<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2448-7678</journal-id>
<journal-title><![CDATA[Investigación administrativa]]></journal-title>
<abbrev-journal-title><![CDATA[Investig. adm.]]></abbrev-journal-title>
<issn>2448-7678</issn>
<publisher>
<publisher-name><![CDATA[Instituto Politécnico Nacional, Escuela Superior de Comercio y Administración]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2448-76782022000100002</article-id>
<article-id pub-id-type="doi">10.35426/iav51n129.02</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Inflation and Bank Credit]]></article-title>
<article-title xml:lang="es"><![CDATA[Inflación y Crédito Bancario]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Tinoco-Zermeño]]></surname>
<given-names><![CDATA[Miguel Ángel]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Torres-Preciado]]></surname>
<given-names><![CDATA[Víctor Hugo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[Francisco]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad de Colima  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad de Colima  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Instituto Politécnico Nacional  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Mexico</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2022</year>
</pub-date>
<volume>51</volume>
<numero>129</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S2448-76782022000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S2448-76782022000100002&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S2448-76782022000100002&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract: The objective of this paper is to assess empirically the e&#64256;ects of inflation rates on bank credit using panel data of the 32 Mexican states during 2003-2015. Our research method utilizes static models (pooled OLS, fixed e&#64256;ects, and random e&#64256;ects) and dynamic models (mean group, pooled mean group, and dynamic fixed e&#64256;ects) to analyze the relationship in the short and long runs. The main empirical result indicates that inflation rates exert negative e&#64256;ects on credit in the long run, but those e&#64256;ects tend to be positive in the short run. Concerning originality and findings, few papers study inflation and bank credit under macroeconomic stability, or in the case of Mexico with static and dynamic panel data models. However, one research limitation is the lack of data to apply the methodology before 1999 when inflation rates used to be higher. This would be useful to compare macroeconomic stability with instability.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen: El objetivo de este trabajo es evaluar empíricamente los efectos de las tasas de inflación sobre el crédito bancario utilizando datos de panel de los 32 estados mexicanos durante 2003-2015. Nuestro método de investigación utiliza modelos estáticos (MCO agrupados, efectos fijos y efectos aleatorios) y modelos dinámicos (grupo medio, grupo medio agrupado y efectos fijos dinámicos) para analizar la relación a corto y largo plazo. El principal resultado empírico indica que las tasas de inflación ejercen efectos negativos sobre el crédito en el largo plazo, pero esos efectos tienden a ser positivos en el corto plazo. En cuanto a originalidad y hallazgos, pocos trabajos estudian la inflación y el crédito bancario bajo estabilidad macroeconómica o en el caso de México utilizando modelos de datos de panel estáticos y dinámicos. Sin embargo, una limitación de la investigación es la falta de más datos para aplicar la metodología antes de 1999, cuando las tasas de inflación solían ser más altas. Esto sería útil para comparar la estabilidad macroeconómica con la inestabilidad.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[bank credit]]></kwd>
<kwd lng="en"><![CDATA[regional and sector analysis]]></kwd>
<kwd lng="en"><![CDATA[panel models]]></kwd>
<kwd lng="en"><![CDATA[E44]]></kwd>
<kwd lng="en"><![CDATA[R11]]></kwd>
<kwd lng="en"><![CDATA[C23]]></kwd>
<kwd lng="es"><![CDATA[crédito bancario]]></kwd>
<kwd lng="es"><![CDATA[análisis regional y sectorial]]></kwd>
<kwd lng="es"><![CDATA[modelos de panel]]></kwd>
<kwd lng="es"><![CDATA[E44]]></kwd>
<kwd lng="es"><![CDATA[R11]]></kwd>
<kwd lng="es"><![CDATA[C23]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Acharya]]></surname>
<given-names><![CDATA[V. V.]]></given-names>
</name>
<name>
<surname><![CDATA[Crosignani]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Eisert]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Eufinger]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Zombie credit and (dis)inflation: Evidence from Europe]]></source>
<year>2020</year>
<numero>27158</numero>
<issue>27158</issue>
</nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Abango]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Yusif]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Issifu]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Monetary aggregates targeting, inflation targeting and inflation stabilization in Ghana]]></article-title>
<source><![CDATA[African Development Review]]></source>
<year>2019</year>
<volume>31</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>448-61</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Adaramola]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Dada]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impact of inflation on economic growth: Evidence from Nigeria]]></article-title>
<source><![CDATA[Investment Management and Financial Innovations]]></source>
<year>2020</year>
<volume>17</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Alb]]></surname>
<given-names><![CDATA[N. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Durguti]]></surname>
<given-names><![CDATA[E. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of inflation on growth]]></article-title>
<source><![CDATA[International Journal of Finance &amp; Banking Studies]]></source>
<year>2019</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-9</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Almaki]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Batayneh]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The relationship between inflation and financial development in Saudi Arabia]]></article-title>
