Format:
1 Online-Ressource (circa 42 Seiten)
,
Illustrationen
Series Statement:
Policy research working paper 8934
Content:
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
Additional Edition:
Erscheint auch als Druck-Ausgabe Ha, Jongrim Inflation in Low-Income Countries Washington, D.C : The World Bank, 2019
Language:
English
Keywords:
Graue Literatur
DOI:
10.1596/1813-9450-8934
URL:
Volltext
(lizenzpflichtig)
URL:
Deutschlandweit zugänglich
Author information:
Montiel, Peter 1951-
