2017-10-01
Inflation in Africa, 1960-2015
Publication
Publication
We present various stylized facts about annual CPI based inflation in 47 African countries.
Some stylized facts concern time series properties for each of the series but also across series.
To achieve a useful and relevant dataset, we impute all missing values in the sample 1960-
2015 using a new method based on postage stamps prices. This results in a balanced panel of
annual figures from 1960 to and including 2015 for 47 countries.
The key conclusion from our tour around various data properties is that differences
across the country-specific series are substantially larger than their common properties. These
differences concern features like peak inflation rates, years of peak inflation, correlation with
worldwide inflation figures and country-specific persistence. In one word, there is no such
thing as “African inflation”, and we recommend that models for inflation in an African
country should be designed one by one. When we correlate inflation features in a cross
section with country-specific conditions, we see that more democracy, less corruption, and
less religious fractionalization associate with lower inflation rates.
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hdl.handle.net/1765/102219 | |
Organisation | Econometric Institute |
Franses, P. H., & Janssens, E. (2017). Inflation in Africa, 1960-2015. Retrieved from http://hdl.handle.net/1765/102219 |