Asymmetric threshold effects of digitization on inflation in emerging markets

Financial Innovation

Table 5 Inflation and digitization–full sample

Regressors	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
l.inf	− 0.585***	− 0.585***	− 0.584***	− 0.585***	− 0.588***	− 0.585***	− 0.584***	− 0.589***	− 0.588***
	(0.017)	(0.016)	(0.016)	(0.016)	(0.018)	(0.017)	(0.016)	(0.017)	(0.019)
outgap	0.112**	0.117**	0.111**	0.115**	0.112**	0.106**	0.130**	0.128**	0.106**
	(5.463)	(5.540)	(5.561)	(5.564)	(5.393)	(5.372)	(5.660)	(5.570)	(5.351)
inf_exp	0.208***	0.207***	0.207***	0.208***	0.209***	0.208***	0.208 ***	0.208***	0.208***
	(10.606)	(10.275)	(10.523)	(10.379)	(10.819)	(10.710)	(10.060)	(10.715)	(10.238)
exch	0.661**	0.685**	0.681**	0.700**	0.644**	0.641**	0.651**	0.660**	0.608**
	(2.990)	(3.070)	(3.073)	(3.028)	(3.002)	(2.956)	(2.900)	(3.033)	(2.752)
fdi	0.558*	0.547*	0.512*	0.556*	0.591*	0.556*	0.488*	0.472*	0.565*
	(3.109)	(3.028)	(2.861)	(2.986)	(3.518)	(3.038)	(2.890)	(2.868)	(3.172)
loil	0.712*’	0.658*’	0.666*’	0.773*	0.809*	0.656*’	0.820*	0.798*	0.631*’
	(0.466)	(0.466)	(0.457)	(0.461)	(0.491)	(0.450)	(0.475)	(0.481)	(0.434)
digindex	− 0.64***
	(0.191)
infra		− 0.66***
		(0.199)
conn			− 0.596***
			(0.180)
dighou				− 0.673***
				(0.198)
digprod					− 0.627***
					(0.189)
comp						− 0.591***
						(0.172)
eco							− 0.830***
							(0.235)
fp								− 0.670***
								(0.205)
instr									− 0.604***
									(0.166)
Observations	529	529	529	529	529	529	529	529	529
No. Countries	55	55	55	55	55	55	55	55	55
AB, AR(1) p-value	0.0229	0.0241	0.0223	0.0215	0.0228	0.0235	0.0241	0.0236	0.0202
AB, AR(2) p-value	0.136	0.133	0.129	0.132	0.140	0.137	0.151	0.132	0.148
Hansen p-value	0.977	0.974	0.974	0.976	0.982	0.981	0.982	0.973	0.980