<source><![CDATA[The Journal of Developing Areas]]></source>
<year>2015</year>
<volume>49</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>322-32</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Al-Mutari]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Al-Abduljader]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Naser]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of inflation in Kuwait]]></article-title>
<source><![CDATA[The Journal of Developing Areas]]></source>
<year>2020</year>
<volume>54</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>19-34</page-range></nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ang]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A survey of recent developments in the literature of finance and growth]]></article-title>
<source><![CDATA[Journal of Economic Surveys]]></source>
<year>2008</year>
<volume>22</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>536-76</page-range></nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Asandului]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Lupu]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Maha]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Vioric&#259;]]></surname>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The asymmetric e&#64256;ects of fiscal policy on inflation and economic activity in post-communist European countries]]></article-title>
<source><![CDATA[Post-Communist Economies]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Azariadis]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Private information, money, and growth: Indeterminacy, fluctuations, and the Mundell-Tobin e&#64256;ect]]></article-title>
<source><![CDATA[Journal of Economic Growth]]></source>
<year>1996</year>
<volume>1</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>309-32</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Aydin]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The inflation-growth nexus: A dynamic panel threshold analysis for D-8 countries]]></article-title>
<source><![CDATA[Romanian Journal of Economic Forecasting]]></source>
<year>2017</year>
<volume>20</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>134-51</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bacilar]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Usman]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Agbede]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Revisiting the exchange rate pass-through to inflation in Africa&#8217;s two largest economies: Nigeria and South Africa]]></article-title>
<source><![CDATA[African Development Review]]></source>
<year>2019</year>
<volume>31</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>245-57</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Badura]]></surname>
<given-names><![CDATA[W. N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and finance-growth nexus in Sub-Saharan Africa]]></article-title>
<source><![CDATA[Journal of African Business]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="">
<collab>Banco de México</collab>
<source><![CDATA[Banca comercial crédito por entidad federativa, sector económico y situación de cartera - (CF246)]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baoko]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Acheampong]]></surname>
<given-names><![CDATA[I. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Ibrahim]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of bank credit in Ghana: A bounds-testing cointegration approach]]></article-title>
<source><![CDATA[African Review of Economics and Finance]]></source>
<year>2017</year>
<volume>9</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>33-61</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baum]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Caglayan]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ozkan]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of macroeconomic uncertainty on non-financial firms&#8217; demand for liquidity]]></article-title>
<source><![CDATA[Review of Financial Economics]]></source>
<year>2006</year>
<volume>15</volume>
<page-range>289-304</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Baum]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Caglayan]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Ozkan]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The second moments matter: The impact of macroeconomic uncertainty on the allocation of loanable funds]]></article-title>
<source><![CDATA[Economics Letters]]></source>
<year>2009</year>
<volume>102</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>87-9</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Besley]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Burgess]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Halving global poverty]]></article-title>
<source><![CDATA[Journal of Economic Perspectives]]></source>
<year>2003</year>
<volume>17</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>3-22</page-range></nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bist]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial development and economic growth: Evidence from a panel of 16 African and non-African low-level countries]]></article-title>
<source><![CDATA[Cogen Economics &amp; Finance]]></source>
<year>2018</year>
<volume>6</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bittencourt]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and financial development: Evidence from Brazil]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2011</year>
<volume>28</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>91-9</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bordo]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
<name>
<surname><![CDATA[Levy]]></surname>
<given-names><![CDATA[M. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Do enlarged fiscal deficits cause inflation? The historical record]]></article-title>
<source><![CDATA[Economic A&#64256;airs]]></source>
<year>2021</year>
