Global value chains increasingly driving global inflation – BIS paper
Growth of global value chains limits the importance of domestic factors in creating inflation
As production processes have fragmented across borders, global value chains have become longer, undermining the link between domestic factors and domestic inflation, according to a working paper published today (January 9) by the Bank for International Settlements.
Authors Raphael Auer, Claudio Borio and Andrew Filardo suggest growing value chains have created an increase in international competitive pressure, which would be expected to reduce the importance of national resource constraints in
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