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Author : Deniz Baglan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (889 download)
Download or read book Non-linearity in the Inflation-Growth Relationship in Developing Economies written by Deniz Baglan and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Anna Miller
Publisher : GRIN Verlag
ISBN 13 : 3656523223
Total Pages : 48 pages
Book Rating : 4.6/5 (565 download)
Download or read book Nonlinear Relation Between Inflation and Growth – Panel Data Analysis written by Anna Miller and published by GRIN Verlag. This book was released on 2013-10-24 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Economics - Economic Cycle and Growth, grade: 64%, University of Nottingham, language: English, abstract: This paper examines the inflation-growth interaction for different country groups with similar national incomes for the period 1970-2011. It could be confirmed that this relation is strictly nonlinear with a threshold level of inflation of 3% for high-income countries and 13% for low-income countries. Although this result is in line with previous empirical studies based on a similar data set, much smaller samples needed to be used to obtain these results. Inflation threshold levels are estimated using the iteration method and different panel-specific techniques. Strongly significant thresholds were yielded only when controlling for country-fixed effects. Policymakers can use the findings for high-income or industrialised countries as a guide for inflation targeting, however more precise analyses for less advanced countries are needed in order to be useful for monetary policy.
Author : Mr.Raphael A. Espinoza
Publisher : International Monetary Fund
ISBN 13 : 1451982194
Total Pages : 24 pages
Book Rating : 4.4/5 (519 download)
Download or read book Estimating The Inflation–Growth Nexus—A Smooth Transition Model written by Mr.Raphael A. Espinoza and published by International Monetary Fund. This book was released on 2010-03-01 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: Motivated by the global inflation episode of 2007-08 and concern that high levels of inflation could undermine growth, this paper uses a panel of 165 countries and data for 1960-2007 to revisit the nexus between inflation and growth. We use a smooth transition model to investigate the speed at which inflation beyond a threshold becomes harmful to growth, an important consideration in the policy response to rising inflation as the world economy recovers. We estimate that for all country groups (except for advanced countries) inflation above a threshold of about 10 percent quickly becomes harmful to growth, suggesting the need for a prompt policy response to inflation at or above the relevant threshold. For the advanced economies, the threshold is much lower. For oil exporting countries, the estimates are less robust, possibly reflecting heterogeneity among oil producers, but the effect of higher inflation for oil producers is found to be stronger.
Author : Mr.Michael Sarel
Publisher : International Monetary Fund
ISBN 13 : 1451968310
Total Pages : 26 pages
Book Rating : 4.4/5 (519 download)
Download or read book Nonlinear Effects of Inflationon Economic Growth written by Mr.Michael Sarel and published by International Monetary Fund. This book was released on 1995-06-01 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the possibility of nonlinear effects of inflation on economic growth. It finds evidence of a significant structural break in the function that relates economic growth to inflation. The break is estimated to occur when the inflation rate is 8 percent. Below that rate, inflation does not have any effect on growth, or it may even have a slightly positive effect. When the inflation rate is above 8 percent, however, the estimated effect of inflation on growth rates is significant, robust and extremely powerful. The paper also demonstrates that when the existence of the structural break is ignored, the estimated effect of inflation on growth is biased by a factor of three.
Author : Max Gillman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book A Non-Linearity in the Inflation-Growth Effect written by Max Gillman and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper shows how increases in the inflation rate can cause the output growth rate to decrease by a lessor amount as the inflation rate rises. This is the so-called non-linearity in the inflation-growth effect. Our explanation helps show how model-based estimates of the inflation-growth effect can be consistent with evidence. The model includes an explicit credit service sector that allows avoidance of the inflation tax and that induces and increasingly interest elasticity of money demand. The increased use of credit as the inflation rate rises, and the increase elasticity of substitution between money and credit, means the agent relies increasingly less on leisure to avoid the inflation tax. This lessens the negative effect of inflation on endogenous growth at higher rates of inflation. We present both a closed form solution to develop the intuition and a set of calibrations of the baseline model, of more standard case-only, and cash good/credit good models, and of the baseline extended to included physical capital. The paper also shows how the economy is a special case of the shopping time exchange model. The added micro-foundations allow in addition calibrations of how financial development affects the non-linearity and the magnitude of the inflation-growth effect.
