Determinants of Inflation in Europe : A Dynamic Panel Analysis

• Autorzy: Lejla Čaklovica , Adnan S. Efendic
• Języki publikacji: EN

Abstrakty

EN

This article offers an empirical analysis of determinants of inflation in 28 European economies that belonged to the transition group of countries in the end of the last century. We rely on dynamic panel methodology and find that economic and structural variables, including economic openness, unemployment, real wages, institutional effects, as well as external factors, such as prices of food and oil, determine the short-run inflationary dynamics in these countries. The obtained results also indicate that inflation rate is autoregressive in the observed period (2005-2015), confirming that contemporaneous inflation rate is determined by the entire history of these determinants. Our further investigation reveals long- term effects of the majority of these variables on price dynamics. Interestingly, distinction between the current EU and transition countries in the model does not lead to different conclusions. (original abstract)

Słowa kluczowe

EN

Reason of inflation; Panel model; Dynamic model

PL

Przyczyny inflacji; Modele panelowe; Model dynamiczny

• Czasopismo: e-Finanse
• Rocznik: 2020
• Tom: 16
• Numer: nr 3
• Strony: 51--79

Twórcy

autor

Lejla Čaklovica

• Government Finance Statistics; Central Bank of Bosnia and Herzegovina

autor

Adnan S. Efendic

• University of Sarajevo

Bibliografia

• Acemoglu, D., Johnson, S. (2005). Unbundling Institutions. Journal of Political Economy, University of Chicago Press, 113(5), 949-995.
• Acemoglu, D., Johnson, S., Robinson, J.A. (2002). Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution. Quarterly Journal of Economics, 117(4), 1231-1294.
• Agayev, S. (2012). Determinants of Inflation Rates in Transition Economies, Panel Data Analysis. Journal of Social Science, Anadolu University, 12(1), 59-72.
• Aisen, A., Veiga, F.J. (2006). Does Political Instability Lead to Higher and More Volatile Inflation? A Panel Data Analysis. Journal of Money, Credit and Banking, The Ohio State University, 38(5), 1379-90.
• Alesina, A. (1988). Macroeconomics and Politics. In S. Fischer (Ed.), NBER Macroeconomics Annual: 3(pp.13-62). Cambridge: Cambridge University Press. Chapter URL: http://www.nber.org/chapters/c10951
• Alesina, A.F., Ardagna, S., Trebbi, F. (2006). Who Adjusts and When?, On the Political Economy of Reforms (Research Discussion Paper No. 2108). US: Harvard Institute of Economic. Available at: SSRN: https://ssrn.com/abstract=881803
• Alfaro, L. (2005). Inflation, Openness, and Exchange-rate Regimes: The Quest for Short-term Commitment. Journal of Development Economics, Elsevier, 77(1), 229-49.
• Arrelano, M., Bover, O. (1995). Another Look at the Instrumental Variables Estimation of Error Components Models. Journal of Econometrics, 68(1), 29-51.
• Auer, R., Borio, C., Filardo, A. (2017). The Globalisation of Inflation: The Growing Importance of Global Value Chains (BIS Working Paper 602). Basel: Bank for International Settlements.
• Aziz, M.I.A., Dahalan, J. (2015). Oil Price Shocks and Macroeconomic Activities in Asean-5 Countries: A Panel VAR Approach. Journal of Business and Economics, 8 (16), 101- 120.
• Bade, R., Parkin, M. (1988). Central Bank Laws and Monetary Policy. (Working paper). Canada: University of Western Ontario
