Global Diffusion, Policy Flexibility, and Inflation Targeting (doi:10.7910/DVN/83TXKI)

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Part 2: Study Description
Part 3: Data Files Description
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Global Diffusion, Policy Flexibility, and Inflation Targeting

doi:10.7910/DVN/83TXKI

Harvard Dataverse

2019-06-17

1

Wasserfallen, Fabio, 2019, "Global Diffusion, Policy Flexibility, and Inflation Targeting", https://doi.org/10.7910/DVN/83TXKI, Harvard Dataverse, V1, UNF:6:V7xVVCESFVf8j/eRuHBbBA== [fileUNF]

Global Diffusion, Policy Flexibility, and Inflation Targeting

doi:10.7910/DVN/83TXKI

Wasserfallen, Fabio (Universitat Salzburg Sozial und Wirtschaftswissenschaften an der RWF - Department of Political Science and Sociology)

Harvard Dataverse

Interactions, International

Interactions, International

2019-04-29

https://doi.org/10.7910/DVN/83TXKI

Social Sciences, Policy Diffusion, Inflation Targeting, Policy Flexibility, Decoupling, Democracy, Central Banking

A diverse group of over 30 countries located all over the world—such as the UK, Colombia, and Ghana—introduced inflation targeting, which is a monetary policy that seeks to control inflation through a pre-announced target. Fully institution- alized democracies adopted the policy first because the core features of inflation targeting are consistent with the principles of a liberal democracy. But why was in- flation targeting also introduced by less-democratic countries? This article develops the argument that decision makers of less-democratic countries became more likely to adopt inflation targeting when they observed that nearby countries increased the flexibility of the policy. The statistical analysis of data from 76 countries between 1989 and 2013 supports this hypothesis. The finding that the change of a policy toward a more flexible framework drives its global spread addresses a blind spot in the more recent policy diffusion literature.

<a href="http://creativecommons.org/publicdomain/zero/1.0">CC0 1.0</a>

• Number of cases: 1774

• No. of variables per record: 28

• Type of File: text/tab-separated-values

UNF:6:Hve6IKQtJlIXhAda2abQcw==

• Number of cases: 2052

• No. of variables per record: 13

• Type of File: text/tab-separated-values

UNF:6:BgTgmN+G6G/JOEIMBsVZtg==

• Number of cases: 34

• No. of variables per record: 3

• Type of File: text/tab-separated-values

UNF:6:lT8WofMN/MAsB9Y6JeGhKg==

• Number of cases: 1414

• No. of variables per record: 28

• Type of File: text/tab-separated-values

UNF:6:AZIWap6o6JBo1QufbWDSwg==

• country - country
• country_abb - country_abb
• year - year
• country_id - country_id
• imf_code - imf_code
• it_adopter - it_adopter
• it_adoption - it_adoption
• itarget_min - itarget_min
• itarget_point - itarget_point
• itarget_max - itarget_max
• polity_2 - polity_2
• credit_to_privatesec_pcgdp - credit_to_privatesec_pcgdp
• exports_pcgdp - exports_pcgdp
• fdi_in_pcgdp - fdi_in_pcgdp
• gdp_capita - gdp_capita
• sumind_main - sumind_main
• imf_sba - imf_sba
• imf_eef - imf_eef
• imf_saf - imf_saf
• imf_prgf - imf_prgf
• inflation_cpi - inflation_cpi
• er_imf_fine - er_imf_fine
• er_imf - er_imf
• sumind_main_ext - sumind_main_ext
• pol_system - pol_system
• govparty - govparty
• ka_open - ka_open
• CPI_movave_5y - CPI_movave_5y
• country - country
• country_abb - country_abb
• year - year
• country_id - country_id
• imf_code - imf_code
• it_adopter - it_adopter
• it_adoption - it_adoption
• it_adopted - it_adopted
• polity2 - polity2
• GDP_capita - GDP_capita
• itflex - itflex
• itrange - itrange
• ittarget - ittarget
• Year - Year
• Country - Country
• Adoption - Adoption
• country - country
• country_abb - country_abb
• year - year
• country_id - country_id
• imf_code - imf_code
• it_adopter - it_adopter
• it_adoption - it_adoption
• itarget_min - itarget_min
• itarget_point - itarget_point
• itarget_max - itarget_max
• polity_2 - polity_2
• credit_to_privatesec_pcgdp - credit_to_privatesec_pcgdp
• exports_pcgdp - exports_pcgdp
• fdi_in_pcgdp - fdi_in_pcgdp
• gdp_capita - gdp_capita
• sumind_main - sumind_main
• imf_sba - imf_sba
• imf_eef - imf_eef
• imf_saf - imf_saf
• imf_prgf - imf_prgf
• inflation_cpi - inflation_cpi
• er_imf_fine - er_imf_fine
• er_imf - er_imf
• sumind_main_ext - sumind_main_ext
• pol_system - pol_system
• govparty - govparty
• ka_open - ka_open
• cpi_movave_5y - cpi_movave_5y

