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英文文献：Financial determinants of consumer price inflation. What do dynamics in money, credit, efficiency and size tell us?-消费价格通胀的金融决定因素。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 financial dynamic policy options in money, credit, efficiency and size on consumer prices. Soaring food prices have marked the geopolitical landscape of developing countries in the past few years. Design/methodology/approach – The estimation approach used is a Two-Stage-Least Squares Instrumental Variable technique. Instruments include: legal-origins; income-levels and religious-dominations. The first-step consists of justifying the choice of the estimation approach with a Hausman-test for endogeneity. In the second-step, we verify that the instrumental variables are exogenous to the endogenous components of explaining variables(financial dynamic channels) conditional on other covariates(control variables). In the third-step, the validity of the instruments is examined with the Sargan overidentifying restrictions test. Robustness checks are ensured by: (1) use of alternative indicators of each financial dynamic; (2) estimation with robust Heteroscedasticity and Autocorrelation Consistent (HAC) standard errors; and (3) adoption of two interchangeable sets of instruments. Findings – Findings broadly reveal the following: (1) money(depth) and credit(activity) which are in absolute measures have positive elasticities of inflation; while (2) financial efficiency and size in relative measures have negative elasticities of inflation. 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政策选项在货币、信贷、效率和规模对消费者价格的影响。食品价格飙升是过去几年发展中国家地缘政治格局的标志。设计/方法/方法-使用的估计方法是一种两阶段最小二乘工具变量技术。乐器包括:法律渊源;收入水平和religious-dominations。第一步是用内生性hausman检验来证明估计方法的选择。在第二步，我们验证工具变量是外生的内生成分解释变量(金融动态渠道)条件其他协变量(控制变量)。在第三步，使用Sargan过度识别限制测试来检验工具的有效性。稳健性检验通过:(1)使用各财务动态的替代指标;(2)采用稳健异方差和自相关一致(HAC)标准误差估计;(3)采用两套可互换的工具。调查结果——调查结果大致揭示了以下几点:(1)货币(深度)和信贷(活动)在绝对衡量中具有积极的通货膨胀弹性;(2)相对而言，金融效率和规模的通货膨胀弹性为负。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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