• Bala, U., Chin, L. (2018). Asymmetric Impacts of Oil Price on Inflation: An Empirical Study of African OPEC Member Countries. Energies, Open Access Journal, 11(11), 1-21. www.mdpi.com/journal/energies doi: 10.3390/en11113017.
• Baltagi, B.H. (2008). Econometric Analysis of Panel Data. Chichester: John Wiley & Sons Ltd.
• Basarac, M. (2010). Understanding Inflation and The Implications for Monetary Policy - A Phillips Curve Retrospective. Economic Review, 61 (1-2), 96-100. https://hrcak.srce.hr/49010.
• Baum, F.C. (2006). An Introduction to Modern Econometrics Using Stata. Texas: Stata Press.
• Begovic, S. (2014). An Assessment of Sustainability and Desirability of a Currency Board Arrangement, with Special Reference to Bosnia and Herzegovina (A thesis submitted in partial fulfilment of the requirement of Staffordshire University for the award of the degree Doctor of Philosophy Staffordshire University, Faculty of Business Education and Law, Business School Economics).
• Berger, H., de Haan, J., Eijffinger, S.C.W. (2000). Central Bank Independence: An Update of Theory and Evidence (CESifo Working Paper Series No. 255). Germany: Institute Munich. Available at SSRN: https://ssrn.com/abstract=258970.
• Bidder, R. (2015). Are Wages Useful in Forecasting Price Inflation? Economic Letter, Federal Reserve Bank Of San Francisco, 2015(33).
• Blanchard, O. (2005). Makroekonomija, 3. Izdanje. Zagreb: Mate.
• Blanchard, O.J., Gali, J. (2007). The Macroeconomic Effects of Oil Shocks: Why are the 2000s So Different from the 1970s? (National Bureau of Economic Research No. w13368). Chicago: University of Chicago Press.
• Bleaney, M., Francisco, M. (2007). Exchange Rate Regimes, Inflation and Growth in Developing Countries -- An Assessment. The B.E. Journal of Macroeconomics, De Gruyter, 7(1), 1- 20.
• Bleaney, M., Francisco, M. (2007). The Performance of Exchange Rate Regimes in Developing Countries - Does the Classifications Scheme Matter? (Discussion Papers 07/04). Nottingham: University of Nottingham.
• Blinder, A.S., Rudd, J.B. (2008). The Supply-shock Explanation of the Great Stagflation Revisited. In M.D. Bordo and A. Orphanides (Ed.), The Great Inflation: The Rebirth of Modern Central Banking: IL (119-75). Chicago: University of Chicago Press.
• Blundell, R., Bond, S. (1998). Initial Conditions and Moment Restrictions in Dynamic Panel Data Models. Journal of Econometrics, 87(1), 115- 143.
• Bodea, C., Hicks, R. (2015a). International Finance and Central Bank Independence: Institutional Diffusion and the Flow and Cost of Capital. Journal of Politics, 77(1), 268-84.
• Bogoev, J., Petrevski, G., Sergi, B. (2012). Investigating the Link Between Central Bank Independence and Inflation in Central and Eastern Europe: Evidence from Panel Data Models. Eastern European Economics, 50(4), 83-101.
• Bond, S. (2002). Dynamic Panel Models: a Guide to Micro Data Methods and Practice. Portugees Economic Journal, 1 (2), 141-162.
• Boranova, V., Huidrom, R., Nowak, S., Topalova, P., Tulin, V., Varghese, R. (2019). Wage Growth and Inflation in Europe: A Puzzle (IMF Working Paper wp/19/280). Washington: International Monetary Fund.
• Borio, C.E.V., Filardo, A. (2007). Globalisation and Inflation: New Cross-country Evidence on the Global Determinants of Domestic Inflation (BIS Working Papers 227). Basel: Bank for International Settlements.
• Box, G.E.P., Cox, D.R. (1964).An Analysis of Transformations. Journal of the Royal Statistical Society, B(26), 211-252.
• Brada, J., Kutan, A. (1999). The End of Moderate Inflation in Three Transition Economies. (Working Paper No 230). University of Michigan Business School: The William Davidson Institute.