f3423594 Location:

Variable Format: character

Notes: UNF:6:TXNj5KEefAD8skzf5SkMlg==

f3423594 Location:

Variable Format: character

Notes: UNF:6:MMqYbw2ZAVCcBxD+VMZKRw==

f3423594 Location:

Summary Statistics: Valid 1774.0; Max. 2013.0; Min. 1987.0; StDev 7.656017851621626; Mean 1999.7598647125142;

Variable Format: numeric

Notes: UNF:6:Bs9JB3CKGINo6x3Rxko5RA==

f3423594 Location:

Summary Statistics: Min. 1.0; StDev 22.301881988855627; Max. 76.0; Valid 1774.0; Mean 38.95885005637;

Variable Format: numeric

Notes: UNF:6:mIBY/780/kAHbExJGcBaSQ==

f3423594 Location:

Summary Statistics: Min. 111.0; StDev 294.17479416595864; Valid 1774.0; Mean 447.9340473506199; Max. 968.0

Variable Format: numeric

Notes: UNF:6:YKhjr5nnhb5Xg7BCMer8wA==

f3423594 Location:

Summary Statistics: StDev 0.49224408234563816; Max. 1.0; Valid 1774.0; Min. 0.0; Mean 0.4114994363021414

Variable Format: numeric

Notes: UNF:6:Id6WijVO1V5o6vqizRhjFw==

f3423594 Location:

Summary Statistics: Min. 0.0; Valid 1774.0; StDev 0.1289741552739222; Max. 1.0; Mean 0.016910935738444172

Variable Format: numeric

Notes: UNF:6:qe0sXp+KvB2y3Qg8nkQ1VQ==

f3423594 Location:

Summary Statistics: StDev 1.7288870719475293; Max. 15.0; Mean 2.4144871794871787; Min. 0.0; Valid 390.0;

Variable Format: numeric

Notes: UNF:6:iur0EMnoOmMbkYzhdnZLwQ==

f3423594 Location:

Summary Statistics: Max. 15.0; Min. 1.0; Mean 3.3238461538461532; StDev 1.7686052706920978; Valid 390.0;

Variable Format: numeric

Notes: UNF:6:bn+hjT73x0/RGvpAv2CR6A==

f3423594 Location:

Summary Statistics: Max. 15.0; Mean 4.234487179487179; StDev 1.9807289091148554; Valid 390.0; Min. 2.0

Variable Format: numeric

Notes: UNF:6:s2hLIJC98qrW5vuY3nhsmw==

f3423594 Location:

Summary Statistics: StDev 3.6665874709791644; Valid 1768.0; Mean 7.460972850678736; Min. -9.0; Max. 10.0

Variable Format: numeric

Notes: UNF:6:9X752sT61rNWz4iF/K/yqA==

f3423594 Location:

Summary Statistics: Valid 1452.0; StDev 47.569566475432055; Min. 0.185870421; Mean 53.899670262310615; Max. 312.0269354;

