Asymmetric threshold effects of digitization on inflation in emerging markets

Emara, Noha; Zecheru, Daniela

doi:10.1186/s40854-023-00545-8

Financial Innovation

Table 8 Inflation and digitization–non-linear model–EMs sample

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

Regressors	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
l.inf	− 0.575***	− 0.576***	− 0.572***	− 0.581***	− 0.578***	− 0.576***	− 0.576***	− 0.576***	− 0.580***
	(0.013)	(0.013)	(0.014)	(0.013)	(0.014)	(0.013)	(0.013)	(0.013)	(0.014)
outgap	0.159	0.144	0.177	0.110	0.155	0.155	0.151	0.156	0.143
	(0.128)	(0.120)	(0.137)	(0.116)	(0.120)	(0.114)	(0.111)	(0.129)	(0.113)
inf_exp	0.204***	0.207***	0.204***	0.202***	0.206***	0.206***	0.202***	0.206***	0.205***
	(0.012)	(0.012)	(0.011)	(0.099)	(0.013)	(0.012)	(0.013)	(0.013)	(0.013)
exch	0.152**	0.137**	0.169**	0.988*	0.146***	0.144***	0.145***	0.147**	0.139***
	(0.061)	(0.055)	(0.070)	(0.058)	(0.056)	(0.051)	(0.048)	(0.058)	(0.050)
fdi	0.106**	0.101**	0.892**	0.495*	0.899**	0.818**	0.119*	0.816**	0.828**
	(5.362)	(5.036)	(4.019)	(2.811)	(4.149)	(3.701)	(6.391)	(3.613)	(3.998)
loil	0.267	0.370	0.302	0.190	0.275	0.315	0.128	0.315	0.330
	(0.515)	(0.494)	(0.547)	(0.440)	(0.561)	(0.543)	(0.440)	(0.556)	(0.505)
digindex	− 2.382**
	(0.961)
digindexsq	0.404*
	(0.232)
infra		− 3.188***
		(1.055)
infrasq		0.638***
		(0.230)
conn			− 1.293**
			(0.640)
connsq			0.113
			(0.185)
dighou				− 1.858***
				(0.666)
dighousq				0.305*
				(0.163)
digprod					− 2.340***
					(0.613)
digprodsq					0.385***
					(0.130)
comp						− 1.727**
						(0.811)
compsq						0.225
						(0.168)
eco							− 3.418**
							(1.672)
ecosq							0.833*
							(0.490)
fp								− 2.230***
								(0.545)
fpsq								0.368**
								(0.143)
instr									− 3.164*
									(1.751)
instrsq									0.601
									(0.391)
Total Effects	− 1.978***	− 2.550***	− 1.180**	− 1.553***	− 1.955***	− 1.502**	− 2.585**	− 1.862***	− 2.563*
	(0.743)	(0.831)	(0.475)	(0.519)	(0.505)	(0.654)	(1.186)	(0.442)	(1.360)
Threshold Levels	36.28	30.84	59.01	37.50	42.05	64.54	16.29	26.88	42.74
Observations	356	356	356	356	356	356	356	356	356
No. Countries	36	36	36	36	36	36	36	36	36
AB, AR(1) p-value	0.0236	0.0268	0.0188	0.0394	0.0235	0.0277	0.0256	0.0245	0.0268
AB, AR(2) p-value	0.0651	0.0798	0.0532	0.0872	0.0744	0.0774	0.0728	0.0746	0.0915
Hansen p-value	0.288	0.298	0.255	0.991	0.277	0.289	0.292	0.265	0.261

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