• Bronfenbrenner, M., Holzman, F.D. (1963). Survey of Inflation Theory. American Economic Review, 53(4), 593-661.
• Brumm, H.J. (2011). Inflation and Central Bank Independence: Two-way Causality? Economics Letters, Elsevier, 111(3), 220-2.
• Burton, D., Fischer, S. (1997). Ending Moderate Inflations. In C. Cottarely and G. Szapary (Ed.), Moderate Inflation: The Experience of Central and Eastern European Transition Economies. Washington: IMF and National Bank of Hungary, 15-96.
• Calderón, C., Schmidt-Hebbel, K. (2008). The Choice of Fiscal Regimes in the World (Working Papers Central Bank of Chile 487). Chile: Central Bank of Chile.
• Cardoso, C.A., Vieira, F.V. (2016). Inflation and Exchange Rate Regimes: A Panel Data Analysis. Nova Economia, 26(3), 855-86.
• Catao, L.A.V., Terrones, M.E. (2005). Fiscal Deficits and Inflation. Journal of Monetary Economics, Elsevier, 52(3), 529-554.
• Cecchetti, S.G., Moreno, R., Mihaljek, D., Villar, A., Saxena, S.C. (2010). Monetary Policy and the Measurement of Inflation: Prices, Wages and Expectations (BIS Paper No. 49). Basel: Bank for International Settlements. Available at SSRN: https://ssrn.com/abstract=1546992.
• Choi, S., Furceri, D., Loungani, P., Mishra, S., Poplawski-Ribeiro, M. (2018). Oil Prices and Inflation Dynamics: Evidence from Advanced and Developing Economies. Journal of International Money and Finance, 82(C), 71-96.
• Chou, K.W., Tseng, Y.H. (2011). Oil Price Pass-through into CPI Inflation in Asian Emerging Countries: the Discussion of Dramatic Oil Price Shocks and High Oil Price Periods. Journal of Economics Finance and Management Sciences, 2(1), 1-13.
• Chrigui, Z., Boujelbene, Y., Mhamdi, G. (2011). Central Bank Independence and Inflation: Evidence from Emerging Countries. Journal of Policy Modeling, Elsevier, 33(3), 453-469.
• Ciccarelli, M., Mojon, B. (2010). Global Inflation. Review of Economics and Statistics, 92 (3), 524-35.
• Coorey, S., Mecagni, M., Offerdal, E. (1996). Disinflation in Transition Economies: The Role of Relative Price Adjustment (IMF Working Paper WP/96/138). Washington: International Monetary Fund.
• Cottarelli, C., Griffiths, M., Moghadam, R. (1998). The Nonmonetary Determinants of Inflation: A Panel Data Study (IMF Working Papers 98/23). Washington: International Monetary Fund.
• Cukierman, A., Miller, G., Neyapti, B. (2002). Central Bank Reform, Liberalization and Inflation in Transition Economies - an International Perspective. Journal of Monetary Economics, 49(2), 237-64.
• Cukierman, A., Webb, S., Neyapti, B. (1992). Measuring the Independence of Central Banks and Its Effect on Policy Outcomes. The World Bank Economic Review, 6(3), 353-398, from www.jstor.org/stable/3989977.
• Cunado, J., Perez de Gracia, F. (2005). Oil Prices, Economic Activity and Inflation: Evidence for Some Asian Countries (Faculty Working Papers 06/04). University of Navarra: School of Economics and Business Administration.
• Ćorić, T., Cvrlje, D. (2009). Central Bank Independence: The Case of Croatia (EFZG Working Paper Series 09). Zagreb: Faculty of Economics and Business.
• De Grauwe, P., Schnabl, G. (2008). Exchange Rate Stability, Inflation and Growth in (South) Eastern and Central Europe. Review of Development Economics, 12(3), 530-49.
• Deniz, P., Tekce, M., Yilmaz, A. (2016). Investigating the Determinants of Inflation: A Panel Data Analysis. International Journal of Financial Research, 7(2), 233-46.
