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221013 ||| eng |
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|a Ha, Jongrim
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| 245 |
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|a Inflation in Low-Income Countries
|h Elektronische Ressource
|c Jongrim Ha
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| 260 |
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|a Washington, D.C
|b The World Bank
|c 2019
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| 300 |
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|a 42 pages
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| 700 |
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|a Ivanova, Anna
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| 700 |
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|a Ha, Jongrim
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| 700 |
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|a Montiel, Peter
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| 041 |
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7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b WOBA
|a World Bank E-Library Archive
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| 490 |
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|a World Bank E-Library Archive
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| 028 |
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|a 10.1596/1813-9450-8934
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| 856 |
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|u http://elibrary.worldbank.org/doi/book/10.1596/1813-9450-8934
|x Verlag
|3 Volltext
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|a 330
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|a 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
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