<volume>41</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>59-83</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boyd]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of inflation on financial sector performance]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2001</year>
<volume>47</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>221-48</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Boyd]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sangmok]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation, financial markets, and capital formation]]></article-title>
<source><![CDATA[Federal Reserve Bank of St. Louis Review]]></source>
<year>1996</year>
<volume>78</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>9-35</page-range></nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cameron]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Trivedi]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<source><![CDATA[Microeconometrics using Stata Revised Edition]]></source>
<year>2010</year>
<publisher-name><![CDATA[Stata Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castellacci]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Technology clubs, technology gaps and growth trajectories]]></article-title>
<source><![CDATA[Structural Change and Economic Dynamics]]></source>
<year>2008</year>
<volume>19</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>301-14</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Castellanos]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Del Angel]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Garza-García]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Competition and e&#64259;ciency in the Mexican banking industry theory and empirical evidence]]></source>
<year>2016</year>
<publisher-name><![CDATA[Palgrave MacMillan US]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Corhay]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Tong]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation risk and the finance-growth nexus]]></source>
<year>2021</year>
<numero>3795679</numero>
<issue>3795679</issue>
</nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[da Silva]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of financial system development on business cycles volatility: cross-country evidence]]></article-title>
<source><![CDATA[Journal of Macroeconomics]]></source>
<year>2002</year>
<volume>24</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>233-53</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[de Gregorio]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Sturzenegger]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<source><![CDATA[Credit markets and the welfare costs of inflation]]></source>
<year>1994</year>
<numero>4873</numero>
<issue>4873</issue>
</nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dinh]]></surname>
<given-names><![CDATA[D. V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impulse response of inflation to economic growth dynamics: VAR model analysis]]></article-title>
<source><![CDATA[The Journal of Asian Finance, Economics and Business]]></source>
<year>2020</year>
<volume>7</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>219-28</page-range></nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Doan Van]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Money supply and inflation impact on economic growth]]></article-title>
<source><![CDATA[Journal of Financial Economic Policy]]></source>
<year>2020</year>
<volume>12</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>121-36</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Dua]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Goel]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of inflation in India]]></article-title>
<source><![CDATA[The Journal of Developing Areas]]></source>
<year>2021</year>
<volume>55</volume>
<numero>2</numero>
<issue>2</issue>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ehigiamusoe]]></surname>
<given-names><![CDATA[K. U.]]></given-names>
</name>
<name>
<surname><![CDATA[Guptan]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
<name>
<surname><![CDATA[Narayanan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Rethinking the impact of GDP on financial development: Evidence from heterogeneous panels]]></article-title>
<source><![CDATA[African Development Review]]></source>
<year>2021</year>
<volume>33</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ehigiamusoe]]></surname>
<given-names><![CDATA[K. U.]]></given-names>
</name>
<name>
<surname><![CDATA[Narayanan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Poon]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Revisiting the role of inflation in financial development: Unveiling non-linear and moderating e&#64256;ects]]></article-title>
<source><![CDATA[Asia-Pacific Journal of Business Administration]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Evans]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Money, inflation and output in Nigeria and South Africa: Could Friedman and Schwartz be right?]]></article-title>
<source><![CDATA[Journal of African Business]]></source>
<year>2019</year>
<volume>20</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>392-406</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fasanya]]></surname>
<given-names><![CDATA[I. O.]]></given-names>
</name>
<name>
<surname><![CDATA[Fajobi]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Adetokunbo]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Are fiscal deficits inflationary in Nigeria? New evidence from bounds testing to cointegration with structural breaks]]></article-title>
<source><![CDATA[Economic Annals]]></source>
<year>2021</year>
<volume>66</volume>
<numero>228</numero>
<issue>228</issue>
<page-range>123-47</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Fischer]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The role of macroeconomic factors in growth]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1993</year>
<volume>32</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>485-512</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Galati]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Kakes]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Moessner]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[E&#64256;ects of restrictions in the Netherlands on credit growth and inflation]]></article-title>