• Dumicic, K., Palic, I., Sprajacek, P. (2015). The Role of External Shocks in Croatia: Block Exogeneity SVAR Approach. Journal of Economic and Social Development, 2(1), 44-54.
• Efendic, A. (2010). Institutions and Economic Performance in Transition Countries - With Special Reference to Bosnia and Herzegovina, Germany. Saarbrücken: Lambert Academic Publishing.
• Efendic, A., Ledeneva, A. (2020). The Importance of Being Networked: the Costs of Informal Networking in the Western Balkans. Economic Systems (forthcoming).
• Efendic, A., Pugh, G. (2015). Institutional Effects on Economic Performance in Post- socialist Transition: a Dynamic Panel Analysis. Acta Oeconomica, 65(4), 503-523.
• Efendic, A., Mickiewicz, T., Rebmann, A. (2015). Growth Aspiration and Social Capital: Young Firms in a Post-conflict Environment. International Small Business Journal, 33(5), 537-561.
• Efendic, A., Pugh, G., Adnett, N. (2011). Confidence in Formal Institutions and reliance on informal institutions in Bosnia and Herzegovina: an empirical investigation using survey data. Economics of Transition, 19(3), 521-540.
• Eicher, T., Schreiber, T. (2010). Structural Policies and Growth: Time Series Evidence from Natural Experiments. Journal of Development Economics, 91(1), 169-179.
• Eicher, T., Schreiber, T. (2010). Structural Policies and Growth: Time Series Evidence from Natural Experiments. Journal of Development Economics, 91, 169- 179.
• Eickmeier, S., Pijnenburg, K. (2013). The Global Dimension of Inflation: Evidence from Factor- Augmented Phillips Curves. Oxford Bulletin of Economics and Statistics, 75 (1), 103-22.
• Eijffinger, S., Schaling, E. (1993). Central Bank Independence in Twelve Industrial Countries (Quarterly Review 184). Italy: Banca Nazionale del Lavoro, 64-8.
• Falcetti, E., Lysenko, T., Sanfey, P. (2006). Reforms and Growth in Transition: Re-Examining the Evidence. Journal of Comparative Economics, 34(3), 421-445.
• Falcetti, E., Lysenko, T., Sanfey, P. (2006). Reforms and Growth in Transition: Re-examining the Evidence. Journal of Comparative Economics, 34(2006), 421-445.
• Furceri, D., Loungani, P., Simon, J., Wachter, S.M., (2016). Global Food Prices and Domestic Inflation: some Cross-country Evidence. Oxford Economic Papers, 68(3), 665-687.
• Garriga, A.C. (2016). Central Bank Independence in the World: A New Data Set, International Interactions. Taylor & Francis Journals, 42(5), 849-68.
• Gerlach, S., Giovannini, A., Tille, C., Vinals, J. (2008). Low Inflation: Testing Times for Central Banks (ICMB Geneva Report on the World Economy 10). Geneva: International Center for Monetary and Banking Studies.
• Ghanem, D. (2012). Fixed Exchange Rate Regimes and Inflation Performance: Evidence from MENA Countries. Review of Middle East Economics and Finance, 8(1), 1-30.
• Ghosh A.R., Ostry, J.D., Qureshi, M.S. (2015). Exchange Rate Management and Crisis Susceptibility: A Reassessment. IMF Economic Review, 63(1), 238-276.
• Ghosh, A. (2014). A Comparison of Exchange Rate Regime Choice in Emerging Markets with Advanced and Low Income Nations for 1999-2011. International Review of Economics & Finance, Elsevier, 33(C), 358-70.
• Ghosh, A. (2014). How do Openness and Exchange-rate Regimes Affect Inflation? International Review of Economics & Finance, Elsevier, 34(C), 190-202.
• Globan, T., Arcabic, V., Soric, P. (2016). Inflation in New EU Member States: A Domestically or Externally Driven Phenomenon? Emerging Markets Finance and Trade, Taylor & Francis Journals, 52(1), 154- 68.
