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Openness-Inflation Nexus in South Caucasus Economies

Khatai Aliyev () and Ilkin Gasimov ()

MPRA Paper from University Library of Munich, Germany

Abstract: Following Romer (1993), openness-inflation nexus has been subject to many empirical researches. However, South Caucasus economies are not studied yet. The aim of this research is to fill this gap in empirical literature by using multiple regression models and impulse-response function analysis for the region countries, Georgia, Armenia, and Azerbaijan, separately for the period 1996-2012. To define the level of openness, methodology in Ashra (2002) is used. Findings provide no significant impact of the openness on inflation level in all region countries, except partially Georgia. However, the direction of the relationship differs across countries because of the international trade patterns.

Keywords: Openness; inflation; Georgia; Armenia; Azerbaijan; time-series analysis; impulse-response analysis (search for similar items in EconPapers)
JEL-codes: F11 F13 F14 F15 (search for similar items in EconPapers)
Date: 2014-10
New Economics Papers: this item is included in nep-cwa and nep-mon
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