Download or read book Inflation Dynamics in Asia written by Ms.Carolina Osorio and published by International Monetary Fund. This book was released on 2011-11-01 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: The perception that Asia's inflation dynamics is driven by idiosyncratic supply shocks implies, as a corollary, that there is little scope for a policy reaction to a build-up of inflationary pressures. However, Asia's fast growth and integration over the last two decades suggest that the drivers of inflation may have changed, and that domestic demand pressures may now play a larger role than in the past. This paper presents a quantitative analysis of inflation dynamics in Asia using a Global VAR (GVAR) model, which explicitly incorporates the role of regional and global spillovers in driving Asia's inflation. Our results suggest that over the past two decades the main drivers of inflation in Asia have been monetary and supply shocks, but also that, in recent years, the contribution of these shocks has fallen, whereas demand-side pressures have started to emerge as an important contributor to inflation in Asia.

Download or read book Inflation Dynamics in Asia and the Pacific written by Bank für Internationalen Zahlungsausgleich Währungs- und Wirtschaftsabteilung and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Inflation Dynamics and Monetary Policy Transmission in Vietnam and Emerging Asia written by Ms.Rina Bhattacharya and published by International Monetary Fund. This book was released on 2013-07-03 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an overview of inflation developments in Vietnam in the years following the doi moi reforms, and uses empirical analysis to answer two key questions: (i) what are the key drivers of inflation in Vietnam, and what role does monetary policy play? and (ii) why has inflation in Vietnam been persistently higher than in most other emerging market economies in the region? It focuses on understanding the monetary policy transmission mechanism in Vietnam, and in understanding the extent to which monetary policy can explain why inflation in Vietnam has been higher than in other Asian emerging markets over the past decade.

Download or read book Monetary Policy and Inflation Dynamics in ASEAN Economies written by Geraldine Dany-Knedlik and published by International Monetary Fund. This book was released on 2018-06-21 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the evolution of inflation dynamics in the five largest ASEAN countries between 1997 and 2017. To account for changes in the monetary policy frameworks since the Asian Financial Crisis (AFC), the analysis is based on country-specific Phillips curves allowing for time-varying parameters. The paper finds evidence of a higher degree of forward-looking dynamics and a better anchoring of inflation expectations, consistent with the improvements in monetary policy frameworks in the region. In contrast, the quantitative impact of cyclical fluctuations and import prices has gradually diminished over time.

Download or read book Inflation and Deflation in East Asia written by Frank Rövekamp and published by Springer Nature. This book was released on 2023-05-13 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: In light of the deflationary trends following the 2008/2009 financial crisis, as well as the return of inflation triggered by the COVID-19 pandemic and the war in Ukraine, this book offers insights into price stability issues in various East Asian countries. Leading scholars from the fields of economics and law as well as central bank practitioners present case studies on Japan, Korea, Singapore, and Taiwan. The contributors address topics such as quantitative monetary easing, the role of global and domestic shocks on inflation dynamics, and other monetary policy issues. In doing so, the book goes into detail about the individual forces and effects of deflation and inflation and compares the Asian experience with that of the Eurozone.

Download or read book Globalisation Inflation and Monetary Policy in Asia and the Pacific written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2014 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research papers presented at the conference covered the dynamics of inflation forecasts in the region; the measurement of economic slack; supply chains and inflation spillovers; financial globalisation and the role of exchange rate in monetary policy; global commodity price cycles and their monetary policy implications; and the role of inflation in China's monetary policy rule. This volume is a collection of the speeches, presentations and a background paper from the conference."--Abstract.

Download or read book Globalisation and Inflation Dynamics in Asia and the Pacific written by and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Globalisation and Inflation Dynamics in Asia and the Pacific written by and published by . This book was released on 2013 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Money Supply and Inflation Dynamics in the Asia Pacific Economies written by Stelios Bekiros and published by . This book was released on 2017 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the relationship between money supply growth and inflation in 3 Asian Economies which are India, Malaysia and Japan using a time-frequency approach. The application of a unified multi-scale analysis allows us to provide a continuous assessment of the link between money supply growth and inflation, unlike most of the existing literature studying this relationship. We also employ a bivariate frequency-domain causality test to determine the nature and direction of interdependence between money supply growth and inflation dynamics. Our findings provide a better understanding of their lead-lag linkages and causal relationship in the selected countries of the Asia-Pacific region.

