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Inflation Effect on Japan’s and Mexico’s Economies Report


Executive Summary

Inflation and FDI are two economic factors that have marked influence on the economic growth of a country in the form of GDP. Normally, the performance of multinational enterprises has intricate links with GDP, inflation, and FDI. The study hypothesized that inflation and FDI have different effects on the GDP of developed and developing countries. Thus, the study aimed to establish the influence of inflation and FDI on the GDP of a developed country (Japan), developing country (Mexico), and the world. The study obtained data on inflation, FDI, and GDP (1960-2017) from the World Bank Databank and the United Nations Conference on Trade and Development. SPSS software was used to generate descriptive statistics and perform correlation analysis and regression modeling. Additionally, Tableau was used to visualize trends and patterns of data over time. The findings demonstrated that GDP has a negative relationship with inflation, but it has a positive relationship with FDI. Regression analysis illustrated that inflation and FDI account for 89.5%, 57.5%, and 86.8% of the variation in GDP in Mexico, Japan, and the world respectively. Thus, the study recommends multinational enterprises to consider the effects and trends of inflation and FDI in selecting locations for establishment in developed and developing economies.

Introduction

Introduction and Justification

The gross domestic product (GDP) is one of the main parameters that economists employ in assessing economic growth and development of a country. It reflects the number of goods and services that a country produces in a specific period, usually a year (Alshamsi, Hussin & Azam 2015). As an economic indicator, GDP is sensitive to changes in economic factors at local, national, and international levels. Alomari and Azzam (2017) explain that multinational companies experience different effects of micro- and macro-economic factors because they operate in diverse economic environments. Inflation has negative effects on GDP because it decreases the value of money and reduces the consumption level of goods and services (Svigir & Milos 2017). Additionally, foreign direct investment (FDI) has positive effects on GDP since it creates employment opportunities, promotes the production of goods and services, and increases the purchasing power of individuals (Guechheang & Moolio 2014; Kirti & Prasad 2016; Abbas & Xifeng 2016). In this view, it is apparent that inflation and FDI are economic factors that determine the GDP of a country. Since economic factors vary from one country to another, there is a need to compare the effects of inflation and FDI on a global level, developing countries, and developed countries.

Importance and Research Gaps

In this era of globalization, the understanding of the effect of inflation and foreign direct investment on GDP is important to multinational enterprises and global industries. Although theories elucidate that inflation has a negative influence on GDP, empirical studies have demonstrated the existence of positive and neutral effects (Svigir & Milos 2017). Varied effects of inflation are dependent on the economic stance and characteristics of countries. Inflation has negative effects on GDP in developed countries (Akinsola & Odhiambo 2017), but it has positive effects on GDP in developing countries (Svigir & Milos 2017). The existence of varied effects of inflation and FDI is a research gap that requires elucidation to establish the extent to which they influence GDP in both developing and developed countries.

Report Objectives and Structure

Since the study seeks to compare the effects of inflation and FDI on GDP, it selected Japan and Mexico to represent developed and developing countries respectively. However, Japan and Mexico have almost the same size of the population. Comparatively analysis of the effects of inflation and FDI on the GDP of these countries relative to the global level provides a comprehensive trend of GDP. Therefore, this report examined the literature review, collected secondary data from online databases, performed data analysis, and discussed the findings.

Research Objectives

  1. To determine how inflation and FDI influence GDP in Mexico.
  2. To determine how inflation and FDI influence GDP in Japan.
  3. To determine how inflation and FDI influence GDP at the global level.

Literature Review

Critical Overview of Concept

Numerous economic theories elucidate the complex effects of inflation on economic growth. Fiscal policies that countries make aim to stabilize the inflation rate at low levels and optimize economic growth (Asteriou & Hall 2015; Ahmad, Afzal & Ghani 2016). The quantity theory of money predicts that inflation increases as the quantity of money and the purchasing power of consumers increase (Koti & Bixho 2016). The liquidity preference theory also explains the occurrence of inflation in a country. According to this theory, the preference for liquidity increases the demand for money and increases inflation (Koti & Bixho 2016). Hence, the supply and demand for money determine the inflation rate and subsequently influence economic growth.