• Greene, W.H. (2008). Econometric Analysis. 6th Edition, Upper Saddle Rive New Yersey: Prentice- Hall.
• Grilli, V., Masciandaro, D., Tabellini, G. (1991). Political and Monetary Institutions and Public Financial Polices in the Industrial Countries. Economic Policy, 6(13), 341-92.
• Hamilton, J.D. (2009). Causes and Consequences of the Oil Shock of 2007-08 (Brookings Papers on Economic Activity, Economic Studies Program 40-1). Washington: The Brookings Institution, pp. 215-283.
• Hammermann, F., Flanagan, M.J. (2007). What Explains Persistent Inflation Differentials Across Transition Economies (IMF Working Papers 1-32). Available at SSRN: https://ssrn.com/abstract=1007937.
• Ihrig, J., Kamin, S.B., Lindner, D., Marquez, J. (2010). Some Simple Tests of the Globalization and Inflation Hypothesis. International Finance, 13(3), 343-375.
• Ilzetski, E., Reinhart, C.M., Rogoff, K.S. (2019). Exchange Arrangements Entering the Twenty-First Century: Which Anchor will Hold? The Quarterly Journal of Economics, 134(2), 599-646.
• Inoue, T. (2005). The Determinants of Inflation Rate in Transition Countries - A Panel Data Analysis. Bulletin of the Japan Association for Comparative Economic Studies, 42(1), 15-23.
• Iwasaki, I., Uegaki, A. (2015). Central Bank Independence and Inflation in Transition Economies: A Comparative Meta- Analysis with Developed and Developing Economies (RRC Working Paper Series 55). Japan: Russian Research Center, Institute of Economic Research, Hitotsubashi University.
• Jankov, Lj., Krznar, I., Kunovac, D., Lang, M. (2008). The Impact of the USD/EUR Exchange Rate on Inflation in the Central and East European Countries. Comparative Economic Studies, 50(4), 646-62.
• Jovancevic, R., Arcabic, V., Globan, T. (2012). The Transmission of Business Cycles from the EU to the Croatian Economy. Economic Review, Portal of Croatian Scientific and Professional Journals, 63(1-2), 3-21.
• Jovičić, G., Kunovac, D. (2017). What is Driving Inflation and GDP in a Small European Economy: The Case of Croatia (Working Papers 49). Croatia: The Croatian National Bank.
• Kalimeris, D. (2011). The Main Determinants of Inflation of the EU and US Economy: A Panel Time Series Analysis. International Journal of Trade and Global Markets, 4(3), 279- 89.
• Klomp, J., De Haan, J. (2010). Central Bank Independence and Inflation Revisited. Public Choice, 144 (3/4), 445-457. Retrieved from www.jstor.org/stable/40835622.
• Krznar, I. (2011). An Analysis of the Domestic Inflation Rate Dynamics and the Phillips Curve (Working Papers 31). Croatia: The Croatian National Bank.
• Krznar, I., Kunovac, D. (2010). Impact of External Shocks on Domestic Inflation and GDP (Working Papers 26). Croatia: The Croatian National Bank.
• Kutan, A.M., Yigit, T.M. (2004). Nominal and Real Stohastic Convergence of Transition Economies. Journal of Comparative Economics, 32(1), 23-36.
• Kwon, G., McFarlane, L. Robinson, W. (2009). Public Debt, Money Supply, and Inflation: A Cross-Country Study. IMF Staff Papers, Palgrave Macmillan, 56(3), 476-515.
• Lane, P.R. (1997). Inflation in Open Economies. Journal of International Economics, Elsevier, 42(3-4), 327-47.
• LeBlanc, M., Chinn, M. (2004). Do High Oil Prices Presage Inflation? The Evidence from G-5 Countries. (Working Paper Series 34). US: Department of Economics, US Santa Cruz.
• Lendvai, J. (2005). Hungarian Inflation Dynamics (MNB Occasional Papers 2005/46). Hungary: Magyar Nemzeti Bank (Central Bank of Hungary).
