{
  "title": "Is Inflation Domestic or Global? Evidence from Emerging Markets",
  "publication": "IMF Working Papers, November 8, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2018/11/08/is-inflation-domestic-or-global-evidence-from-emerging-markets-46306",
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  "summary": "Following a period of disinflation during the 1990s and early 2000s, inflation in emerging markets has remained remarkably low and stable.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Following a period of disinflation during the 1990s and early 2000s, inflation in emerging markets has remained remarkably low and stable.\n- Research question: Was this decline related to a global disinflation environment triggered by China's integration into world trade and broader globalization, or to better domestic policies?\n- Sample: 19 large emerging markets examined over the past couple of decades.\n- Method: Review of inflation performance and quantification of the impact of domestic and global factors in determining inflation."
    },
    {
      "heading": "Key empirical findings",
      "content": "- The level, volatility, and persistence of inflation declined significantly, albeit not uniformly across the sample.\n- Longer-term inflation expectations, linked to domestic factors, were identified as the main determinant of inflation.\n- External factors played a considerably smaller role in explaining inflation outcomes in the sample."
    },
    {
      "heading": "Policy implications and relevance",
      "content": "- Results provide evidence for emerging markets as they craft monetary policies to navigate future shifts in global financial conditions.\n- Emphasis on domestic policy credibility and anchoring of longer-term inflation expectations as central for maintaining low and stable inflation."
    },
    {
      "heading": "Additional notes from the publication landing page",
      "content": "- Authors: Rudolfs Bems, Francesca Caselli, Francesco Grigoli, Bertrand Gruss, Weicheng Lian.\n- Date of publication: November 8, 2018.\n- Series: IMF Working Papers, Working Paper No. 2018/241.\n- Pages: 26.\n- DOI: https://doi.org/10.5089/9781484381595.001\n\nSource: \"Is Inflation Domestic or Global? Evidence from Emerging Markets\", IMF Working Paper No. 2018/241 (November 8, 2018).\n\n---\n\n Content in this bundle\n\n- Is Inflation Domestic or Global?Evidence from Emerging Markets, WP/18/241, November 2018\n  - Is Inflation Domestic or Global?Evidence from Emerging Markets, WP/18/241, November 2018 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Is Inflation Domestic or Global?Evidence from Emerging Markets, WP/18/241, November 2018 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2018/11/08/is-inflation-domestic-or-global-evidence-from-emerging-markets-46306"
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    "Authors: Rudolfs Bems, Francesca Caselli, Francesco Grigoli, Bertrand Gruss, Weicheng Lian",
    "Published: November 8, 2018",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781484381595.001",
    "Following a period of disinflation during the 1990s and early 2000s, inflation in emerging markets has remained remarkably low and stable.",
    "Research question: Was this decline related to a global disinflation environment triggered by China's integration into world trade and broader globalization, or to better domestic policies?",
    "Sample: 19 large emerging markets examined over the past couple of decades.",
    "Method: Review of inflation performance and quantification of the impact of domestic and global factors in determining inflation.",
    "The level, volatility, and persistence of inflation declined significantly, albeit not uniformly across the sample.",
    "Longer-term inflation expectations, linked to domestic factors, were identified as the main determinant of inflation.",
    "External factors played a considerably smaller role in explaining inflation outcomes in the sample.",
    "Results provide evidence for emerging markets as they craft monetary policies to navigate future shifts in global financial conditions.",
    "Emphasis on domestic policy credibility and anchoring of longer-term inflation expectations as central for maintaining low and stable inflation.",
    "Authors: Rudolfs Bems, Francesca Caselli, Francesco Grigoli, Bertrand Gruss, Weicheng Lian.",
    "Date of publication: November 8, 2018.",
    "Series: IMF Working Papers, Working Paper No. 2018/241.",
    "Pages: 26.",
    "DOI: https://doi.org/10.5089/9781484381595.001",
    "**Is Inflation Domestic or Global?Evidence from Emerging Markets, WP/18/241, November 2018**"
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