The exchange rate theory holds that FDI inflows determine the strength of currencies in the global financial markets (Oppong 2018). Differences in the strengths of currencies explain why developed and developing countries have a dissimilar attraction to FDI. Oppong (2018) asserts that countries with stronger currencies tend to attract low FDI than countries with weaker currencies. Moreover, the internationalization production theory postulates that countries have become part of the global village that is subject to globalization forces (Wen & Lyun 2015). This theory shows that multinational enterprises operate in global markets, which are under the control of complex economic factors.

Owing to the existence of diverse economic factors such as the population, natural resources, economic activities, technology and regulations, inflation, and FDI, GDP varies from one country to another. The classical theory elucidates that a country can perform optimally by utilizing all of its resources to attain real GDP (Eltis 2016). In essence, the theory holds that economic growth is under the mechanism of self-adjustment. According to Say’s Law, an economy of a nation generates GDP that is equivalent to the purchasing ability of individuals based on their income (Akinsola & Odhiambo 2017). An imbalance in the real GDP and the level of income reduces economic growth.

Critical Overview of Empirical Literature

An extensive literature review reveals that the relationship between inflation and economic growth is complex because it varies from one country to another, depending on commercial characteristics (Akinsola & Odhiambo 2017). Although the dominant view is that inflation has a negative effect on economic growth, it has a positive influence in some countries. In their literature review, Akinsola and Odhiambo (2017) observed that inflation seems to support economic growth in developing countries, but tends to decrease the economic growth in the developed countries. Further studies to determine the influence of inflation on GDP confirmed the existence of mixed-effects (Akinsola & Odhiambo 2017; Tahir, Khan & Shah 2015). Regression analysis demonstrated that interest rate and inflation rate account for 32% of the variation in GDP in India (Bhat & Laskar 2016). Svigir and Milos (2017) conducted an empirical study on Austria and Italy and established that inflation has no significant impact on economic growth, particularly in countries that have experienced low inflation rates for the long-term.

In their study to determine factors that influence GDP components in the Indian context, Jain, Nair, and Jain (2015) found out that FDI has a significant influence on economic activities in the manufacturing and service industries. In another study done in Cambodia, Guechheang and Moolio (2014) established that FDI has a statistically significant positive influence on GDP because it has aided in the sustenance of growth rate by 7% for 19 years. FDI creates employment opportunities, reduce unemployment, and promote the purchasing power of consumers, leading to increased consumption of goods and services.

Conceptual Framework

The conceptual framework (Figure 1) depicts the comparative analysis of how the inflation rate and FDI influence the GDP of Mexico, Japan, and the world.

Conceptual framework showing the relationship of variables .
Figure 1. Conceptual framework showing the relationship of variables (Author 2018).

Methodology

Data Collection Strategy

The data collection strategy entailed searching for secondary data in online databases. Secondary data offer data in the form of time series, which allows the determination of descriptive statistics, correlation scrutiny, and regression analysis (Saunders, Lewis & Thornhill 2015). Additionally, Secondary data provide comprehensive information because they span over five decades.

Data Sources and Variables

The inflation, FDI, and GDP are three variables that the study created. The inflation and FDI are independent variables, whereas GDP is the dependent variable of the study. Hence, the study collected data of inflation, FDI, and GDP from the databases of the World Bank and the United Nations Conference on Trade and Development because they contain annual economic data from 1960 to 2017 (World Bank 2018; United Nations Conference on Trade and Development 2018). To enhance the external and internal validity of the findings, the study selected data covering 58 years.

Data Analysis Strategy

The study analyzed data using SPSS software and Tableau because they have numerous functions for visualizing and calculating descriptive and inferential statistics. In the exploratory data analysis to establish patterns and trends of data, the study employed descriptive statistics (Ozdemir 2016). The study then used correlation analysis to determine the strength and the direction of association with the view to predicting causal-relationships (Hellwig 2014). Subsequently, the study employed regression analysis as inferential statistics to determine the significance of inflation and FDI on influencing GDP.

Data Analysis

Descriptive Statistics

Descriptive Statistics of Mexico

Table 1 below depicts descriptive statistics of inflation, FDI, and GDP of Mexico over the past 58 years. Descriptive statistics indicate that Mexico has an inflation mean of 19.81% (SD = 12.61%), FDI mean of $10.39 billion (SD = $12.63 billion) and GDP mean of $434.76 billion (SD = $425.12 billion).

