On the supply-chainflation (მიწოდების ჩეინფლაციის შესახებ)
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Date
2022
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
This article examines the economic nature of high inflation which is the result of the economic crisis caused by the COVID-19 pandemic. It is shown that this high-level of inflation is caused by the simultaneous action of factors such as a rise in demand and a fall in supply. At the same time, the fall of the supply is predominant which is
caused by breaks in global supply chains. For this reason, this inflation is called “Supply-Chainflation.” Because the cause of supply- chainflation is not macroeconomic, the reaction of central banks to this high inflation is inadequate. The solution to the problem of supply chainflation is based on the construction of new networks of global supply
chains that will maximally take into account the risks associated with the COVID-19 pandemic as well as possible new global threats in the future
Description
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Keywords
inflation; COVID-19 pandemic; economic crisis; global supply chains; supply-chainflation
Citation
International Scientific Conference Dedicated to the Establishment of the University and the 100th Anniversary of the Faculty of Economics and Business “Covid 19 Pandemic and Economics”, Tbilisi, 2022, pp. 260-262