Download or read book Essays on Inflation Dynamics in Selected Asian Countries written by Igp Wira Kusuma and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyses inflation dynamics in eight Asian countries. The second chapter analyses inflation persistence and exchange rate pass through (ERPT). The findings on inflation persistence show that for most countries this declines after the Asian financial crisis. The findings for ERPT are more mixed and vary by country. The role of Inflation Targeting Framework (ITF) on inflation persistence and ERPT is also examined. The estimation results suggest it is too early to generalize that ITF exerts a consistently discernible influence on inflation dynamics across this group of Asian ITF countries. The third and fourth chapters focus on the impact that world oil and world food price shocks have on domestic prices. On average, the pass-through of the world oil price is higher than for world food prices. Another finding is that the domestic food supply capacity of a country succeeds in dampening the effect of world food price shocks. The fifth chapter employs disaggregated data on prices to examine inflation dynamics in Indonesia. The main finding is that price behaviour exhibits heterogeneity. Disaggregated prices are more flexible in response to sector specific shocks and are more sluggish in response to macroeconomic shocks. In response to deposit rate shocks, the price puzzle becomes weaker after the full implementation of ITF.

Download or read book Global Value Chain and Inflation Dynamics written by Vu Chau and published by International Monetary Fund. This book was released on 2024-03-22 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the inflationary impacts of pandemic lockdown shocks and fiscal and monetary stimulus during 2020-2022 using a novel harmonized dataset of sectoral producer price inflation and input-output linkages for more than 1000 sectors in 53 countries. The inflationary impact of shocks is identified via a Bartik shift-share design, where shares reflect the heterogeneous sectoral exposure to shocks and are derived from a macroeconomic model of international production network. We find that pandemic lockdowns, and subsequent reopening policies, were the most dominant driver of global inflation in this period, especially through their impact on aggregate demand. We provide a decomposition of lockdown shock by sources, and find that between 20-30 percent of the demand effect of lockdown/reopening is due to spillover from abroad. Finally, while fiscal and monetary policies played an important role in preventing deflation in 2020, their effects diminished in the recovery years.

Download or read book Inflation Dynamics in Asia and the Pacific written by Bank for International Settlements and published by . This book was released on 2020 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bangko Sentral ng Pilipinas and the Bank for International Settlements (BIS) co-hosted a conference on "Inflation dynamics in Asia and the Pacific" on 19-20 August 2019 in Manila, the Philippines. The conference marked the completion of the BIS Asian Office's two-year research programme on "Central bank policy under changing inflation dynamics: challenges for Asia-Pacific" that had been endorsed by the Asian Consultative Council central bank Governors in November 2017.The conference brought together senior officials and researchers from central banks and academics. This volume is a collection of the speeches, papers and prepared discussant remarks from the conference. Papers presented at the conference covered the drivers of inflation in advanced and emerging market economies; the implications of robots for labour and inflation; the pass-through from short-horizon to long-horizon inflation expectations; an ageing workforce and inflation; strategic complementarity and asymmetric price setting among firms; and the impact of relative price changes and asymmetric adjustments on aggregate inflation.Contributed Papers:"https://ssrn.com/abstract=3575893" What Drives Inflation in Advanced and Emerging Market Economies?"https://ssrn.com/abstract=3575925" Comments on “What Drives Inflation in Advanced and Emerging Market Economies?”"https://ssrn.com/abstract=3576007" Robots and Labour: Implications for Inflation Dynamics"https://ssrn.com/abstract=3576015" Comments on “Robots and Labour: Implications for Inflation Dynamics”"https://ssrn.com/abstract=3576018" The Pass-Through from Short-Horizon to Longhorizon Inflation Expectations"https://ssrn.com/abstract=3576022" Comments on “The Pass-Through from Shorthorizon to Long-Horizon Inflation Expectations”"https://ssrn.com/abstract=3576027" Can an Ageing Workforce Explain Low Inflation?"https://ssrn.com/abstract=3576038" Comments on “Can an Ageing Workforce Explain Low Inflation?”"https://ssrn.com/abstract=3576049" Strategic Complementarity and Asymmetric Price Setting Among Firms"https://ssrn.com/abstract=3576060" Comments on “Strategic Complementarity and Asymmetric Price Setting Among Firms”"https://ssrn.com/abstract=3576071" Impact of Relative Price Changes and Asymmetric Adjustments on Aggregate Inflation: Evidence from the Philippines"https://ssrn.com/abstract=3576080" Comments on “Impact of Relative Price Changes and Asymmetric Adjustments on Aggregate Inflation: Evidence from the Philippines”

