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The resurgence of inflation: Why was emerging Asia different?

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  • Fatás, Antonio

Abstract

The post pandemic years have brought inflation back to levels not seen for decades. While this surge has been a global phenomenon, the impact has not been uniformly felt across all regions. Notably, Asia, among the emerging and developing economies, has experienced a comparatively mild rise in inflation, with rates not significantly diverging from those seen in previous inflationary periods. This paper explores the factors that might explain the distinct behavior of Asia. We provide evidence that a combination of weaker post-pandemic recovery, a less aggressive traditional fiscal policy, a strong use of subsidies, minimal depreciation of exchange rates, and a history of lower and less volatile inflation account for this region differential’s response.

Suggested Citation

  • Fatás, Antonio, 2024. "The resurgence of inflation: Why was emerging Asia different?," CEPR Discussion Papers 19445, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:19445
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    File URL: https://cepr.org/publications/DP19445
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    Keywords

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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General

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