Asymmetric threshold effects of digitization on inflation in emerging markets

Financial Innovation

Table 6 Inflation and digitization–EMs sample

Regressors	(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
l.inf	− 0.574***	− 0.574***	− 0.573***	− 0.572***	− 0.577***	− 0.574***	− 0.569***	− 0.579***	− 0.577***
	(0.013)	(0.012)	(0.012)	(0.013)	(0.015)	(0.013)	(0.013)	(0.013)	(0.014)
outgap	0.175*’	0.181*’	0.170*’	0.188*’	0.186*’	0.169*’	0.212*	0.196*	0.177*
	(11.798)	(11.970)	(11.844)	(12.567)	(11.693)	(11.573)	(12.822)	(11.976)	(12.118)
inf_exp	0.205***	0.204***	0.205***	0.205***	0.207***	0.206***	0.206***	0.205***	0.205***
	(12.854)	(12.518)	(12.728)	(12.562)	(13.251)	(12.993)	(12.453)	(13.138)	(12.803)
exch	0.159***	0.163***	0.161***	0.174***	0.166***	0.152***	0.178***	0.160***	0.155***
	(0.537)	(0.552)	(0.538)	(0.567)	(0.552)	(0.523)	(0.580)	(0.531)	(0.561)
fdi	0.716**	0.673**	0.679**	0.738**	0.780**	0.711**	0.750**	0.497*	0.771**
	(0.323)	(0.312)	(0.309)	(0.328)	(0.343)	(0.319)	(0.330)	(0.274)	(0.358)
loil	0.369	0.321	0.331	0.434	0.490	0.360	0.577	0.412	0.347
	(0.578)	(0.602)	(0.568)	(0.574)	(0.613)	(0.560)	(0.651)	(0.576)	(0.581)
digindex	− 0.905***
	(0.307)
infra		− 0.947***
		(0.326)
conn			− 0.836***
			(0.286)
dighou				− 0.998***
				(0.335)
digprod					− 0.931***
					(0.322)
comp						− 0.788***
						(0.264)
eco							− 1.303***
							(0.417)
fp								− 1.000***
								(0.350)
instr									− 0.835***
									(0.272)
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	0.0237	0.0249	0.0221	0.0182	0.0221	0.0263	0.0207	0.0218	0.0236
AB, AR(2) p-value	0.0695	0.0689	0.0651	0.0598	0.0693	0.0748	0.0737	0.0630	0.0860
Hansen p-value	0.280	0.258	0.266	0.286	0.268	0.311	0.266	0.264	0.280