Arbeitspapier
What Triggers Prolonged Inflation Regimes? A Historical Analysis
This paper empirically assesses which factors trigger prolonged periods of inflation for a sample of 91 countries over the period 1960-2006. The paper employs pooled probit analysis to estimate the contribution of the key factors to inflation starts. The empirical results suggest that for all cases considered a more fixed exchange rate regime and lower real policy rates increase the probability of an inflation start. For developing countries, other relevant factors include food price inflation, the degree of trade openness, the level of past inflation, the ratio of external debt to GDP and the durability of the political regime. For advanced economies, these factors turn out to be statistically insignificant but instead a positive output gap, higher global inflation and a less democratic environment were seen to be detrimental for triggering inflation starts. Finally, oil prices, M2 growth and government spending were never statistically significant.
- Sprache
-
Englisch
- Erschienen in
-
Series: ECB Working Paper ; No. 1109
- Klassifikation
-
Wirtschaft
Price Level; Inflation; Deflation
Central Banks and Their Policies
- Thema
-
emerging markets
inflation
Panel Probit
Inflation
Probit-Modell
Panel
Schwellenländer
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Vansteenkiste, Isabel
- Ereignis
-
Veröffentlichung
- (wer)
-
European Central Bank (ECB)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Vansteenkiste, Isabel
- European Central Bank (ECB)
Entstanden
- 2009
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