Author : Anna Miller
Publisher : GRIN Verlag
ISBN 13 : 3656522677
Total Pages : 13 pages
Book Rating : 4.6/5 (565 download)
Download or read book Threshold Effects in the Relationship Between Inflation and Growth written by Anna Miller and published by GRIN Verlag. This book was released on 2013-10-23 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2013 in the subject Business economics - Operations Research, grade: 73%, University of Nottingham, language: English, abstract: Up to the 1970s it was mostly observed that inflation does not have a significant effect on growth, or that the effect was even slightly positive (Sarel 1996). However, due to the following decades of high and persistent inflation in many countries1, the available data showed changes in the inflation-growth nexus. It was univocally confirmed that inflation has a negative impact on growth, and macroeconomic policies are aiming to spur growth by keeping inflation at low levels. This having said, intuitively the question arises, how low should the target inflation be? Or, which is the threshold level of inflation between a positive and negative impact on growth? Many authors in the 1990s attempted to solve this question, with fairly divers results. Sarel (1996) analysed a panel of 87 countries over the period 1970 to 1990 using OLS estimation. He finds a structural break at an average annual rate of inflation of 8%. Below this level, inflation has no significant effect on growth, but for inflation levels above 8%, growth is significantly and strongly negatively affected. Gosh and Phillips (1998) find a much lower threshold at 2.5%, and Christoffersen and Doyle (1998), applying Sarel’s methodology on transient countries between 1990-1996, obtain a threshold of 13%. Bruno and Easterly’s (1998) results are somewhat striking. Their analysis is based on a sample of 31 countries that experienced high-inflation episodes over the period 1961-1994, and results in the fact that inflation does not have a significant effect on growth for normal levels, however the relationship becomes negative with high-frequency data and highinflation observations of 40% or higher.Motivated by this variety of results, Khan and Senhadji re-examined this issue in their 2001 paper “Threshold Effects in the Relationship Between Inflation and Growth”. They contribute to existing work by extending and modifying their analysis compared to previous literature by, first, looking separately on developing and industrialized countries, and second, by applying new econometric methods, which include the non-linear least squares (NLLS) estimation combined with a hybrid function of inflation, where the threshold level is found with conditional least squares. Furthermore, Khan and Senhadji (2001) use the bootstrap method, proposed by Hansen (1999), in order to test for statistical significance of the threshold effect. Accordingly, their results differ in so far from previous work as the threshold...
Author : Michael Sarel
Publisher :
ISBN 13 :
Total Pages : 26 pages
Book Rating : 4.:/5 (129 download)
Download or read book Nonlinear Effects of Inflation on Economic Growth written by Michael Sarel and published by . This book was released on 2006 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the possibility of nonlinear effects of inflation on economic growth. It finds evidence of a significant structural break in the function that relates economic growth to inflation. The break is estimated to occur when the inflation rate is 8 percent. Below that rate, inflation does not have any effect on growth, or it may even have a slightly positive effect. When the inflation rate is above 8 percent, however, the estimated effect of inflation on growth rates is significant, robust and extremely powerful. The paper also demonstrates that when the existence of the structural break is ignored, the estimated effect of inflation on growth is biased by a factor of three.
Author : Arcade Ndoricimpa
Publisher : Litres
ISBN 13 : 5040069391
Total Pages : 19 pages
Book Rating : 4.0/5 (4 download)
Download or read book Threshold effects of inflation on economic growth in selected African regional economic communities: Evidence from a dynamic panel threshold modeling written by Arcade Ndoricimpa and published by Litres. This book was released on 2022-01-29 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of this study is to estimate inflation threshold and examine its impact on the inflation-growth nexus in selected African regional economic communities. While a number of empirical studies exist in this area for developing countries, they bundle up countries from Asia, Africa and Latin America which do not have the same inflation experiences. This study therefore focuses on Africa. However, since African regional groupings themselves have different inflation experiences, non-linearity in the relationship between inflation and growth is explored within each grouping separately. The study uses dynamic panel threshold modeling recently suggested by Kremer et al. (2013) which extends the non-dynamic panel threshold model of Hansen (1999) and the cross-sectional threshold model of Caner and Hansen (2004). The results indicate that the estimated inflation threshold is different across the regional economic communities. Nonlinearity in inflation-growth nexus seems to hold in CEMAC, COMESA and SADC while it is questioned in WAEMU and WAMZ. For CEMAC, COMESA and SADC, the findings indicate that inflation above the threshold is harmful to growth. Some correlations are established in this study but further analysis is needed to suggest a policy.
