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The effects of inflation on economic growth in industrial and developing countries: is there a difference?


  • Richard Burdekin
  • Thomas Goodwin
  • Suyono Salamun
  • Thomas Willett


Using panel estimation for a large sample of industrial and developing countries we find significant negative effects of inflation on economic growth. The magnitude of these effects is, however, much larger for the industrial countries than for the developing countries

Suggested Citation

  • Richard Burdekin & Thomas Goodwin & Suyono Salamun & Thomas Willett, 1994. "The effects of inflation on economic growth in industrial and developing countries: is there a difference?," Applied Economics Letters, Taylor & Francis Journals, vol. 1(10), pages 175-177.
  • Handle: RePEc:taf:apeclt:v:1:y:1994:i:10:p:175-177 DOI: 10.1080/135048594357952

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    References listed on IDEAS

    1. Hafer, R. W., 1992. "Inflation and price instability in China: A comment," China Economic Review, Elsevier, vol. 3(2), pages 213-218.
    2. Yi, Gang, 1990. "Inflation and price instability : An empirical study of the People's Republic of China," China Economic Review, Elsevier, vol. 1(2), pages 155-165.
    3. A. R. Pagan & A. D. Hall & P. K. Trivedi, 1983. "Assessing the Variability of Inflation," Review of Economic Studies, Oxford University Press, vol. 50(4), pages 585-596.
    4. Friedman, Milton, 1977. "Nobel Lecture: Inflation and Unemployment," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 451-472, June.
    5. Engle, Robert F, 1983. "Estimates of the Variance of U.S. Inflation Based upon the ARCH Model," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 15(3), pages 286-301, August.
    6. Glezakos, Constantine & Nugent, Jeffrey B., 1984. "Price instability and inflation: The Latin American case," World Development, Elsevier, vol. 12(7), pages 755-758, July.
    7. Yi, Gang, 1992. "Inflation and price instability in China: Reply," China Economic Review, Elsevier, vol. 3(2), pages 219-223.
    8. Ram, Rati, 1985. "Level and Variability of Inflation: Time-Series and Cross-Section Evidence from 117 Countries," Economica, London School of Economics and Political Science, vol. 52(206), pages 209-223, May.
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    Cited by:

    1. Burdekin, Richard C.K. & Denzau, Arthur T. & Keil, Manfred W. & Sitthiyot, Thitithep & Willett, Thomas D., 2004. "When does inflation hurt economic growth? Different nonlinearities for different economies," Journal of Macroeconomics, Elsevier, vol. 26(3), pages 519-532, September.
    2. Javier Andrés & Ignacio Hernando & J. David López-Salido, 1999. "Assessing the benefits of price stability: The international experience," Estudios Económicos, Banco de España;Estudios Económicos Homepage, number 69.
    3. Richard C.K. Burdekin & Arthur T. Denzau & Manfred W. Keil & Thitithep Sitthiyot & Thomas D. Willett, "undated". "Nonlinear Effects of Inflation on Growth: Comment," Claremont Colleges Working Papers 2000-23, Claremont Colleges.

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