<source><![CDATA[Financial History Review]]></source>
<year>2021</year>
<volume>28</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>237-58</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Greene]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
</person-group>
<source><![CDATA[Econometric Analysis]]></source>
<year>2012</year>
<edition>7th</edition>
<publisher-name><![CDATA[Prentice Hall]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Goudy]]></surname>
<given-names><![CDATA[R. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Reddy]]></surname>
<given-names><![CDATA[M. K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A study on cointegration between inflation and economic growth in India]]></article-title>
<source><![CDATA[AIP Conference Proceedings]]></source>
<year>2020</year>
<volume>2246</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-7</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ha]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Stocker]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmazkuday]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and exchange rate pass-through]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2020</year>
<volume>105</volume>
</nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[He]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhang]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Zheng]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Wan]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial deepening, inclusive finance and economic growth: Analysis based on endogenous growth theory]]></article-title>
<source><![CDATA[Journal of Physics: Conference Series]]></source>
<year>2019</year>
<page-range>1-6</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Herman]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Klemm]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial deepening in Mexico]]></article-title>
<source><![CDATA[Journal of Banking and Financial Economics]]></source>
<year>2019</year>
<volume>1</volume>
<numero>11</numero>
<issue>11</issue>
<page-range>5­-18</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Honohan]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial development, growth and poverty: How close are the links?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Goodhart]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<source><![CDATA[Financial development and economic growth. Exploring the links]]></source>
<year>2004</year>
<page-range>1-37</page-range><publisher-name><![CDATA[Palgrave MacMillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Hossain]]></surname>
<given-names><![CDATA[A. A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Does money have a role in the inflation process? Evidence from Australia]]></article-title>
<source><![CDATA[Australian Economic Papers]]></source>
<year>2019</year>
<volume>58</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>113-29</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huang]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Lin]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Yeh]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and the finance-growth nexus]]></article-title>
<source><![CDATA[Economic Modelling]]></source>
<year>2010</year>
<volume>27</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>229-36</page-range></nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huybens]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial market frictions, monetary policy, and capital accumulation in a small open economy]]></article-title>
<source><![CDATA[Journal of Economic Theory]]></source>
<year>1998</year>
<volume>81</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>353-400</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Huybens]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation, financial markets and long-run real activity]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>1999</year>
<volume>43</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>283-315</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Im]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing for unit roots in heterogeneous panels]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>2003</year>
<volume>115</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>53-74</page-range></nlm-citation>
</ref>
<ref id="B49">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Inder]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimating long-run relationships in economics. A comparison of di&#64256;erent approaches]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1993</year>
<volume>57</volume>
<numero>1-3</numero>
<issue>1-3</issue>
<page-range>53-68</page-range></nlm-citation>
</ref>
<ref id="B50">
<nlm-citation citation-type="journal">
<collab>Instituto Belisario Domínguez</collab>
<article-title xml:lang=""><![CDATA[Sobre la estabilidad del sistema bancario ante la crisis por COVID-19]]></article-title>
<source><![CDATA[Notas Estratégicas]]></source>
<year>2020</year>
<volume>103</volume>
<page-range>1-10</page-range></nlm-citation>
</ref>
<ref id="B51">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ikpesu]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Banking sector credit, inflation and growth in sub-Saharan African countries]]></article-title>
<source><![CDATA[Journal of Transnational Management]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B52">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jelilov]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Iorember]]></surname>
<given-names><![CDATA[P. T.]]></given-names>
</name>
<name>
<surname><![CDATA[Usman]]></surname>
<given-names><![CDATA[O.]]></given-names>
</name>
<name>
<surname><![CDATA[Yua]]></surname>
<given-names><![CDATA[P. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Testing the nexus between stock market returns and inflation in Nigeria: Does the e&#64256;ect of COVID-19 pandemic matter?]]></article-title>