Variable Format: numeric

Notes: UNF:6:4kHewpfZ1zDL3uE2czf0pw==

f3423594 Location:

Summary Statistics: Min. 5.50798767; Max. 126.0248045; Valid 1752.0; Mean 34.250427759188355; StDev 18.070403394847425;

Variable Format: numeric

Notes: UNF:6:V97gxc8z73qIXGojG4oktg==

f3423594 Location:

Summary Statistics: Min. -16.15419296; Mean 2.8643817491504633; Valid 1728.0; Max. 50.96784235; StDev 3.445557865481233

Variable Format: numeric

Notes: UNF:6:H19pIz9zaoWD12oS/MqSxA==

f3423594 Location:

Summary Statistics: Min. 153.076176; Mean 11096.448306762195; StDev 14738.856674064615; Max. 100818.5032; Valid 1767.0

Variable Format: numeric

Notes: UNF:6:MRgEIdFfVNZw5GEPCVKxPQ==

f3423594 Location:

Summary Statistics: Min. 0.0; Mean 0.4348096384962311; StDev 0.2053558655932035; Max. 0.932777778; Valid 1592.0;

Variable Format: numeric

Notes: UNF:6:h9kaLgg5/swLdv6fGnwOhA==

f3423594 Location:

Summary Statistics: Valid 1652.0; Max. 1.0; Min. 0.0; Mean 0.08958837772397112; StDev 0.285677619104909

Variable Format: numeric

Notes: UNF:6:TdBTrV0Xjw7Q+pom48lHRw==

f3423594 Location:

Summary Statistics: Min. 0.0; Mean 0.016343825665859565; Max. 1.0; Valid 1652.0; StDev 0.12683234045190334;

Variable Format: numeric

Notes: UNF:6:IUh1dExfeFK4atpiOupvEw==

f3423594 Location:

Summary Statistics: Mean 0.006658595641646503; StDev 0.08135271943446702; Max. 1.0; Min. 0.0; Valid 1652.0

Variable Format: numeric

Notes: UNF:6:RhZexDlRGYepyGUhqSUb+Q==

f3423594 Location:

Summary Statistics: Valid 1652.0; Mean 0.023607748184019145; Min. 0.0; Max. 1.0; StDev 0.15186962797466663

Variable Format: numeric

Notes: UNF:6:N8a4/BmoX/g8pYUoet4MJg==

f3423594 Location:

Summary Statistics: Mean 29.338446350182046; Min. -2.477457; Max. 7481.664; Valid 1648.0; StDev 248.85276959944835

Variable Format: numeric

Notes: UNF:6:YngWFuXdNucl7cL+v2haIA==

f3423594 Location:

Summary Statistics: StDev 3.6416061371877935; Valid 1734.0; Mean 8.711649365628581; Max. 15.0; Min. 1.0

Variable Format: numeric

Notes: UNF:6:dpUe8noaYwL3TZ7KVKm/ug==

f3423594 Location:

Summary Statistics: StDev 1.1654547688460808; Valid 1527.0; Min. 1.0; Mean 2.7387033398821217; Max. 4.0

Variable Format: numeric

Notes: UNF:6:z6R2eSfTP3Nm3StgHqAGxA==

f3423594 Location:

Summary Statistics: Max. 0.9327778; StDev 0.20655895105416408; Mean 0.4459033222660654; Valid 1774.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:OWm0dCKmpecJZGSswFMA+w==

f3423594 Location:

Summary Statistics: Max. 2.0; Valid 1700.0; Min. 0.0; Mean 0.998235294117646; StDev 0.9713357082905723

Variable Format: numeric

Notes: UNF:6:Jrg54uuDtnQBTA6iPaAAFA==

f3423594 Location:

Summary Statistics: Mean 1.975373134328358; Valid 1340.0; Min. 1.0; Max. 3.0; StDev 0.9443781668674294;

Variable Format: numeric

Notes: UNF:6:+Tp5vV2xF0OBOHADTW/bsg==

f3423594 Location:

Summary Statistics: StDev 0.35176672720525515; Max. 1.0; Min. 0.0; Valid 1688.0; Mean 0.5839992015402844;

Variable Format: numeric

Notes: UNF:6:rZ+2cPH+xPw+aMSOiMxZgg==

f3423594 Location:

Summary Statistics: StDev 156.248621699844; Min. -0.5857857; Mean 26.90501349505494; Max. 2408.543; Valid 1274.0

Variable Format: numeric

Notes: UNF:6:2c+mAQk2HlQexkJwAkA55g==

f3423599 Location:

Variable Format: character

Notes: UNF:6:B35t1Fy6vtn1cJy3um+9JA==

f3423599 Location:

Variable Format: character

Notes: UNF:6:fe/nHdYgKm0VT7PFKJKXVw==

f3423599 Location:

Summary Statistics: Max. 2013.0; Valid 2052.0; Min. 1987.0; Mean 2000.0; StDev 7.7907795331268614;

Variable Format: numeric

Notes: UNF:6:lnksrbLhe1m41sAIdLhTvg==

f3423599 Location:

Summary Statistics: Mean 38.5; Valid 2052.0; Max. 76.0; Min. 1.0; StDev 21.942758296035283;

Variable Format: numeric

Notes: UNF:6:dwoeHB6QvZ2LISqOqDeIUA==

f3423599 Location:

Summary Statistics: Valid 2052.0; Mean 445.5526315789479; Max. 968.0; Min. 111.0; StDev 307.115958956273

Variable Format: numeric

Notes: UNF:6:HxAYAhyZxofiD3k3ifS+eQ==

f3423599 Location:

Summary Statistics: Max. 1.0; StDev 0.488913240713791; Min. 0.0; Mean 0.39473684210526405; Valid 2052.0

Variable Format: numeric

Notes: UNF:6:g4b8VDCzA8z5vEkqmgiPCA==

f3423599 Location:

Summary Statistics: StDev 0.12005484588659449; Valid 2052.0; Min. 0.0; Mean 0.014619883040935693; Max. 1.0

Variable Format: numeric

Notes: UNF:6:nXxGc1i8sMobv31LUFeMrA==

f3423599 Location:

Summary Statistics: Max. 1.0; StDev 0.40031668629094974; Min. 0.0; Valid 2052.0; Mean 0.20029239766081922;

Variable Format: numeric

Notes: UNF:6:3LRl+/79pepHU2TP/hZIdw==

f3423599 Location:

Summary Statistics: Max. 10.0; Min. -9.0; Valid 1768.0; Mean 7.527149321266974; StDev 3.4978121411944283;

Variable Format: numeric

Notes: UNF:6:w0U+5izTCPF155xBiCTu+w==

f3423599 Location:

Summary Statistics: Valid 1767.0; Max. 100818.5032; Mean 11096.448306762195; StDev 14738.856674064615; Min. 153.076176

Variable Format: numeric

Notes: UNF:6:BhSiSuT9eXNUVR80EHwJ+w==

f3423599 Location:

Summary Statistics: Max. 16.5; Valid 389.0; Mean 5.15064267352185; StDev 2.3122446024091308; Min. 2.0

Variable Format: numeric

Notes: UNF:6:rSa+YENWtt/v+nvDysgIJg==

f3423599 Location:

Summary Statistics: Mean 1.8221079691516713; Max. 5.0; Valid 389.0; StDev 1.13565671026519; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:fqsDdBbSCbDhO1tjwFkIPA==

f3423599 Location:

Summary Statistics: Max. 15.0; Min. 1.0; Valid 389.0; Mean 3.3285347043701803; StDev 1.7684544367321609

Variable Format: numeric

Notes: UNF:6:1KgECKFpoEP89W5eLNh/9Q==

f3423596 Location:

Summary Statistics: Max. 2012.0; Valid 34.0; Min. 1989.0; StDev 6.036431286264825; Mean 2000.5294117647059

Variable Format: numeric

Notes: UNF:6:9PLjdQWlIHpOUAMePXaCJQ==

f3423596 Location:

