Inflation in Low-Income Countries:
This paper studies the effects of global and domestic inflation shocks on core price inflation in 105 countries between 1970 and 2016, by using a heterogeneous panel vector-autoregressive model. The methodology allows accounting for differences across groups of countries (advanced economies, emergin...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
The World Bank
2019
|
| Schriftenreihe: | World Bank E-Library Archive
|
| Online-Zugang: | Volltext |
| Zusammenfassung: | This paper studies the effects of global and domestic inflation shocks on core price inflation in 105 countries between 1970 and 2016, by using a heterogeneous panel vector-autoregressive model. The methodology allows accounting for differences across groups of countries (advanced economies, emerging markets and developing economies, and low-income countries) and across groups with different country characteristics (such as foreign exchange and monetary policy regimes). The empirical results indicate that most of the variation in inflation among low-income countries over the past decades is accounted for by external shocks. More than half of the variation in core inflation rates among low-income countries is due to global core price shocks, compared with one-eighth in advanced economies. Global food and energy price shocks account for another 13 percent of core inflation variation in low-income countries-half more than in advanced economies and one-fifth more than in emerging markets and developing economies. This points to challenges in anchoring domestic inflation expectations, which have been most evident among low-income countries with floating exchange rates, especially in cases where central bank independence has been weak |
| Beschreibung: | 1 Online-Ressource (42 Seiten) |
| DOI: | 10.1596/1813-9450-8934 |
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| 520 | |a This paper studies the effects of global and domestic inflation shocks on core price inflation in 105 countries between 1970 and 2016, by using a heterogeneous panel vector-autoregressive model. The methodology allows accounting for differences across groups of countries (advanced economies, emerging markets and developing economies, and low-income countries) and across groups with different country characteristics (such as foreign exchange and monetary policy regimes). The empirical results indicate that most of the variation in inflation among low-income countries over the past decades is accounted for by external shocks. More than half of the variation in core inflation rates among low-income countries is due to global core price shocks, compared with one-eighth in advanced economies. Global food and energy price shocks account for another 13 percent of core inflation variation in low-income countries-half more than in advanced economies and one-fifth more than in emerging markets and developing economies. This points to challenges in anchoring domestic inflation expectations, which have been most evident among low-income countries with floating exchange rates, especially in cases where central bank independence has been weak | ||
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| indexdate | 2024-10-12T04:02:42Z |
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| physical | 1 Online-Ressource (42 Seiten) |
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| publishDate | 2019 |
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| publisher | The World Bank |
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| spellingShingle | Ha, Jongrim Inflation in Low-Income Countries |
| title | Inflation in Low-Income Countries |
| title_auth | Inflation in Low-Income Countries |
| title_exact_search | Inflation in Low-Income Countries |
| title_exact_search_txtP | Inflation in Low-Income Countries |
| title_full | Inflation in Low-Income Countries Jongrim Ha |
| title_fullStr | Inflation in Low-Income Countries Jongrim Ha |
| title_full_unstemmed | Inflation in Low-Income Countries Jongrim Ha |
| title_short | Inflation in Low-Income Countries |
| title_sort | inflation in low income countries |
| url | https://doi.org/10.1596/1813-9450-8934 |
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