Table 1. Descriptive Statistics of Inflation, FDI and GDP of Mexico. (Author 2018).
Inflation of Mexico (%) FDI of Mexico (Net Inflows in US$) GDP of Mexico (US$)
N Valid 58 58 58
Missing 0 0 0
Mean 19.804979 10387082504.739775 434760783571.521300
Std. Error of Mean 3.7557148 1658941437.6739726 55821290190.8864800
Median 5.829929 2667000000.000000 236529339584.706500
Mode .5941 65000000.0000 13040000000.0000a
Std. Deviation 28.6026719 12634121585.2406460 425122280570.3780500
Variance 818.113 159621028230643650000.000 180728953437359240000000.000
Skewness 2.467 1.070 .732
Std. Error of Skewness .314 .314 .314
Kurtosis 5.932 .010 -.947
Std. Error of Kurtosis .618 .618 .618
Range 131.2326 47226822458.0326 1301345330073.3496
Minimum .5941 2120000.0000 13040000000.0000
Maximum 131.8267 47228942458.0326 1314385330073.3496

Figure 2 depicts trends of inflation, FDI, and GDP of Mexico over the past 58 years. Inflation declined from about 4% in 1960 to approximately 3% in 2017 with a marked fluctuation in the 1980s. FDI has increased gradually over time from about $2 million to around $30 billion in 2017 with significant fluctuations in the past two decades. GDP also increased gradually from approximately $10 billion in 1960 to about $1.1 trillion in 2017.

Trends of inflation, FDI and GDP of Mexico over 58 years.
Figure 2. Trends of inflation, FDI and GDP of Mexico over 58 years (Author 2018).

Descriptive Statistics of Japan

Descriptive statistics (Table 2) explores trends in Japan’s inflation, FDI, and GDP. These statistics shows that Japan has inflation mean of 3.16% (SD = 4.19%), FDI mean of $4.04 billion (SD = $7.72 billion) and GDP mean of $2.7 trillion (SD = $2.1trillion)

Table 2. Descriptive Statistics of Inflation, FDI and GDP of Japan. (Author 2018).
Inflation of Japan (%) FDI of Japan (Net Inflows in US$) GDP of Japan (US$)
N Valid 58 58 58
Missing 0 0 0
Mean 3.162150 4037417939.520540 2704949020918.833000
Std. Error of Mean .5497265 1013768213.5841464 277706318387.2214400
Median 1.956296 233117403.279119 3063298589721.046400
Mode -1.3528a 1770000.0000 44307342950.4000a
Std. Deviation 4.1865920 7720628696.5938410 2114948310901.8810000
Variance 17.528 59608107470668300000.000 4473006357786719600000000.000
Skewness 2.280 2.565 .009
Std. Error of Skewness .314 .314 .314
Kurtosis 8.129 7.603 -1.683
Std. Error of Kurtosis .618 .618 .618
Range 24.5291 41720275164.6860 6158905778383.7220
Minimum -1.3528 -2396909736.3051 44307342950.4000
Maximum 23.1762 39323365428.3809 6203213121334.1220

Figure 3 below depicts trends of inflation, FDI, and GDP in Japan. Since 1960, inflation rates have declined gradually from 3.5% to the current rate of about 1.3%. FDI increased from $1.6 billion in 1960 to $18billion in 2017. GDP has increased from $44.3 billion in 1960 to $4.87 trillion in 2017.

Trends of inflation, FDI and GDP of Japan over 58 years.
Figure 3. Trends of inflation, FDI and GDP of Japan over 58 years (Author 2018).

Descriptive Statistics of the World

Table 3 indicates descriptive statistics of inflation, FDI, and GDP across the world from 1960 to 2017. The inflation mean of 7.12% (SD = 3.26%), FDI mean of $640 billion (SD = $876.63 billion), GDP mean of $27.02 trillion (SD = $25.29 trillion).

Table 3. Descriptive Statistics of Inflation, DFI and GDP of the World. (Author 2018).
Inflation of the World (%) FDI of the World (Net Inflows in US$) GDP of the World (US$)
N Valid 58 58 58
Missing 0 0 0
Mean 7.120012 640552638239.43 27020767415247.082000
Std. Error of Mean .4278378 115107343954.674 3321091537708.2640000
Median 7.270222 150128348054.85 19592079387813.395000
Mode 1.5285a 6500000000a 1353783420391.3990a
Std. Deviation 3.2583154 876631414377.431 25292679614990.8100000
Variance 10.617 768482636673375500000000.000 639719642106571600000000000.000
Skewness .145 1.251 .873
Std. Error of Skewness .314 .314 .314
Kurtosis -.831 .192 -.494
Std. Error of Kurtosis .618 .618 .618
Range 12.4554 3092489509814 79330004017466.4500
Minimum 1.5285 6500000000 1353783420391.3990
Maximum 13.9839 3098989509814 80683787437857.8600
Trends of inflation, FDI and GDP of Mexico over 58 years.
Figure 4. Trends of inflation, FDI and GDP of Mexico over 58 years (Author 2018).