• Levy-Yeyati, E., Sturzenegger, F. (2005). Classifying Exchange Rate Regimes: Deeds vs. Words. European Economic Review, 49(6), 1603- 35.
• Levy-Yeyati, E., Sturzenegger, F. (2016). Classifying Exchange Rate Regimes: Fifteen Years Later (Center for International Development Working Paper 319). US: Center for International Development at Harvard University.
• Lin, H.Y. (2009). A Revisit of the Relation between Central Bank Independence and Inflation (MPRA Paper 30398). Germany: University Library of Munich.
• Lin, H.Y. (2010). Openness and Inflation Revisited. International Research Journal of Finance and Economics, 37, 40-45. Available at SSRN: https://ssrn.com/abstract=1815142
• Lin, H.Y., Chu, H.P. (2013). Are Fiscal Deficits Inflationary? Journal of International Money and Finance, 32(1), 214-233. Available at: http://dx.doi.org/10.1016/j.jimonfin.2012.04.006.
• Loungani, P., Sheets, N. (1997). Central Bank Independence, Inflation and Growth in Transition Economics. Journal of Money, Credit, and Banking, 29(3), 381-99. Available at SSRN: https://ssrn.com/abstract=3859.
• Mafi-Kreft, E., Kreft, S.F. (2006). Importing Credible Monetary Policy: A Way for Transition Economies to Fight Inflation? Economics Letters, Elsevier, 92(1), 1-6.
• Mahabadi, S.E., Kiaee, H. (2015). Determinants of Inflation in Selected Countries. Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, 10(2), 113-48.
• Maliszewski, W. (2000). Central Bank Independence in Transition Economies. Economics of Transition, 8(3), 749-89.
• Maliszewski, W.S. (2000). Central Bank Independence in Transition Economies. Economics of Transition, 8(3), CASE Network Studies and Analyses No. 120. Available at SSRN: https://ssrn.com/abstract=264815.
• Masso, J., Staehr, K. (2005). Inflation Dynamics and Nominal Adjustment in the Baltic States (University of Tartu- Faculty of Economics and Business Administartion Working Paper Series 35). Estonia: University of Tartu.
• Mohanty, M.S., Klau, M. (2001). What determines inflation in emerging market Economies? In Bank for International Settlements (Ed.). Modelling aspects of the inflation process and the monetary transmission mechanism in emerging market countries, 8, pp. 1-38. Basel: Bank for International Settlements.
• Mork, K. (1989). Oil and the Macroeconomy When Prices Go Up and Down: An Extension of Hamilton's Results. Journal of Political Economy, 97, 740-744.
• Nickell, S. (1981). Biases in Dynamic Models with Fixed Effects. Econometrica, 49(6), 1417-1426. doi:10.2307/1911408
• Parker, M. (2017). Global Inflation: the Role of Food, Housing and Energy Prices (Working Paper Series 2024). Germany: European Central Bank.
• Payne, J.E. (2002). Inflationary Dynamics of a Transition Economy: the Croatian Experience. Journal of Policy Modeling, 24 (3), 219-30.
• Piplica, D. (2011). Corruption and Inflation in Transition EU Member Countries. Economic Thought and Practice (2), 469-506. Available at: https://hrcak.srce.hr/75568
• Posso, A., Tawadros, G.B. (2013). Does Greater Central Bank Independence Really Lead to Lower Inflation? Evidence from panel data. Economic Modelling, Elsevier, 33(C), 244- 247.
• Radovic, M., Radonjic, M., Djuraskovic, J. (2018). Central Bank Independence - The Case of the Central Bank of Montenegro. Journal of Central Banking Theory and Practice, 7(3), 25-40.
