Threshold Effect of Inflation on Economic Growth in Developed and Developing Countries, Selective Approach the Panel Smooth Transition Regression (PSTR)
Author(s):
Article Type:
Research/Original Article (دارای رتبه معتبر)
Abstract:
Achieving a high and stable economic growth rate is one of the important issues in each country. Influence of Inflation on Economic Growth has been examined from various perspectives in economic literature. These views, depending on the conditions of the global economy, have suggested different views on the impact of inflation on economic growth. Therefore, the purpose of this study is to investigate the threshold effect of inflation on the growth of developed and developing countries in the period 1995-2015. To do this review, has been used a panel smooth transition regression model (PSTR). Also, considering a transfer function with a threshold parameter representing a two-regime model is sufficient to specify the nonlinear relationship between the variables under consideration. Based on the results, the threshold for inflation for developed countries is 7.99 and for developing countries is 12.11. On the other hand, the slope parameter (transmission velocity) is also 3.11 and 0.22 in developed and developing countries, respectively. The results indicate that the inflation rate in both regimes (first and second regimes) has a negative effect on economic growth. While in developing countries, the variable inflation rate in the first-order diet has a positive effect and in the second-order diet has a negative effect on economic growth.
Keywords:
Language:
Persian
Published:
Quarterly Journal of Quantitative Economics, Volume:16 Issue: 1, 2019
Pages:
49 to 77
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