation, producer prices, industrial production and balance of goods and services, for Central and Eastern European Countries (CEE) countries, such as Romania, the Czech Republic, Hungary, and Poland, using Bayesian vector auto-regressive (BVAR). [PERSON] and [PERSON] [61] used the Global Supply Chain Bottleneck Index and comprehensive fiscal stimulus packages, along with an augmented New Keynesian Phillips curve, to quantitatively analyze how these factors affect South Korean inflation rates using monthly time series data from 2010 to 2023. The findings showed that, over the course of the observation period, the GSPCI, which is a stand-in for global supply chain bottlenecks, had an overall statistically negligible impact on inflation. [PERSON] et al. [62] investigated the co-movements between supply chain pressures and China's key resource industries--steel, coal, petroleum, and non-ferrous metals--using the time-varying Granger causality method. The findings indicated a clear dynamic bidirectional causal relationship between the GSPCI and every industry that was studied. [PERSON] et al.