Variable Format: character

Notes: UNF:6:wxQlOjKM9Tab45V83bppsA==

f3423596 Location:

Summary Statistics: Mean 15.5; Max. 30.0; Min. 1.0; StDev 8.803408430829505; Valid 30.0

Variable Format: numeric

Notes: UNF:6:Qv2MKwnYUcv7wKXnG3Vqsg==

f3423598 Location:

Variable Format: character

Notes: UNF:6:ZZmLnzYOanSXKznXQRvxRw==

f3423598 Location:

Variable Format: character

Notes: UNF:6:/xaODd0UsQ9B6Y/IbGVcjg==

f3423598 Location:

Summary Statistics: Max. 2013.0; Valid 1414.0; Min. 1987.0; Mean 1998.1831683168316; StDev 7.381887102056123

Variable Format: numeric

Notes: UNF:6:yddTLnKeLpYUk8ImSbBHyQ==

f3423598 Location:

Summary Statistics: Max. 76.0; Mean 38.76237623762352; StDev 22.05304931334607; Min. 1.0; Valid 1414.0;

Variable Format: numeric

Notes: UNF:6:+4F4j+r/yRqeiCljmv0VxA==

f3423598 Location:

Summary Statistics: StDev 290.94343871153023; Mean 458.5997171145688; Min. 111.0; Valid 1414.0; Max. 968.0

Variable Format: numeric

Notes: UNF:6:m4UXOe8RUy1XYw8DQ5aD7Q==

f3423598 Location:

Summary Statistics: Min. 0.0; StDev 0.439698845905655; Max. 1.0; Mean 0.261669024045262; Valid 1414.0;

Variable Format: numeric

Notes: UNF:6:F+ZPZIVmYX4A5L5+wMYoIA==

f3423598 Location:

Summary Statistics: StDev 0.1441560543186063; Mean 0.02121640735502122; Max. 1.0; Valid 1414.0; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:qqhabystA3TGYiUGAB2Utw==

f3423598 Location:

Summary Statistics: Max. 15.0; StDev 2.959860298815764; Valid 30.0; Mean 4.401666666666666; Min. 0.0;

Variable Format: numeric

Notes: UNF:6:lQRRBrMnBD1NU8lNAIzJow==

f3423598 Location:

Summary Statistics: Max. 15.0; StDev 2.8695307798578713; Min. 1.75; Valid 30.0; Mean 5.21

Variable Format: numeric

Notes: UNF:6:USmNsuEOCRJ/oN3sj/BGnw==

f3423598 Location:

Summary Statistics: Max. 15.0; Mean 6.118333333333333; StDev 2.849878501140771; Valid 30.0; Min. 2.5

Variable Format: numeric

Notes: UNF:6:cuKr/cq0JNldcqZQwBq6uA==

f3423598 Location:

Summary Statistics: Min. -9.0; Valid 1408.0; Mean 7.064630681818178; Max. 10.0; StDev 3.938864595994964

Variable Format: numeric

Notes: UNF:6:C/CSeZkhTivsEWxd1NY1Zg==

f3423598 Location:

Summary Statistics: Min. 0.185870421; Max. 221.2885051; StDev 44.29159456572746; Mean 46.17924432853888; Valid 1119.0;

Variable Format: numeric

Notes: UNF:6:SlsKQNhjtGMblgxbkvkHAg==

f3423598 Location:

Summary Statistics: StDev 18.60619620214225; Max. 126.0248045; Min. 5.50798767; Valid 1392.0; Mean 33.78608296160273;

Variable Format: numeric

Notes: UNF:6:E/6u+aofI+XoxUlUpEY7kA==

f3423598 Location:

Summary Statistics: Valid 1368.0; StDev 2.9661889415952225; Min. -6.897608749; Max. 31.79874474; Mean 2.605923755358187

Variable Format: numeric

Notes: UNF:6:dRARfoKGNjcfTaEZjyCTAg==

f3423598 Location:

