Title Inflation in Emerging and Developing Economies
Subtitle Evolution, Drivers and Policies
Author Jongrim Ha, M. Ayhan Kose, Franziska Ohnsorge
ISBN 9781464813757
List price USD 55.00
Price outside India Available on Request
Original price
Binding Paperback
No of pages 490
Book size 152 x 228 mm
Publishing year 2019
Original publisher The World Bank
Published in India by .
Exclusive distributors Viva Books Private Limited
Sales territory India, Sri Lanka, Bangladesh, Pakistan, Nepal, .
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“Many emerging market economies experienced a remarkable decline in inflation rates over the last two decades, after years of seemingly intractable high inflation. Ha. Kose, and Ohnsorge offer the first book-length analysis of this remarkable achievement, asking how it happened, what it tells is about-best policy frameworks, and whether it will endure. At a time when global financial conditions pose a challenge to emerging-market currencies and monetary policies, this book is an essential guide to the road ahead. All students of the global economy will want to read it carefully.”

Maurice Obstfeld, Economic Counsellor and Director of Research, International Monetary Fund

‘A remarkable resource for anyone interested in inflation in the modern world, clear and easy to follow. This book is an order of magnitude more comprehensive than anything else out there, not only in its country coverage, but in its exploration of all the major issues and debates surrounding inflation. Curiously, most of the existing academic literature has focused on advanced economies-which are also thoroughly covered here-yet there is so much to be learned from the dramatic inflation decline in emerging markets and low-income economies, including for design of advanced economy institutions. Any student, academic researcher or policy economist who wants to understand the big picture on world inflation, and when and where it might surprise in the future, will find this book fascinating.”

Kenneth Rogoff, Thomas D. Cabot Professor of Public Policy and Professor of Economics, Harvard University


Emerging market and developing economies, like advanced economies, have experienced a remarkable decline in inflation over the past half-century. Yet, research into this development has focused almost exclusively on advanced economies. This book fills that gap, providing the first comprehensive and systematic analysis of inflation in emerging market and developing economies. It examines how inflation has evolved and become synchronized among economies: what drives inflation globally and domestically; where inflation expectations have become better-anchored; and how exchange rate fluctuations can pass through to inflation. To reach its conclusions, the book employs cutting edge empirical approaches. It also offers a rich data set of multiple measures of inflation for a virtually global sample of countries over a half-century to spur further research into this important topic.




Chapter Authors

Introduction: Inflation in Emerging and Developing Economies: Evolution, Drivers, and Policies • Motivation • Key findings and policy messages • Synopsis • Future research directions • References

PART A: Inflation: Global and Domestic Drivers

Chapter 1: Inflation: Concepts, Evolution, and Correlates • Introduction • Conceptual considerations • Inflation and economic activity • Evolution of global inflation • Long-term correlates of inflation • Conclusion • Box 1.1 Benefits and costs of inflation: A review • Box 1.2 Inflation in low-income countries • Annex 1.1 The effects of inflation on inequality and poverty • Annex 1.2 Low-income countries • Annex 1.3 Regression analysis • Annex 1.4 Lessons from U.S. disinflation in 1979-82 • References

Chapter 2: Understanding Global Inflation Synchronization • Introduction • Evolution of inflation synchronization • Synchronization across different measures of inflation • Sources of inflation synchronization • Conclusion • Box 2.1 Global inflation synchronization: A review • Box 2.2 Global synchronization in inflation and output • Annex 2.1 Methodology and database • References

Chapter 3: Sources of Inflation: Global and Domestic Drivers • Introduction • Evolution of global and domestic inflation • Drivers of global inflation • Drivers of domestic inflation • Conclusion • Annex 3.1 Literature review: Drivers of domestic inflation • Annex 3.2 Event studies • Annex 3.3 Methodology and database • References

PART B: Inflation: Expectations and Pass-Through

Chapter 4: Inflation Expectations: Review and Evidence • Introduction • Measuring inflation expectations • Literature on inflation expectations • Inflation expectations: Trends and anchors • Determinants of anchoring expectations • Anchoring expectations: Country experiences • Conclusion • Annex 4.1 A primer on expectations and monetary policy • Annex 4.2 Studies on the anchoring of inflation expectations • Annex 4.3. Methodology and database • Annex 4.4 Estimation results • Annex 4.5 Inflation targeting: Country experiences • References

Chapter 5: Inflation and Exchange Rate Pass-Through • Introduction • Exchange rate movements and inflation • Pass-through to inflation and underlying shocks • Pass-through to inflation and structural factors • Conclusion • Box 5.1 Exchange-rate pass-through: A review • Annex 5.1 Methodology and database • References

PART C: Inflation: Low-Income Country Considerations

Chapter 6: Inflation in Low-Income Countries • Introduction • Evolution of inflation in LICs • Transmission of shocks into core inflation • Country characteristics and the roles of shocks • Conclusion • Annex 6.1 Monetary policy challenges in low-income countries • Annex 6.2 Methodology and database • References

Chapter 7: Poverty Impact of Food Price Shocks and Policies • Introduction • Food price shocks • Government interventions • Impact of the 2010-11 food price shock on poverty • Conclusion • Annex 7.1 Methodology and database • References

Annex A Cross-Country Database of Inflation and Country Characteristics • Measures of inflation • Measures of country characteristics • References


Target Audience:

This book will be useful to people interested in Inflation, Globalization and Monetary Policy.

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