<source><![CDATA[Journal of Public A&#64256;airs]]></source>
<year>2020</year>
<page-range>20</page-range></nlm-citation>
</ref>
<ref id="B53">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Juhro]]></surname>
<given-names><![CDATA[S. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Narayan]]></surname>
<given-names><![CDATA[P. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Iyke]]></surname>
<given-names><![CDATA[B. N.]]></given-names>
</name>
<name>
<surname><![CDATA[Trisnanto]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is there a role for Islamic finance and R&amp;D in endogenous growth models in the case of Indonesia?]]></article-title>
<source><![CDATA[Pacific-Basin Finance Journal]]></source>
<year>2020</year>
<page-range>62</page-range></nlm-citation>
</ref>
<ref id="B54">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kagochi]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and financial sector development in Sub-Saharan African countries]]></article-title>
<source><![CDATA[Journal of Economic Studies]]></source>
<year>2019</year>
<volume>46</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>798-811</page-range></nlm-citation>
</ref>
<ref id="B55">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[M. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Teng]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[M. I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cointegration between macroeconomic factors and the exchange rate USD/CNY]]></article-title>
<source><![CDATA[Financial Innovation]]></source>
<year>2019</year>
<volume>5</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>1-15</page-range></nlm-citation>
</ref>
<ref id="B56">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Karki]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Bajara]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Dumre]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A review on impact of inflation on economic growth in Nepal]]></article-title>
<source><![CDATA[Archives of Agriculture and Environmental Science]]></source>
<year>2020</year>
<volume>5</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>576-82</page-range></nlm-citation>
</ref>
<ref id="B57">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Katusiime]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Private sector credit and inflation volatility]]></article-title>
<source><![CDATA[Economies]]></source>
<year>2018</year>
<volume>6</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B58">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Khan]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of inflation on financial development]]></article-title>
<source><![CDATA[International Journal of Innovation and Economic Development]]></source>
<year>2016</year>
<volume>1</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>42-8</page-range></nlm-citation>
</ref>
<ref id="B59">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kuzheliev]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Zherlitsyn]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Rekunenko]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Nechyporenko]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Nemsadze]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of inflation targeting on macroeconomic indicators in Ukraine]]></article-title>
<source><![CDATA[Banks and Bank Systems]]></source>
<year>2020</year>
<volume>15</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>94-104</page-range></nlm-citation>
</ref>
<ref id="B60">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lahiri]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Imported inflation through exchange rate in India]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Bhattacharyya]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[The gains and pains of financial integration and trade liberalization]]></source>
<year>2019</year>
<page-range>183-93</page-range><publisher-name><![CDATA[Emerald Publishing Limited]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B61">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Levin]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Lin]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Chu]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Unit root tests in panel data: Asymptotic and finite-sample properties]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>2002</year>
<volume>108</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-24</page-range></nlm-citation>
</ref>
<ref id="B62">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Levine]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial development and economic growth: Views and agenda]]></article-title>
<source><![CDATA[Journal of Economic Literature]]></source>
<year>1997</year>
<volume>35</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>688-726</page-range></nlm-citation>
</ref>
<ref id="B63">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loayza]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Ranciere]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Financial development, financial fragility, and growth]]></article-title>
<source><![CDATA[Journal of Money, Credit, and Banking]]></source>
<year>2006</year>
<volume>38</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1051-76</page-range></nlm-citation>
</ref>
<ref id="B64">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Loganathan]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Ismail]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Streimikiene]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Hassan]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Zavadskas]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Mardani]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tax reform, inflation, financial development and economic growth in Malaysia]]></article-title>
<source><![CDATA[Romanian Journal of Economic Forecasting]]></source>
<year>2017</year>
<volume>20</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>152-65</page-range></nlm-citation>
</ref>
