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| Tekijä: | Hammermann, F. Flanagan, M. |
| Otsikko: | What explains persistent inflation differentials across transition economies? |
| Lehti: | Economics of transition
2009 : VOL. 17:2, p. 297-328 |
| Asiasana: | inflation transition economies |
| Kieli: | eng |
| Tiivistelmä: | This paper shows that a persistent inflation differential has opened across different groups of transition economies since 2001. A range of non-monetary explanations discussed in the literature are considered in this study. These explanations are for example economic structure, policy and institutions. Controlling for economic shocks, a role for political stability is found, as emphasized in previous cross-country work. The results indicate that lagging internal and external liberalization have been the key disincentives to disinflation. Lower inflation targets would not be credible in the absence of stronger structural and monetary policy frameworks. |
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