Author : Muhammad Shahbaz
Publisher : Springer Nature
ISBN 13 : 3030790037
Total Pages : 245 pages
Book Rating : 4.0/5 (37 download)
Download or read book Economic Growth and Financial Development written by Muhammad Shahbaz and published by Springer Nature. This book was released on 2021-09-21 with total page 245 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book looks into the relationship between financial development, economic growth, and the possibility of a potential capital flight in the transmission process. It also examines the important role that financial institutions, financial markets, and country-level institutional factors play in economic growth and their impact on capital flight in emerging economies. By presenting new theoretical insights and empirical country studies as well as econometric approaches, the authors focus on the relationship between financial development and economic growth with capital flight in the era of financial crisis. Therefore, this book is a must-read for researchers, scholars, and policy-makers, interested in a better understanding of economic growth and financial development of emerging economies alike.
Author : Anna Miller
Publisher :
ISBN 13 : 9783656532064
Total Pages : 52 pages
Book Rating : 4.5/5 (32 download)
Download or read book Nonlinear Relation Between Inflation and Growth - Panel Data Analysis written by Anna Miller and published by . This book was released on 2013-11 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2013 in the subject Economics - Economic Cycle and Growth, grade: 64%, University of Nottingham, language: English, abstract: This paper examines the inflation-growth interaction for different country groups with similar national incomes for the period 1970-2011. It could be confirmed that this relation is strictly nonlinear with a threshold level of inflation of 3% for high-income countries and 13% for low-income countries. Although this result is in line with previous empirical studies based on a similar data set, much smaller samples needed to be used to obtain these results. Inflation threshold levels are estimated using the iteration method and different panel-specific techniques. Strongly significant thresholds were yielded only when controlling for country-fixed effects. Policymakers can use the findings for high-income or industrialised countries as a guide for inflation targeting, however more precise analyses for less advanced countries are needed in order to be useful for monetary policy.
Author : Stephanie Kremer
Publisher :
ISBN 13 : 9783941240032
Total Pages : 36 pages
Book Rating : 4.2/5 (4 download)
Download or read book Inflation and Growth written by Stephanie Kremer and published by . This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Metodij Hadzi-Vaskov
Publisher : International Monetary Fund
ISBN 13 : 1513509012
Total Pages : 37 pages
Book Rating : 4.5/5 (135 download)
Download or read book The Nonlinear Relationship Between Public Debt and Sovereign Credit Ratings written by Metodij Hadzi-Vaskov and published by International Monetary Fund. This book was released on 2019-07-26 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study investigates the nonlinear relationship between public debt and sovereign credit ratings, using a wide sample of over one hundred advanced, emerging, and developing economies. It finds that: i) higher public debt lowers the probability of being placed in a higher rating category; ii) the negative debt-ratings relationship is nonlinear and depends on the rating grade itself; and iii) the identified nonlinearity explains the differential impact of debt on ratings in advanced economies versus in emerging markets and developing economies. These results hold for both gross debt and net debt, and are robust to alternative dependent variable definitions, analytical techniques, and empirical specifications. These findings underscore the potential for fiscal consolidation in helping countries achieve a better credit rating.
Author : Michael Bruno
Publisher :
ISBN 13 :
Total Pages : 272 pages
Book Rating : 4.F/5 ( download)
Download or read book Inflation, Growth and Monetary Control written by Michael Bruno and published by . This book was released on 1995 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Martin Feldstein
Publisher : University of Chicago Press
ISBN 13 : 0226241769
Total Pages : 374 pages
Book Rating : 4.2/5 (262 download)
Download or read book The Costs and Benefits of Price Stability written by Martin Feldstein and published by University of Chicago Press. This book was released on 2007-12-01 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.
Author :
Publisher :
ISBN 13 : 9780949887856
Total Pages : pages
Book Rating : 4.8/5 (878 download)
Download or read book Relationship between inflation and economic growth: a multi country empirical analysis written by and published by . This book was released on 1993 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mohsin S. Khan
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Threshold Effects in the Relationship Between Inflation and Growth written by Mohsin S. Khan and published by International Monetary Fund. This book was released on 2000-06 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reexamines the issue of the existence of threshold effects in the relationship between inflation and growth, using new econometric techniques that provide appropriate procedures for estimation and inference. The threshold level of inflation above which inflation significantly slows growth is estimated at 1–3 percent for industrial countries and 7–11 percent for developing countries. The negative and significant relationship between inflation and growth, for inflation rates above the threshold level, is quite robust with respect to the estimation method, perturbations in the location of the threshold level, the exclusion of high-inflation observations, data frequency, and alternative specifications.
Author : Vikesh Gokal
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.3/5 (91 download)
Download or read book Relationship Between Inflation and Economic Growth written by Vikesh Gokal and published by . This book was released on 2004 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
