Correcting inflation with financial dynamic fundamentals: which adjustments...

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英文文献：Correcting inflation with financial dynamic fundamentals: which adjustments matter in Africa?
英文文献作者：Asongu Simplice
英文文献摘要：
This paper assesses the adjustment of inflation with financial dynamic fundamentals of money (financial depth), credit (financial activity) and efficiency. Three main findings are established. (1) There are significant long-run relationships between inflation and the fundamentals. (2) The error correction mechanism is stable in all specifications but in case of any disequilibrium, only financial depth is significant in adjusting inflation to the long-run relationship. (3) In the long-run, short-term adjustments in the ability of banks to transform money into credit do not matter in correcting inflation. This is most probably due to surplus liquidity issues. Policy implications are discussed.

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