Summary Statistics: Mean 8907.266125596161; Min. 153.076176; Valid 1407.0; Max. 87998.44468; StDev 12603.269072104227

Variable Format: numeric

Notes: UNF:6:mSfgU+5q2Nc1YqtZsKJHGg==

f3423598 Location:

Summary Statistics: Min. 0.0; Mean 0.42371844236176703; Valid 1313.0; StDev 0.20028570566277054; Max. 0.932777778

Variable Format: numeric

Notes: UNF:6:s69d1EzIAyfYiEcxlN4vDg==

f3423598 Location:

Summary Statistics: Max. 1.0; Min. 0.0; Valid 1346.0; StDev 0.3005074780001868; Mean 0.10029717682020817

Variable Format: numeric

Notes: UNF:6:dtCIx3KKzrMvU+pnuNu5nQ==

f3423598 Location:

Summary Statistics: Mean 0.02005943536404165; Valid 1346.0; Max. 1.0; Min. 0.0; StDev 0.1402557283224641

Variable Format: numeric

Notes: UNF:6:OF9pMTpmDBw5hfljV3stgg==

f3423598 Location:

Summary Statistics: Valid 1346.0; Max. 1.0; Mean 0.008172362555720675; Min. 0.0; StDev 0.09006442969245176

Variable Format: numeric

Notes: UNF:6:+/bbxYosMnefa28Zt13DPA==

f3423598 Location:

Summary Statistics: Min. 0.0; Max. 1.0; Valid 1346.0; StDev 0.1613998869153933; Mean 0.026745913818722215

Variable Format: numeric

Notes: UNF:6:CcZ5yCHyNDyplfn76pLueQ==

f3423598 Location:

Summary Statistics: Valid 1298.0; Mean 36.23094797781203; StDev 280.02342731861097; Max. 7481.664; Min. -2.477457;

Variable Format: numeric

Notes: UNF:6:NKaViiQ3EdpxO7GT9GpPcQ==

f3423598 Location:

Summary Statistics: Max. 15.0; Min. 1.0; Mean 8.178311499272194; StDev 3.7706763012601074; Valid 1374.0;

Variable Format: numeric

Notes: UNF:6:Dm9VZwCcNrQsZLY9I8pE3g==

f3423598 Location:

Summary Statistics: Valid 1248.0; Mean 2.638621794871794; StDev 1.161400873239645; Max. 4.0; Min. 1.0

Variable Format: numeric

Notes: UNF:6:LICsagLkFJazkZJTsGMNiQ==

f3423598 Location:

Summary Statistics: Max. 0.9327778; StDev 0.20050530515786436; Valid 1414.0; Min. 0.0; Mean 0.4314146850777934

Variable Format: numeric

Notes: UNF:6:Vw1CKhCMB9kdNivGxC6faw==

f3423598 Location:

Summary Statistics: Valid 1373.0; Min. 0.0; Mean 0.9504734158776413; Max. 2.0; StDev 0.9676367292811912

Variable Format: numeric

Notes: UNF:6:aXc/Y4RSfXajA5qxK7wI5Q==

f3423598 Location:

Summary Statistics: Min. 1.0; Max. 3.0; Valid 1065.0; StDev 0.942874872674811; Mean 1.938028169014084

Variable Format: numeric

Notes: UNF:6:Cp6LMA9kUmSGKqmzGY0jjg==

f3423598 Location:

Summary Statistics: Mean 0.5482156225468167; Min. 0.0; StDev 0.3536274246619886; Valid 1335.0; Max. 1.0

Variable Format: numeric

Notes: UNF:6:FOhtlrKpgJ5crKVGSBztIw==

f3423598 Location:

Summary Statistics: Valid 934.0; Max. 2408.543; Min. -0.5857857; Mean 34.99396489721627; StDev 181.82542350492508

Variable Format: numeric

Notes: UNF:6:/5JNh/R3B599/A93zcvVaA==

Label:

1) ReadMe.pdf

application/pdf

Label:

analysis.R

type/x-r-syntax

Label:

create_riskset.do

application/x-stata-syntax