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Decomposing The Inflation Dynamics in The Philippines: Is Inflation Targeting Credible in Asia? A Panel GARCH Approach
Decomposing The Inflation Dynamics in The Philippines: Is Inflation Targeting Credible in Asia? A Panel GARCH Approach
Athakrit
Thepmongkol and Inflation and Public Debt
2018
Yuthana Dynamics in ASEAN
Sethapramote
Harold Glenn A.
Is inflation targeting credible
Valera, Mark J.
2017 in Asia? A panel GARCH
Holmes and Gazi M.
approach
Hassan
5
10
Findings
The main findings are (1) supply factors (mainly global commodity
prices) played a prominent role in explaining the rise in inflation in 2018; (2)
demand factors also contributed to inflation in a non-negligible way, justifying the
need for tighter monetary policy in 2018; (3) the size of the estimated output gap
(an important indicator of demand pressures) could be larger, when considering
the widening trade deficits in 2018; and (4) a delayed monetary policy tightening
can be costly in terms of higher inflation rates, requiring larger and more
aggressive interest rate hikes to bring inflation under control, based on a
counterfactual exercise
This article examined the relationship between financial instability and IT(Inflation
Targeting) for Asian economies through housing market. The study finds that high
financial transparency in Asia, including IT and non‐IT countries, leads to rising
financial stability. But the same transparency does not help IT countries in Asia to
reduce financial instability.Impulse response analysis suggests that an IT regime
increases housing returns and encourages investors to take high risk in the pursuit
of higher returns. A negative relationship between housing returns and inflation
confirms that IT increases financial instability
Reseachers examine the relationship between inflation targeting and the behavior
of the level and volatility of inflation for eight Asian countries over the period
1987–2013. In contrast to existing studies that rely upon time series methods, They
employ a novel panel GARCH model that accounts for heterogeneity and
interdependence across countries. the results suggest that Asian inflation targeting
regimes are more credible in terms of reducing the level of inflation than lowering
inflation volatility.
The paper examines the relationship between interest rate and inflation in the
Philippines using 204 monthly observations from January 2003 to December 2019.
The study confirmed the existence of Fisher Effect ( the Fisher effect is the
tendency for nominal interest rates to change to follow the inflation rate) with a
unidirectional causality to interest rate from inflation and found a significant
positive correlation both in the short-run and long-run horizon relationships
between the two variables.
In this paper they investigate the dynamics of global inflation and short-run inflation expectations. They demonstrate the fi
The results showed that the financial performance factors which are proxied by the
growth of cash flow and ROA have a positive effect on company returns, while the
CSR activity factor was not able to influence the company's stock returns. This
finding implies that companies cannot rely on CSR activities to increase stock
returns, but rather focus on improving the company's financial performance.
Source
file:///C:/Users/Private%20User/Downloads/WPIEA2019153.pdf
https://www.dlsu.edu.ph/wp-content/uploads/2019/03/6Sethapramote-011818.pdf
https://www.researchgate.net/publication/336974485_Monetary_Policy_and_Financial_Stability_The_Role_of_Inflation_
https://link.springer.com/article/10.1007/s00181-016-1212-3
s
file:///C:/Users/Private%20User/Downloads/100521520201114.pdf
https://www.sciencedirect.com/science/article/abs/pii/S1059056018310062
https://www.researchgate.net/publication/333559369_Application_of_Time_Series_Analysis_for_Philippines'_Inflation_P
https://www.ijicc.net/images/vol_13/13120_Fathony_2020_E_R.pdf