Inferential Statistics

Correlation Analyses

Correlation analysis (Table 4) shows that inflation has a moderate negative relationship with GDP in Mexico that is statistically significant (r = -0.304, p = 0.020). In contrast, FDI has a statistically significant and very strong positive relationship with GDP in Mexico (r = 0.946, p = 0.000).

Table 4. Correlations of Inflation, FDI and GDP of Mexico. (Author 2018).
Inflation of Mexico (%) FDI of Mexico (Net Inflows in US$) GDP of Mexico (US$)
Inflation of Mexico (%) Pearson Correlation 1 -.327 -.304
Sig. (2-tailed) .012 .020
N 58 58 58
FDI of Mexico (Net Inflows in US$) Pearson Correlation -.327 1 .946
Sig. (2-tailed) .012 .000
N 58 58 58
GDP of Mexico (US$) Pearson Correlation -.304 .946 1
Sig. (2-tailed) .020 .000
N 58 58 58

Table 5 indicates that inflation has a strong negative association with GDP in Japan, which is statistically significant (r = 0.703, p = 0.000). Contrastingly, FDI has a moderate positive correlation with GDP in Japan that is statistically significant (r = 0.512, p = 0.000).

Table 5. Correlations of Inflation, FDI and GDP of Japan. (Author 2018).
Inflation of Japan (%) FDI of Japan (Net Inflows in US$) GDP of Japan (US$)
Inflation of Japan (%) Pearson Correlation 1 -.349 -.703
Sig. (2-tailed) .007 .000
N 58 58 58
FDI of Japan (Net Inflows in US$) Pearson Correlation -.349 1 .512
Sig. (2-tailed) .007 .000
N 58 58 58
GDP of Japan (US$) Pearson Correlation -.703 .512 1
Sig. (2-tailed) .000 .000
N 58 58 58

Correlation analysis (Table 6) depicts that inflation has a strong negative relationship that is statistically significant with the GDP of the world (r = 0.707, p = 0.000). In contrast, FDI has a very strong positive relationship with GDP, which is statistically significant (r = 0.925, p = 0.000).

Table 6. Correlations of Inflation, FDI and GDP of the World. (Author 2018).
Inflation of the World (%) FDI of the World (Net Inflows in US$) GDP of the World (US$)
Inflation of the World (%) Pearson Correlation 1 -.671 -.707
Sig. (2-tailed) .000 .000
N 58 58 58
FDI of the World (Net Inflows in US$) Pearson Correlation -.671 1 .925
Sig. (2-tailed) .000 .000
N 58 58 58
GDP of the World (US$) Pearson Correlation -.707 .925 1
Sig. (2-tailed) .000 .000
N 58 58 58

Regression Analyses

Regression analysis (Table 7) shows that Inflation and FDI have a very strong positive relationship with GDP (R = 0.946). Inflation and FDI account for 89.5% of the variation in GDP in Mexico (R2 = 0.895).

Table 7. Model Summary of Mexico. (Author 2018).
Model R R Square Adjusted R Square Std. The error of the Estimate
1 .946a .895 .892 139983980486.5046400
a. Predictors: (Constant), FDI of Mexico (Net Inflows in US$), Inflation of Mexico (%)

The regression model (Table 8) is statistically significant in predicting the influence of inflation and FDI on GDP in Mexico, F(2,5) = 235.3, p = 0.000.

