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Phillips curves and openness: New evidence from selected Asian economies

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  • Fumitaka Furuoka

    ()
    (Universiti Malaysia Sabah)

  • Chong Mun Ho

    ()
    (Universiti Malaysia Sabah)

Abstract

This paper chooses three Asian countries (Japan, South Korea and Malaysia) as case studies to examine the relationship between the Phillips curve and openness. The justification for the choice of these countries is that Japan is a moderately open economy while Malaysia is a highly open economy. South Korea is in-between these two extremes. The main finding of the present study is that as a country opens up to global market by increasing the amount of imports, the slope coefficient of the Phillips curve becomes smaller. In other words, the findings suggest that the Phillips curve tends to be flatter in more open economies.

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File URL: http://www.accessecon.com/Pubs/EB/2009/Volume29/EB-09-V29-I1-P27.pdf
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Bibliographic Info

Article provided by AccessEcon in its journal Economics Bulletin.

Volume (Year): 29 (2009)
Issue (Month): 1 ()
Pages: 253-264

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Handle: RePEc:ebl:ecbull:eb-08e20015

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  1. Loungani, Prakash & Razin, Assaf & Yuen, Chi-Wa, 1997. "Capital Mobility and the Output-Inflation Tradeoff," CEPR Discussion Papers 1577, C.E.P.R. Discussion Papers.
  2. John DiNardo & Mark P. Moore, 1999. "The Phillips Curve is Back? Using Panel Data to Analyze the Relationship Between Unemployment and Inflation in an Open Economy," NBER Working Papers 7328, National Bureau of Economic Research, Inc.
  3. King, Robert G. & Watson, Mark W., 1994. "The post-war U.S. phillips curve: a revisionist econometric history," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 41(1), pages 157-219, December.
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  8. N. Gregory Mankiw, 2000. "The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment," Harvard Institute of Economic Research Working Papers 1905, Harvard - Institute of Economic Research.
  9. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
  10. Vincent Hogan, 1998. "Explaining the Recent Behavior of Inflation and Unemployment in the United States," IMF Working Papers 98/145, International Monetary Fund.
  11. Shadman-Mehta, Fatemeh, 2001. "A Re-evaluation of the Relation between Wages and Unemployment in the United Kingdom," Economica, London School of Economics and Political Science, vol. 68(272), pages 567-85, November.
  12. Dave Turner & Elena Seghezza, 1999. "Testing for a Common OECD Phillips Curve," OECD Economics Department Working Papers 219, OECD Publishing.
  13. Mark A. Wynne & Erasmus K. Kersting, 2007. "Openness and inflation," Staff Papers, Federal Reserve Bank of Dallas, issue Apr.
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