Asymmetric threshold effects of digitization on inflation in emerging markets

Emara, Noha; Zecheru, Daniela

doi:10.1186/s40854-023-00545-8

Financial Innovation

Table 7 Inflation and digitization–Non-linear model–Full sample

From: Asymmetric threshold effects of digitization on inflation in emerging markets

Regressors	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
l.inf	− 0.586***	− 0.588***	− 0.590***	− 0.587***	− 0.587***	− 0.587***	− 0.587***	− 0.584***	− 0.588***
	(0.018)	(0.020)	(0.019)	(0.018)	(0.018)	(0.018)	(0.018)	(0.018)	(0.019)
outgap	0.931*’	0.726*’	0.811*’	0.859*’	0.952*	0.967*	0.761*’	0.668	0.990*
	(0.60)	(0.520)	(0.524)	(0.534)	(0.555)	(0.552)	(0.512)	(0.526)	(0.574)
inf_exp	0.210***	0.213***	0.211***	0.209***	0.207***	0.209***	0.208***	0.209***	0.209***
	(0.011)	(0.011)	(0.010)	(0.011)	(0.010)	(0.011)	(0.011)	(0.010)	(0.011)
exch	0.528*’	0.380*’	0.429*’	0.445*’	0.552*	0.562**	0.527*	0.509*	0.594**
	(0.346)	(0.270)	(0.302)	(0.290)	(0.286)	(0.280)	(0.282)	(0.284)	(0.304)
fdi	0.594*	0.541*	0.692*	0.561*	0.614*	0.617*	0.673*	0.642**	0.551**
	(0.314)	(0.314)	(0.369)	(0.342)	(0.326)	(0.317)	(0.348)	(0.324)	(0.273)
loil	0.478	0.479	0.460	0.308	0.203	0.557	0.212	0.249	0.517
	(0.486)	(0.364)	(0.422)	(0.415)	(0.388)	(0.427)	(0.381)	(0.420)	(0.381)
digindex	− 2.294*
	(1.304)
digindexsq	0.429
	(0.343)
infra		− 3.453***
		(0.813)
infrasq		0.760***
		(0.178)
conn			− 2.916***
			(0.562)
connsq			0.561***
			(0.114)
dighou				− 2.619***
				(0.697)
dighousq				0.533***
				(0.144)
digprod					− 2.621***
					(0.629)
digprodsq					0.507***
					(0.119)
comp						− 2.394***
						(0.842)
compsq						0.425**
						(0.173)
eco							− 3.285***
							(0.989)
ecosq							0.848***
							(0.263)
fp								− 2.814***
								(0.644)
fpsq								0.589***
								(0.129)
instr									− 3.132***
									(1.208)
instrsq									0.628**
									(0.266)
Total Effects	− 1.865*	− 2.693***	− 2.355***	− 2.086 ***	− 2.114***	− 1.969***	− 2.437***	− 2.225***	− 2.503***
	(0.965)	(0.636)	(0.454)	(0.555)	(0.512)	(0.672)	(0.727)	(0.517)	(0.942)
Threshold Levels	43.22	36.51	48.95	42.04	53.97	57.23	21.48	39.36	43.67
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	0.0237	0.0216	0.0238	0.0255	0.0211	0.0220	0.0193	0.0206	0.0209
AB, AR(2) p-value	0.144	0.159	0.157	0.146	0.132	0.144	0.128	0.148	0.154
Hansen p-value	0.971	0.983	0.983	0.987	0.977	0.980	0.986	0.981	0.990

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