Download or read book Globalisation and Inflation Dynamics in Asia and the Pacific written by and published by . This book was released on 2013 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Globalisation and Inflation Dynamics in Asia and the Pacific written by Bank for International Settlements. Research Workshop and published by . This book was released on 2013 with total page 190 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Decomposing the Inflation Dynamics in the Philippines written by Mr.Si Guo and published by International Monetary Fund. This book was released on 2019-07-12 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt: Inflation rates rose sharply in the Philippines during 2018. Understanding the demand and supply sources of inflation pressures is key to monetary policy response. Qualitatively, indicators have pointed to evidence of inflation pressures from both sides in 2018, with the supply factors, by and large, associated with commodity-price shocks and demand factors deduced from gleaning at the wider non-oil trade deficits seen in the Philippines. Quantitatively, we deploy a semi-structural model to decompose the contributions of various shocks to inflation. Our main findings are (1) supply factors (mainly global commodity prices) played a prominent role in explaining the rise in inflation in 2018; (2) demand factors also contributed to inflation in a non-negligible way, justifying the need for tighter monetary policy in 2018; (3) the size of the estimated output gap (an important indicator of demand pressures) could be larger, when considering the widening trade deficits in 2018; and (4) a delayed monetary policy tightening can be costly in terms of higher inflation rates, requiring larger and more aggressive interest rate hikes to bring inflation under control, based on a counterfactual exercise.

Download or read book Inflation at Risk in in the Middle East North Africa and Central Asia written by Mr. Maximilien Queyranne and published by International Monetary Fund. This book was released on 2022-09-02 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates inflation risks for 12 Middle East and Central Asia countries, with an equal share of commodities exporters and importers. The empirical strategy leverages the recent developments in the estimation of macroeconomic risks and uses a semi-parametric approach that balances well flexibility and robustness for density projections. The paper uncovers interesting features of inflation dynamics in the region, including the role of backward versus forward-looking drivers, non-linearities, and heterogeneous and delayed exchange rate pass-through. The results have important implications for the conduct of monetary policy and central bank communication in the Middle East and Central Asia and emerging markets in general.

Download or read book Inflation in Emerging and Developing Economies written by Jongrim Ha and published by World Bank Publications. This book was released on 2019-02-24 with total page 513 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is the first comprehensive study in the context of EMDEs that covers, in one consistent framework, the evolution and global and domestic drivers of inflation, the role of expectations, exchange rate pass-through and policy implications. In addition, the report analyzes inflation and monetary policy related challenges in LICs. The report documents three major findings: In First, EMDE disinflation over the past four decades was to a significant degree a result of favorable external developments, pointing to the risk of rising EMDE inflation if global inflation were to increase. In particular, the decline in EMDE inflation has been supported by broad-based global disinflation amid rapid international trade and financial integration and the disruption caused by the global financial crisis. While domestic factors continue to be the main drivers of short-term movements in EMDE inflation, the role of global factors has risen by one-half between the 1970s and the 2000s. On average, global shocks, especially oil price swings and global demand shocks have accounted for more than one-quarter of domestic inflation variatio--and more in countries with stronger global linkages and greater reliance on commodity imports. In LICs, global food and energy price shocks accounted for another 12 percent of core inflation variatio--half more than in advanced economies and one-fifth more than in non-LIC EMDEs. Second, inflation expectations continue to be less well-anchored in EMDEs than in advanced economies, although a move to inflation targeting and better fiscal frameworks has helped strengthen monetary policy credibility. Lower monetary policy credibility and exchange rate flexibility have also been associated with higher pass-through of exchange rate shocks into domestic inflation in the event of global shocks, which have accounted for half of EMDE exchange rate variation. Third, in part because of poorly anchored inflation expectations, the transmission of global commodity price shocks to domestic LIC inflation (combined with unintended consequences of other government policies) can have material implications for poverty: the global food price spikes in 2010-11 tipped roughly 8 million people into poverty.