Table 8. ANOVA of Mexico. (Author 2018).
Model Sum of Squares df Mean Square F Sig.
1 Regression 9223797032322944000000000.000 2 4611898516161472000000000.000 235.355 .000b
Residual 1077753313606536000000000.000 55 19595514792846110000000.000
Total 10301550345929480000000000.000 57
a. Dependent Variable: GDP of Mexico (US$)
b. Predictors: (Constant), FDI of Mexico (Net Inflows in US$), Inflation of Mexico (%)

Coefficients’ table (Table 9) indicates that inflation is a statistically insignificant predictor of GDP (β = $78.48 million, p = 0.909), whereas FDI is a statistically significant predictor of GDP (β = $31.898, p = 0.000). This prediction means that a unit increase in inflation causes GDP to increase by 78.48 million, while a unit increase in FDI makes GDP to increase by $31.898 in Mexico. The regression equation of the model is that: GDP = $78.48 million (Inflation) + $31.898 (FDI) + $101.88 trillion

Table 9. Regression Coefficientsof Mexico. (Author 2018).
Model Unstandardized Coefficients Standardized Coefficients t Sig. 95.0% Confidence Interval for B
B Std. Error Beta Lower Bound Upper Bound
1 (Constant) 101884307693.782 30422364257.417 3.349 .001 40916527308.393 162852088079.171
Inflation of Mexico (%) 78478131.788 685833576.754 .005 .114 .909 -1295963069.909 1452919333.486
FDI of Mexico (Net Inflows in US$) 31.898 1.553 .948 20.544 .000 28.786 35.009
a. Dependent Variable: GDP of Mexico (US$)

Table 10 shows that Japan’s inflation and FDI have a strong positive relationship with GDP (R = 0.759). Inflation and FDI collectively explain 57.5% of the variation in GDP in Japan (R2 = 0.575).

Table 10. Model Summary of Japan. (Author 2018).
Model R R Square Adjusted R Square Std. The error of the Estimate
1 .759a .575 .560 1402862950778.6675000
a. Predictors: (Constant), FDI of Japan (Net Inflows in US$), Inflation of Japan (%)

The regression model (Table 9) is statistically significant in predicting the effect of inflation and FDI on GDP in Japan, F(2,5) = 37.2, p = 0.000.

Table 11. ANOVA of Japan. (Author 2018).
Model Sum of Squares df Mean Square F Sig.
1 Regression 146720017167134300000000000.000 2 73360008583567150000000000.000 37.276 .000b
Residual 108241345226708630000000000.000 55 1968024458667429700000000.000
Total 254961362393842930000000000.000 57
a. Dependent Variable: GDP of Japan (US$)
b. Predictors: (Constant), FDI of Japan (Net Inflows in US$), Inflation of Japan (%)

Regression coefficients (Table 12) shows that both inflation (β = $301.177 trillion, p = 0.000) and FDI (β = $83.1, p = 0.002) are statistically significant predictors of GDP in Japan. The coefficients mean that an increase in inflation by a unit results in the increase of GDP by $301.177 trillion, whereas a unit increase in FDI causes GDP to increase by $83.1. Therefore, the regression equation is:

GDP = $301.177 trillion (Inflation) + $83.1(FDI) + $3.323 trillion

Table 12. Regression Coefficientsof Japan. (Author 2018).
Model Unstandardized Coefficients Standardized Coefficients t Sig. 95.0% Confidence Interval for B
B Std. Error Beta Lower Bound Upper Bound
1 (Constant) 3323681480240.894 279231968018.918 11.903 .000 2764088111405.121 3883274849076.667
Inflation of Japan (%) -301769701991.953 47366619638.054 -.597 -6.371 .000 -396694528979.619 -206844875004.288
FDI of Japan (Net Inflows in US$) 83.100 25.685 .303 3.235 .002 31.626 134.574
a. Dependent Variable: GDP of Japan (US$)

Regression analysis of the global data (Table 13) shows that inflation and FDI have a very strong positive association (R = 0.932). Inflation and FDI explain 86.8% of the variation in the GDP of the world (R2 = 0.868).

Table13. Model Summary of the World. (Author 2018).
Model R R Square Adjusted R Square Std. The error of the Estimate
1 .932a .868 .864 9338494714351.8090000
a. Predictors: (Constant), World’s FDI (Net Inflows in US$), Inflation of the World (%)

The regression model (Table 14) is statistically significant in predicting the influence inflation and FDI on global GDP, F(2,5) = 181.5, p = 0.000.

