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英文文献：Fighting consumer price inflation in Africa. What do dynamics in money, credit, efficiency and size tell us?-对抗非洲的消费价格膨胀。货币、信贷、效率和规模的动态告诉我们什么?
英文文献作者：Asongu Simplice
英文文献摘要：
Purpose – The purpose of this paper is to examine the effects of policy options in financial dynamics (of money, credit, efficiency and size) on consumer prices. Soaring food prices have marked the geopolitical landscape of African countries in the past decade. Design/methodology/approach – We limit our sample to a panel of African countries for which inflation is non-stationary. VAR models from both error correction and Granger causality perspectives are applied. Analyses of dynamic shocks and responses are also covered. Six batteries of robustness checks are applied to ensure consistency in the results. Findings – (1) There are significant long-run equilibriums between inflation and each financial dynamic. (2) When there is a disequilibrium, while only financial depth and financial size could be significantly used to exert deflationary pressures, inflation is significant in adjusting all financial dynamics. In other words, financial depth and financial size are more significant instruments in fighting inflation than financial efficiency and activity. (3) The financial intermediary dynamic of size appears to be more instrumental in exerting a deflationary tendency than financial intermediary depth. (4) The deflationary tendency from money supply is double that based on liquid liabilities. Practical implications – Monetary policy aimed at fighting inflation only based on bank deposits may not be very effective until other informal and semi-formal financial sectors are taken into account. It could be inferred that, tight monetary policy targeting the ability of banks to grant credit (in relation to central bank credits) is more effective in tackling consumer price inflation than that, targeting the ability of banks to receive deposits. In the same vein, adjusting the lending rate could be more effective than adjusting the deposit rate. The insignificance of financial allocation efficiency and financial activity as policy tools in the battle against inflation could be explained by the (well documented) surplus liquidity issues experienced by the African banking sector. Social implications – This paper helps in providing monetary policy options in the fight against soaring consumer prices. By keeping inflationary pressures on food prices in check, sustained campaigns involving strikes, demonstrations, marches, rallies and political crises that seriously disrupt economic performance could be mitigated. Originality/value – As far as we have perused, there is yet no study that assesses monetary policy options that could be relevant in addressing the dramatic surge in the price of consumer commodities.
目的-本文的目的是研究金融动态(货币、信贷、效率和规模)中的政策选择对消费者价格的影响。食品价格飙升已成为过去10年非洲国家地缘政治格局的标志。设计/方法/方法-我们将我们的样本限制在通货膨胀不稳定的非洲国家的一个小组中。VAR模型采用了误差修正和格兰杰因果关系的观点。还包括动态冲击和响应的分析。采用了六组健壮性检查以确保结果的一致性。研究结果-(1)在通货膨胀和各种金融动态之间存在显著的长期均衡。(2)当存在非均衡时，虽然只有金融深度和金融规模可以显著用于施加通缩压力，但通胀在调整所有金融动态方面是显著的。换句话说，在对抗通货膨胀方面，金融深度和金融规模比金融效率和金融活动更重要。(3)金融中介机构的规模动态似乎比金融中介的深度更有助于施加通货紧缩趋势。(4)货币供应的通缩趋势是基于流动负债的通缩趋势的两倍。实际影响- -除非考虑到其他非正式和半正式的金融部门，否则仅以银行存款为基础的对抗通货膨胀的货币政策可能不会非常有效。由此可以推断，以银行授信能力(相对于央行信贷)为目标的从紧货币政策在应对消费价格通胀方面，比以银行吸收存款能力为目标的从紧货币政策更有效。同理，调整贷款利率可能比调整存款利率更有效。金融分配效率和金融活动在对抗通货膨胀方面作为政策工具的重要性微不足道，这可以解释为非洲银行部门所经历的(有充分证据证明的)流动性过剩问题。社会影响-这篇论文有助于提供货币政策选择，以对抗不断飙升的消费价格。通过控制食品价格的通胀压力，包括罢工、示威、游行、集会和严重破坏经济表现的政治危机在内的持续运动可能会得到缓解。创意/价值——就我们所阅读的内容而言，目前还没有研究评估可能与应对消费品价格急剧飙升有关的货币政策选择。
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