Demystifying COVID-19 policy actions: The case of inflation control in ASEAN

Syed Aun R. Rizvi, Susan Sunila Sharma and Solikin Juhro

Pacific-Basin Finance Journal, 2024, vol. 83, issue C

Abstract: In this paper, we study the impact of policy actions undertaken by governments and other policy authorities during the COVID-19 pandemic on core inflation in four major economies of ASEAN region namely Indonesia, Malaysia, Singapore, and Thailand. Utilizing panel fixed effects regression, we find that policy interventions where financial authority and the central governments were the implementing institutions as significantly impacting the inflation. Further, delving into specific policy tools, our study finds evidence of significant impact of regulatory announcement and rules and miscellaneous prudential rules on core inflation. Our investigation is preliminary, but it provides insights into additional understanding of the effectiveness of policy actions in controlling inflation.

Keywords: Stimulus; COVID-19; Policy intervention; Inflation (search for similar items in EconPapers)
JEL-codes: E44 E52 E62 I18 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eee:pacfin:v:83:y:2024:i:c:s0927538x23003049

DOI: 10.1016/j.pacfin.2023.102233

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