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Demystifying COVID-19 policy actions: The case of inflation control in ASEAN

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  • Rizvi, Syed Aun R.
  • Sharma, Susan Sunila
  • Juhro, Solikin M.

Abstract

In this paper, we study the impact of policy actions undertaken by governments and other policy authorities during the COVID-19 pandemic on core inflation in four major economies of ASEAN region namely Indonesia, Malaysia, Singapore, and Thailand. Utilizing panel fixed effects regression, we find that policy interventions where financial authority and the central governments were the implementing institutions as significantly impacting the inflation. Further, delving into specific policy tools, our study finds evidence of significant impact of regulatory announcement and rules and miscellaneous prudential rules on core inflation. Our investigation is preliminary, but it provides insights into additional understanding of the effectiveness of policy actions in controlling inflation.

Suggested Citation

  • Rizvi, Syed Aun R. & Sharma, Susan Sunila & Juhro, Solikin M., 2024. "Demystifying COVID-19 policy actions: The case of inflation control in ASEAN," Pacific-Basin Finance Journal, Elsevier, vol. 83(C).
    • Handle: RePEc:eee:pacfin:v:83:y:2024:i:c:s0927538x23003049
    DOI: 10.1016/j.pacfin.2023.102233
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    More about this item

    Keywords

    Stimulus; COVID-19; Policy intervention; Inflation;
    All these keywords.

    JEL classification:

    • I18 - Health, Education, and Welfare - - Health - - - Government Policy; Regulation; Public Health
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory

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