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The Effect of Globalization on Inflation in New Emerging Markets

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  • Chengsi Zhang

Abstract

We investigate the effect of economic globalization on domestic inflation in twenty-one new emerging economies over the period 1990–2009. The empirical analysis using dynamic panel data models shows that the effect of domestic and global economic slacks on domestic inflation in the new emerging economies has changed significantly since the end of the 1990s. Before the end of the 1990s, the domestic economic slack played a predominant role in driving domestic inflation. After the year 2000, however, the global economic slack played a significant and more important role in affecting domestic inflation. This finding implies that the prescription that central banks should specifically react to developments in global output is justified for the new emerging economies over the most recent decade.

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  • Chengsi Zhang, 2015. "The Effect of Globalization on Inflation in New Emerging Markets," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 51(5), pages 1021-1033, September.
    • Handle: RePEc:mes:emfitr:v:51:y:2015:i:5:p:1021-1033
    DOI: 10.1080/1540496X.2015.1039894
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    1. repec:prg:jnlpep:v:preprint:id:677:p:1-16 is not listed on IDEAS
    2. Tsai, I-Chun, 2018. "House price convergence in euro zone and non-euro zone countries," Economic Systems, Elsevier, vol. 42(2), pages 269-281.
    3. Oguz Atuk & Mustafa Utku Özmen & Cagri Sarikaya, 2018. "A Disaggregated Analysis of the Impact of Output Gap on Inflation and Implications for Monetary Policy," Prague Economic Papers, Prague University of Economics and Business, vol. 2018(6), pages 668-683.
    4. Ha,Jongrim & Ivanova,Anna & Ohnsorge,Franziska Lieselotte & Unsal Portillo Ocando,Derya Filiz, 2019. "Inflation : Concepts, Evolution, and Correlates," Policy Research Working Paper Series 8738, The World Bank.
    5. Paweł Gajewski, 2017. "Sources of Regional Inflation in Poland," Eastern European Economics, Taylor & Francis Journals, vol. 55(3), pages 261-276, May.

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