The rising domestic prices amidst the country’s greater trade involvement is an interesting case study following the trade-inflation debate in literature. Know more:
The rising domestic prices amidst the country’s greater trade involvement is an interesting case study following the trade-inflation debate in literature. Some argue, including the study of Kwark and Lim , that the expansion of low-priced Chinese exports that are produced using cheap labor has contributed to the stabilization of both global and domestic prices. The earlier studies of Romer and Lane agree that greater openness could drive down domestic inflation.
The recent study by Kwark and Lim discovers that the expansion of foreign trade has created relatively low-priced imported goods, which, in turn, have stabilized domestic prices. Their paper attributes the stable price changes to an important institutional trend that most countries have adopted in recent years. The rise of free-trade agreements has made a decisive contribution to the expansion of trade.
Gingrich and Garber claim that the openness-inflation interplay depends on the context of a country, while the relationship is commodity-specific for Chand . The impact of liberalization is more pronounced in Costa Rica than in El Salvador because of several factors. According to their study, Costa Rica’s economy was more stable and relatively advanced when its liberalization reforms began, while an intense civil conflict just ended in El Salvador at the onset of its liberalization reforms.
The effects of trade openness to inflation in the Philippines remain ambiguous. The government has been using the importation of rice and other basic commodities as one of their strategies to arrest inflation. Its exact contribution, however, remains an interesting case study to explore.
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