• Rebmann, A., Efendic, A., Mickiewicz, T. (2017). Nascent Enterprises and Growth Aspirations in a Post-conflict Environment: the Role of Social Capital. In: C. Williams and A. Gurtoo (Ed.). Routledge Handbook of Entrepreneurship in Developing Economies (pp. 70-89). Brimingham, UK: Oxon and NY Routledge.
• Reinhart, C., Rogof, K. (2004). The Modern History of Exchange Rate Arrangements: A Reinterpretation. Quarterly Journal of Economics, 119(1), 1-48.
• Reinhart, C.M., and Rogoff, K.S. (2002). The Modern History of Exchange Rate Arrangements: A Reinterpretation (NBER Working Papers 8963). US: National Bureau of Economic Research, Inc.
• Romer, D. (1993). Openess and Inflation: Theory and Evidence. The Quarterly Journal of Economics, 108(4), 869-903.
• Roodman, D. (2007). A Short Note on the Theme of Too Many Instruments (Working Paper Number 125). Washington: Centar for Global Development.
• Roodman, D. (2009a). How to do Xtabond2: An Introduction to Difference and System GMM in Stata. The Stata Journal, 9(1), 86- 136.
• Roodman, D. (2009b). A Note on the Theme of Too Many Instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135-158.
• Sek, S.K., Teo, X.Q., Wong, Y.N. (2015, April). A Comparative Study on the Effects of Oil Price Changes on Inflation, 4th World Conference on Business, Economics and Management, WCBEM, Procedia Economics and Finance 26, 630 - 36, Turkey.
• Shambaugh, J.C. (2004). The Effect of Fixed Exchange Rates on Monetary Policy. Quarterly Journal of Economics, 119(1), 301-52.
• Snowdon, B., Vane, H.R. (2005). Modern Macroeconomics, Its Origins, Development and Current State. USA: Edward Elgar Publishing Inc., Northampton.
• Staehr, K. (2010). Inflation in the New EU Countries from Central and Eastern Europe: Theories and Panel Data Estimations (Bank of Estonia Working Papers wp 2010-06). Estonia: Bank of Estonia.
• Stojanov, D. (2008). Kontraverze o inflaciji: Je li inflacija od 0% moguća .... Economics, 15(2), 387-408.
• Sussman, N., Zohar, O. (2018). Has Inflation Targeting become Less Credible? (BIS Working Papers 729). Basel: Bank for International Settlements.
• Sussman, N., Zohar, O. (2018). Has Inflation Targeting Become Less Credible? Oil Prices, Global Aggregate Demand and Inflation Expectations During the Global Financial Crisis (BIS Working Paper No. 729). Basel: Bank for International Settlements. Available at SSRN: https://ssrn.com/abstract=3200712
• Tasci, M., Esener, S.C., Darici, B. (2009). The Effects of Openness on Inflation: Panel Data Estimates from Selected Developing Countries. Investment Management and Financial Innovations, 6(4), 28-34.
• Telatar, E., Telatar, F., Cavusoglu, T., Tosun, U. (2010). Political Instability, Political Freedom and Inflation. Applied Economics, Taylor and Francis Journals, 42(30), 3839-3847.
• Terra, C.T. (1998). Openness and Inflation: A New Assessment. Quarterly Journal ofEconomics, 113(2), 641-8.
• Williams, N., Efendic, A. (2019). Internal Displacement and External Migration in a Post-conflict Economy: Perceptions of Institutions Among Migrant Entrepreneurs. Journal of International Entrepreneurship, 17(4), 558-585.
• Wu, J.W., Wu, J.L. (2018). Does a Flexible Exchange Rate Regime Increase Inflation Persistence? Journal of International Money and Finance, Elsevier, 86(C), 244- 263.
• Zoli, E. (2009). Commodity Price Volatility, Cyclical Fluctuations, and Convergence: What is Ahead for Inflation in Emerging Europe? (IMF Working Papers 09/41 pp. 1-19). US: International Monetary Fund.

Identyfikatory

DOI

10.2478/fiqf-2020-0018