Table 14. ANOVA of the World. (Author 2018).
Model Sum of Squares df Mean Square F Sig.
1 Regression 31667608005925866000000000000.000 2 15833804002962933000000000000.000 181.565 .000b
Residual 4796411594148717000000000000.000 55 87207483529976680000000000.000
Total 36464019600074584000000000000.000 57
a. Dependent Variable: GDP of the World (US$)
b. Predictors: (Constant), World’s FDI (Net Inflows in US$), Inflation of the World (%)

Regression coefficients (Table 15) depicts that inflation (β = $1.22 trillion, p = 0.000) and FDI (β = $23.647, p = 0.021) are statistically significant predictors of GDP across the world. Essentially, GDP increases by 1.22 trillion when the inflation rate increases by a percent, while GDP rises by $23.647 when FDI increases by a unit. Thus, the regression equation of the model is:

GDP = $1.22 trillion (Inflation) + $23.647 (FDI) + $20.528 trillion

Table 15. Regression Coefficients of the World. (Author 2018).
Model Unstandardized Coefficients Standardized Coefficients t Sig. 95.0% Confidence Interval for B
B Std. Error Beta Lower Bound Upper Bound
1 (Constant) 20527930498341.230 4716453740535.123 4.352 .000 11075945983998.938 29979915012683.523
Inflation of the World (%) -1215455531168.526 512025571545.637 -.157 -2.374 .021 -2241577706735.020 -189333355602.032
FDI of the World (Net Inflows in US$) 23.647 1.903 .820 12.425 .000 19.833 27.461
a. Dependent Variable: GDP of the World (US$)

Findings and Conclusion

Descriptive statistics indicate that Mexico has the highest inflation rate (M = 19.81), followed by the world (M = 7.12%) and Japan (M = 3.16%). Mexico have attracted more FDI (M = $10.39 billion) than Japan (M = $4.04 billion). However, as Japan is a developed economy, it has generated more GPD (M = $2.7 trillion) than Mexico (M = $34.76 billion). Correlation analysis reveals that while GDP has a negative relationship with inflation, it has a positive relationship with GDP. These findings are in line with the study performed in Nigeria, a developing country (Anidiobu, Okolie & Oleka 2018). Comparatively, the relationship between inflation and GDP is stronger in Japan than in Mexico, whereas the relationship between FDI and GDP is stronger in Mexico than in Japan. Developed countries are less attractive to FDI than developing countries because they have sufficient resources to drive their economies (Pandya & Sisombat 2017; Rahman 2014). The relationship between inflation and GDP in Mexico is weaker than that of the world, while the relationship between FDI and GDP of Japan is moderately lower when compared to that of the world.

Regression analysis provided important information regarding the conceptual framework showing the influence of inflation and FDI on the GDP of Mexico, Japan, and the world. In Mexico, although inflation and FDI account for 89.5% of the variation in GDP, only FDI is a statistically significant predictor. Comparatively, the regression analysis of Japan shows that inflation and FDI explain 57.5% of the variation in GDP. Ali and Hussain (2017) found out that inflation has a positive impact on economic growth in Pakistan. Therefore, these findings show that the economic growth of Mexico is more sensitive to the changes in inflation and FDI than that of Japan. On the global scale, inflation and FDI account for 86.8% of the variation in GDP.

The findings of the study demonstrate that inflation and FDI have a statistically significant influence on GDP. Comparative analysis of Mexico, Japan, and the world shows that the influence of inflation and FDI on GDP varies from one country to another, depending on macro- and micro-economic factors. These findings are important to multinational enterprises for it would enable them to establish in developed and developing countries. Given that inflation and FDI influence the establishment of multinational enterprises, understanding of macro- and micro-economic factors is necessary.

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Work Cited

"Inflation Effect on Japan's and Mexico's Economies." IvyPanda, 13 Jan. 2021, ivypanda.com/essays/inflation-effect-on-japans-and-mexicos-economies/.

1. IvyPanda. "Inflation Effect on Japan's and Mexico's Economies." January 13, 2021. https://ivypanda.com/essays/inflation-effect-on-japans-and-mexicos-economies/.


Bibliography


IvyPanda. "Inflation Effect on Japan's and Mexico's Economies." January 13, 2021. https://ivypanda.com/essays/inflation-effect-on-japans-and-mexicos-economies/.

References

IvyPanda. 2021. "Inflation Effect on Japan's and Mexico's Economies." January 13, 2021. https://ivypanda.com/essays/inflation-effect-on-japans-and-mexicos-economies/.

References

IvyPanda. (2021) 'Inflation Effect on Japan's and Mexico's Economies'. 13 January.

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