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GLOBALIZATION AND INFLATION: NEW PANEL EVIDENCE

Authors
Kim, Dong-HyeonLin, Shu-ChinWu, Yi-Chen
Issue Date
1월-2016
Publisher
CAMBRIDGE UNIV PRESS
Keywords
Trade Openness; Financial Openness; Inflation; Cross-Section Dependence; Heterogeneous Panels
Citation
MACROECONOMIC DYNAMICS, v.20, no.1, pp.1 - 26
Indexed
SSCI
SCOPUS
Journal Title
MACROECONOMIC DYNAMICS
Volume
20
Number
1
Start Page
1
End Page
26
URI
https://scholar.korea.ac.kr/handle/2021.sw.korea/90003
DOI
10.1017/S1365100514000510
ISSN
1365-1005
Abstract
Recent empirical work on globalization and inflation analyzes multicountry data sets in panel and/or cross-section frameworks and reaches inconclusive results. This paper highlights their shortcomings and reexamines the issue utilizing heterogeneous panel cointegration techniques that allow for cross-section heterogeneity and dependence. It finds that in a sample of developing countries globalization of both trade and finance, on the average, exerts a significant and positive effect on inflation, whereas in a sample of developed countries there is, on the average, no significant impact of openness. Neither type of openness disciplines inflationary policy. Despite this, there are large variations in the effect across countries, due possibly to differences in the quality of political institutions, central bank independence, the exchange-rate regimes, financial development, and/or legal traditions.
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