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英文文献：Correcting inflation with financial dynamic fundamentals: which adjustments matter in Africa?-利用金融动态基本面校正通胀:哪些调整对非洲至关重要?
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.
本文用货币(金融深度)、信贷(金融活动)和效率这三个金融动态基础对通货膨胀的调整进行了评价。得出了三个主要结论。(1)通货膨胀和基本面之间存在着重要的长期关系。(2)误差修正机制在所有规范中都是稳定的，但在不均衡的情况下，只有财务深度在调整通胀以适应长期关系方面具有显著作用。(3)长期来看，对银行将货币转换为信贷能力的短期调整，在纠正通胀方面并不重要。这很可能是由于流动性过剩的问题。讨论了政策含义。
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