The Effect of China on Korean Consumer Prices
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In recent year, the price of imported goods inclined steadily, contributing to accelerating growth of the Korean consumer price index. Some researchers attribute part of these inclines to the growing presence in Korea of imported goods from China. This study documents some of these trend, and examined the direct effect of China on Korean prices. The effect on the CPI from the evolution of Chinese export prices and exchange rate seems to be not significant as it is presumed. Despite the fact that the weight of Chinese imported goods in the Korean CPI is growing, this weight is still too low to allow some pass-through from either changes in Chinese prices or the exchange rate to affect Korean prices. Overall, China's increasing share of Korean imports reduced the Korean total inflation rate by about 0.25 percent points per year during the year even though it still increased Korean prices in absolute term.
Abstract
In recent year, the price of imported goods inclined steadily, contributing to accelerating growth of the Korean consumer price index. Some researchers attribute part of these inclines to the growing presence in Korea of imported goods from China. This study documents some of these trend, and examined the direct effect of China on Korean prices. The effect on the CPI from the evolution of Chinese export prices and exchange rate seems to be not significant as it is presumed. Despite the fact that the weight of Chinese imported goods in the Korean CPI is growing, this weight is still too low to allow some pass-through from either changes in Chinese prices or the exchange rate to affect Korean prices. Overall, China's increasing share of Korean imports reduced the Korean total inflation rate by about 0.25 percent points per year during the year even though it still increased Korean prices in absolute term.
참고문헌 (21)
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