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Global Disinflation

Author

Listed:
  • Yoshikazu Morimoto

    (Bank of Japan)

  • Wataru Hirata

    (Bank of Japan)

  • Ryo Kato

    (Bank of Japan)

Abstract

A long-term disinflationary trend is widely observed all over the world. Since the mid-1990s, this trend has been more pronounced in industrial countries and many emerging economies in Asia. Japan is faced with a deflation problem. Emerging economies in Asia and several industrial countries, arguably including the United States, have also shown clear disinflationary trends. Hong Kong SAR has been experiencing much deeper and prolonged deflation than Japan. This paper discusses factors contributing to "global disinflation" to reexamine Japan's deflation in a broader context and shed some light on the prospect of the global economy. For this purpose, we try to empirically answer the following questions in the paper. Namely, 1) does the expansion of supply capacity in emerging economies play a significant role in slowing down global inflation, especially in industrial countries? And, if that is the case, 2) why does economic performance differ among countries?

Suggested Citation

  • Yoshikazu Morimoto & Wataru Hirata & Ryo Kato, 2003. "Global Disinflation," Bank of Japan Research Papers 2003-06-13, Bank of Japan.
    • Handle: RePEc:boj:bojron:03-e-0613
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    File URL: http://www.boj.or.jp/en/research/brp/ron_2003/data/ron0306a.pdf
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    References listed on IDEAS

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    1. Yoshihito Saito, 2000. "Increased Labor Productivity and IT Investment in the United States," Bank of Japan Working Paper Series International Department,, Bank of Japan.
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    Cited by:

    1. Erzsébet Éva Nagy & Veronika Tengely, 2018. "The external and domestic drivers of inflation: the case study of Hungary," BIS Papers chapters, in: Bank for International Settlements (ed.), Globalisation and deglobalisation, volume 100, pages 149-172, Bank for International Settlements.
    2. Claudio E. V. Borio & Andrew Filardo, 2007. "Globalisation and inflation: New cross-country evidence on the global determinants of domestic inflation," BIS Working Papers 227, Bank for International Settlements.
    3. Claudio E. V. Borio, 2006. "Monetary and prudential policies at a crossroads? New challenges in the new century," BIS Working Papers 216, Bank for International Settlements.
    4. Juan Carlos Berganza & Pedro del Río & Fructuoso Borrallo, 2016. "Determinants and implications of low global inflation rates," Occasional Papers 1608, Banco de España.
    5. Frondel, Manuel & Schmidt, Torsten & Vance, Colin & Zimmermann, Tobias & Belke, Ansgar, 2008. "Einfluss von Preisschocks auf die Preisentwicklung in Deutschland: Forschungsvorhaben des Bundesministeriums für Wirtschaft und Technologie. Projekt-Nr. I D 4-020815-16/07. Endbericht - Oktober 2008," RWI Projektberichte, RWI - Leibniz-Institut für Wirtschaftsforschung, number 70890, March.

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