<ref id="B65">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Lorente]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth, credit and inflation]]></article-title>
<source><![CDATA[Revista de Economía Institucional]]></source>
<year>2019</year>
<volume>21</volume>
<numero>40</numero>
<issue>40</issue>
<page-range>9-68</page-range></nlm-citation>
</ref>
<ref id="B66">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mahawiya]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Haim]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Fosu]]></surname>
<given-names><![CDATA[O. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[In search of inflation limits for financial sector development in ECOWAS and SADC regions: A panel smooth transition analysis]]></article-title>
<source><![CDATA[Cogent Economics &amp; Finance]]></source>
<year>2020</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-21</page-range></nlm-citation>
</ref>
<ref id="B67">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Moore]]></surname>
<given-names><![CDATA[B. J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation and financial deepening]]></article-title>
<source><![CDATA[Journal of Development Economics]]></source>
<year>1986</year>
<volume>20</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>123-33</page-range></nlm-citation>
</ref>
<ref id="B68">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ndou]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Gumata]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<source><![CDATA[Inflation dynamics in South Africa. The role of thresholds, exchange rate pass-through and inflation expectations on policy trade-o&#64256;s]]></source>
<year>2017</year>
<publisher-name><![CDATA[Palgrave Macmillan]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B69">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ohemeng]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Agyapong]]></surname>
<given-names><![CDATA[E. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Ofori-Boateng]]></surname>
<given-names><![CDATA[K. O.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Exchange rate and inflation dynamics: does the month or quarter of the year matter?]]></article-title>
<source><![CDATA[SN Business &amp; Economics]]></source>
<year>2021</year>
<volume>1</volume>
<numero>78</numero>
<issue>78</issue>
<page-range>1-24</page-range></nlm-citation>
</ref>
<ref id="B70">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Okorie]]></surname>
<given-names><![CDATA[I. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Akpanta]]></surname>
<given-names><![CDATA[A. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Ohakwe]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Chikezie]]></surname>
<given-names><![CDATA[D. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Onyemachi]]></surname>
<given-names><![CDATA[C. U.]]></given-names>
</name>
<name>
<surname><![CDATA[Ugwu]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Modeling the relationships across Nigeria inflation, exchange rate, and stock market returns and further analysis]]></article-title>
<source><![CDATA[Annals of Data Science]]></source>
<year>2021</year>
<volume>8</volume>
<page-range>295-329</page-range></nlm-citation>
</ref>
<ref id="B71">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ologbenla]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Determinants of fiscal policy in Nigeria]]></article-title>
<source><![CDATA[Investment Management and Financial Innovations]]></source>
<year>2019</year>
<volume>16</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>1-13</page-range></nlm-citation>
</ref>
<ref id="B72">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ouyang]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How e&#64256;ective is inflation targeting under di&#64256;erent levels of financial development?]]></article-title>
<person-group person-group-type="editor">
<name>
<surname><![CDATA[Cavoli]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Gopalan]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Rajan]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
</person-group>
<source><![CDATA[Complexities of financial globalization. Analytical and policy issues in emerging and developing economies]]></source>
<year>2020</year>
<publisher-name><![CDATA[Routledge]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B73">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ouyang]]></surname>
<given-names><![CDATA[A. Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Rajan]]></surname>
<given-names><![CDATA[R. S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The impact of financial development on the e&#64256;ectiveness of inflation targeting in developing economies]]></article-title>
<source><![CDATA[Japan and the World Economy]]></source>
<year>2019</year>
<volume>50</volume>
<page-range>25-35</page-range></nlm-citation>
</ref>
<ref id="B74">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Pooled mean group estimation of dynamic heterogeneous panels]]></article-title>
<source><![CDATA[Journal of the American Statistical Association]]></source>
<year>1999</year>
<volume>94</volume>
<numero>446</numero>
<issue>446</issue>
<page-range>621-34</page-range></nlm-citation>
</ref>
<ref id="B75">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Shin]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cointegration and speed of convergence to equilibrium]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1996</year>
<volume>71</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>117-43</page-range></nlm-citation>
</ref>
<ref id="B76">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Estimating long-run relationships from dynamic heterogeneous panels]]></article-title>
<source><![CDATA[Journal of Econometrics]]></source>
<year>1995</year>
<volume>68</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>79-113</page-range></nlm-citation>
</ref>
<ref id="B77">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pesaran]]></surname>
<given-names><![CDATA[M. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Smith]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Structural analysis of cointegrating VARs]]></article-title>
