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  • Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice  (5)
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  • 1
    Online Resource
    Online Resource
    Inflation and exchange rate pass-through (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 42 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8780
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Inflation and Exchange Rate Pass-Through
    Keywords: Graue Literatur
    Abstract: The degree to which domestic prices adjust to exchange rate movements is key to understanding inflation dynamics, and hence to guiding monetary policy. However, the exchange rate pass-through to inflation varies considerably across countries and over time. By estimating structural factor-augmented vector-autoregressive models for 47 countries, this paper brings to light two fundamental factors accounting for these variations: the nature of the shock triggering currency movements and country-specific characteristics. The empirical results in this paper are three-fold. First, an empirical investigation demonstrates that different domestic and global shocks can be associated with widely different pass-through ratios. Second, country characteristics matter, including policy frameworks that govern monetary policy responses, as well as other structural features that affect an economy's sensitivity to currency fluctuations. Pass-through ratios tend to be lower in countries that combine flexible exchange rate regimes and credible inflation targets. Finally, the empirical results suggest that central bank independence can greatly facilitate the task of stabilizing inflation following large currency movements and allows fuller use of the exchange rate as a buffer against external shocks
    DOI: 10.1596/1813-9450-8780
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 2
    Online Resource
    Online Resource
    Global inflation synchronization (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 41 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8768
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Global Inflation Synchronization
    Keywords: Graue Literatur
    Abstract: The paper studies the extent of global inflation synchronization using a dynamic factor model in a large set of countries over a half century. The authors' methodology allows them to account for differences across groups of countries (advanced economies and emerging market and developing economies) and to analyze commonalities in inflation synchronization across a wide range of inflation measures. The paper reports three major results. First, inflation movements have become increasingly synchronized internationally over time: a common global factor has accounted for about 22 percent of variation in national inflation rates since 2001. Second, inflation synchronization has also become more broad-based: while it was previously much more pronounced among advanced economies than among emerging market and developing economies, it has become substantial in both groups over the past two decades. In addition, inflation synchronization has become significant across all inflation measures since 2001, whereas it was previously prominent only for inflation measures that included mostly tradable goods
    DOI: 10.1596/1813-9450-8768
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
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    Online Resource
    MPI Ethno. Forsch.
  • 3
    Online Resource
    Online Resource
    Understanding inflation in emerging and developing economies (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 33 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8761
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Understanding Inflation in Emerging and Developing Economies
    Keywords: Graue Literatur
    Abstract: Emerging market and developing economies (EMDEs) have experienced an extraordinary decline in inflation since the early 1970s. After peaking in 1974 at 17.3 percent, inflation in these economies declined to 3.5 percent in 2017. Despite a checkered history of managing inflation among many EMDEs, disinflation occurred across all regions. This paper presents a summary of a recent book, 'Inflation in Emerging and Developing Economies: Evolution, Drivers, and Policies', that analyzes this remarkable achievement. The findings suggest that many EMDEs enjoy the benefits of stability-oriented and resilient monetary policy frameworks, including central bank transparency and independence. Such policy frameworks need to be complemented by strong macroeconomic and institutional arrangements. Inflation expectations are more weakly anchored in EMDEs than in advanced economies. In EMDEs that do not operate inflation targeting frameworks, exchange rate movements tend to have larger and more persistent effects on inflation
    DOI: 10.1596/1813-9450-8761
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
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    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 4
    Online Resource
    Online Resource
    Inflation : concepts, evolution, and correlates (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 80 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8738
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Inflation: Concepts, Evolution, and Correlates
    Keywords: Graue Literatur
    Abstract: In the past four to five decades, inflation has fallen around the world, with median annual global consumer price inflation down from a peak of 16.6 percent in 1974 to 2.6 percent in 2017. This decline began in advanced economies in the mid-1980s and in emerging market and developing economies in the mid-1990s. By 2000, global inflation had stabilized at historically low levels. Lower inflation has been accompanied by reduced inflation volatility, especially in advanced economies. This improvement in inflation outcomes has stemmed in large part from structural economic changes, including improved monetary and fiscal policy frameworks as well as international trade and financial liberalization. Lower and more stable inflation has often been associated with better growth and development outcomes, partly by reducing uncertainty, fostering a more efficient allocation of resources, and helping preserve financial stability
    DOI: 10.1596/1813-9450-8738
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
    Library Location Call Number Volume/Issue/Year Availability
    BibTip Others were also interested in ...
    Online Resource
    MPI Ethno. Forsch.
  • 5
    Online Resource
    Online Resource
    Inflation in low-income countries (2019)
    Washington, DC, USA : World Bank Group, Macroeconomics, Trade and Investment Global Practice
    Details
    Language: English
    Pages: 1 Online-Ressource (circa 42 Seiten) , Illustrationen
    Series Statement: Policy research working paper 8934
    Series Statement: World Bank E-Library Archive
    Series Statement: Policy research working paper
    Parallel Title: Erscheint auch als Ha, Jongrim Inflation in Low-Income Countries
    Keywords: Graue Literatur
    Abstract: 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
    DOI: 10.1596/1813-9450-8934
    URL: Volltext  (lizenzpflichtig)
    URL: Deutschlandweit zugänglich
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    Online Resource
    MPI Ethno. Forsch.
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