<source><![CDATA[Journal of Economic Surveys]]></source>
<year>1998</year>
<volume>12</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>471-505</page-range></nlm-citation>
</ref>
<ref id="B78">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rivera]]></surname>
<given-names><![CDATA[E. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Peralta Rojo]]></surname>
<given-names><![CDATA[L. A.]]></given-names>
</name>
<name>
<surname><![CDATA[González Gómez]]></surname>
<given-names><![CDATA[D. X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Analysis of the performance of the inflation and economic growth goals for Latin America]]></article-title>
<source><![CDATA[Journal of Administrative Science]]></source>
<year>2020</year>
<volume>1</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>22-32</page-range></nlm-citation>
</ref>
<ref id="B79">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rousseau]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Wachtel]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation thresholds and the finance-growth nexus]]></article-title>
<source><![CDATA[Journal of International Money and Finance]]></source>
<year>2002</year>
<volume>21</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>777-93</page-range></nlm-citation>
</ref>
<ref id="B80">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Rousseau]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmazkuday]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation, financial development, and growth: A trilateral analysis]]></article-title>
<source><![CDATA[nomic Systems]]></source>
<year>2009</year>
<volume>33</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>310-24</page-range></nlm-citation>
</ref>
<ref id="B81">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Saidi]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Threshold e&#64256;ect of institutions on finance-growth nexus in MENA region: New evidence from panel simultaneous equation model]]></article-title>
<source><![CDATA[Economics Bulletin]]></source>
<year>2020</year>
<volume>40</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>699-715</page-range></nlm-citation>
</ref>
<ref id="B82">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sargolzaei]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Bahrololoum]]></surname>
<given-names><![CDATA[M. M.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Inflation e&#64256;ects on finance-growth link: A panel smooth transition approach]]></article-title>
<source><![CDATA[American Journal of Industrial and Business Management]]></source>
<year>2019</year>
<volume>9</volume>
<numero>9</numero>
<issue>9</issue>
<page-range>1-7</page-range></nlm-citation>
</ref>
<ref id="B83">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Samargandi]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Fidrmuc]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Ghosh]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Is the relationship between financial development and economic growth monotonic? Evidence from a sample of middle-income countries]]></article-title>
<source><![CDATA[World Development]]></source>
<year>2015</year>
<volume>68</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>66-81</page-range></nlm-citation>
</ref>
<ref id="B84">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sanusi]]></surname>
<given-names><![CDATA[K. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Meyer]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[&#346;lusarczyk]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The relationship between changes in inflation and financial development]]></article-title>
<source><![CDATA[Polish Journal of Management Studies]]></source>
<year>2017</year>
<volume>16</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>253-65</page-range></nlm-citation>
</ref>
<ref id="B85">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Singh]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Padmakumari]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Stock market reaction to inflation announcement in the Indian stock market: A sectoral analysis]]></article-title>
<source><![CDATA[Cogent Economics &amp; Finance]]></source>
<year>2020</year>
<volume>8</volume>
<numero>1</numero>
<issue>1</issue>
</nlm-citation>
</ref>
<ref id="B86">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tinoco-Zermeño]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Torres-Preciado]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[E&#64256;ects of inflation on financial sector performance: New evidence from panel quantile regressions]]></article-title>
<source><![CDATA[Investigación Económica]]></source>
<year>2018</year>
<volume>77</volume>
<numero>303</numero>
<issue>303</issue>
<page-range>1-36</page-range></nlm-citation>
</ref>
<ref id="B87">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Tinoco-Zermeño]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Venegas-Martínez]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Torres-Preciado]]></surname>
<given-names><![CDATA[V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Growth, bank credit, and inflation in Mexico: Evidence from an ARDL-bounds testing approach]]></article-title>
<source><![CDATA[Latin American Economic Review]]></source>
<year>2014</year>
<volume>23</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>1-22</page-range></nlm-citation>
</ref>
<ref id="B88">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Uddin]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Impact of inflation on economic growth in Pakistan]]></article-title>
<source><![CDATA[Economic Consultant]]></source>
<year>2021</year>
<volume>34</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>33-41</page-range></nlm-citation>
</ref>
<ref id="B89">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wu]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Asymmetric impact of inflation on financial development]]></article-title>
<source><![CDATA[Journal of Testing and Evaluation]]></source>
<year>2021</year>
<volume>49</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>2336-52</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
