(LUẬN văn THẠC sĩ) the relationship between inflation and inflation uncertainty in vietnam over the period 1995 2010

UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHI MINH CITY THE HAGUE VIETNAM THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE RELATIONSHIP BETWEEN INFLATION AND INFLATION UNCERTAINTY IN VIETNAM OVER THE PERIOD 1995-2010 BY NGUYỄN VĂN DŨNG MASTER OF ARTS IN DEVELOPMENT ECONOMICS HO CHI MINH CITY, NOVEMBER, 2011 TIEU LUAN MOI download : skknchat@gmail.com UNIVERSITY OF ECONOMICS INSTITUTE OF SOCIAL STUDIES HO CHI MINH CITY THE HAGUE VIETNAM THE NETHERLANDS VIETNAM - NETHERLANDS PROGRAMME FOR M.A IN DEVELOPMENT ECONOMICS THE RELATIONSHIP BETWEEN INFLATION AND INFLATION UNCERTAINTY IN VIETNAM OVER THE PERIOD 1995-2010 A thesis submitted in partial fulfilment of the requirements for the degree of MASTER OF ARTS IN DEVELOPMENT ECONOMICS By NGUYỄN VĂN DŨNG Academic Supervisor: DR TỪ VĂN BÌNH HO CHI MINH CITY, NOVEMBER, 2011 TIEU LUAN MOI download : skknchat@gmail.com TABLE OF CONTENTS List of Tables iv List of Figures iv List of Acronyms v Acknowledgement vi Abstract vii Chapter 1: Introduction 1.1 Background of the Study 1.2 Problem Statement 1.3 Research Objectives 1.4 Research Questions 1.5 Research Hypotheses 1.6 Justification of the Study 1.7 Scope of the Study 1.8 Organization of the Study Chapter 2: Literature Review 2.1 Inflation Uncertainty 2.2 Theories about the inflation-inflation uncertainty relationship 2.3 Approaches to estimate inflation uncertainty 2.4 Methods to test the causal relationship between inflation and inflation uncertainty 12 2.5 Empirical studies about the inflation-inflation uncertainty relationship 13 2.6 Conceptual Framework 24 2.7 Chapter Summary 26 Chapter 3: Research Methodology and Data 27 3.1 Research Methodology 27 3.1.1 Descriptive statistics 27 3.1.2 Unit root testing 27 3.1.3 Diagnostic tests for serial correlation, heteroskedasticity and ARCH effects 29 ii TIEU LUAN MOI download : skknchat@gmail.com 3.1.4 Measuring inflation uncertainty 30 3.1.5 Granger causality tests 31 3.1.6 Analytical Framework 32 3.2 Data 33 3.3 Chapter Summary 33 Chapter 4: Findings and Discussion 34 4.1 Descriptive statistics 34 4.2 Unit root testing 35 4.3 OLS estimation of AR(p) model of inflation 36 4.4 Measuring inflation uncertainty 39 4.5 Granger causality tests 46 4.6 Comparison with previous studies 48 4.7 Chapter Summary 49 Chapter 5: Conclusion and Policy Implications 51 5.1 Conclusion 51 5.2 Policy Implications 51 5.3 Limitation and Further Studies 55 5.3.1 Limitation 55 5.3.2 Further Studies 55 References 57 iii TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 List of Tables Table 2.1: Early empirical studies about the inflation-inflation uncertainty relationship 19 Table 2.2: Empirical studies about the inflation-inflation uncertainty relationship using the simultaneous estimation approach 20 Table 2.3: Empirical studies about the inflation-inflation uncertainty relationship using the two-step approach with symmetric GARCH models to estimate inflation uncertainty 21 Table 2.4: Empirical studies about the inflation-inflation uncertainty relationship using the two-step approach with the extensions of GARCH model to capture the asymmetric inflation uncertainty 22 Table 4.1: Unit root tests 35 Table 4.2: Lag selection of AR(p) process 36 Table 4.3: OLS estimation of AR(13) model 37 Table 4.4: AR(13)-(GARCH(1,1), TARCH(1,1), PARCH(1,1), EGARCH(1,1)) models 39 Table 4.5: Granger Causality Tests 46 List of Figures Figure 4.1: Descriptive statistics of inflation in Vietnam 1995-2010 34 Figure 4.2: Average rates of inflation by month in the period 1995-2010 (%) 34 Figure 4.3: Inflation uncertainty of the AR(13)-EGARCH(1,1) model 45 Figure 4.4: Inflation and inflation uncertainty over the period 1995-2010 46 iv TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 List of Acronyms AIC: Akaike Information Criterion AR: Autoregressive ARCH: Autoregressive Conditional Heteroskedasticity EGARCH: Exponential Generalized Autoregressive Conditional Heteroskedasticity GARCH: Generalized Autoregressive Conditional Heteroskedasticity HQ: Hannan-Quinn criterion OLS: Ordinary least squares PARCH: Power Autoregressive Conditional Heteroskedasticity SBV: State Bank of Vietnam SC: Schwartz criterion TARCH: Threshold Autoregressive Conditional Heteroskedasticity UK: the United Kingdom US: the United States of America v TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 Acknowledgement I would like to express my sincere gratitude to my supervisor Dr Tu Van Binh who gave me valuable guidelines, comments, suggestions, and inspiration for the successful completion of this study Besides, his friendly and inspiring approach has given me a great deal of encouragements to overcome difficulties in the whole research process I am also thankful to all lecturers and program administrators in the Vietnam – The Netherlands Program for M.A in Development Economics They gave me wonderful knowledge and help me kindly during the course Last but not least, I would like to express my appreciation to my family, my friends who have given me a lot of support when I pursue my studies at the program vi TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 prices in the domestic market (as import accounting for the majority of the country's GDP), and make the income of the residents more valuable With respect to fiscal policy, the government must control government spending, public investment and investment of SOEs tightly Specifically, unnecessary administrative expenses in state agencies must be reduced to lower pressure on the demand side Most importantly, the government must improve the effectiveness of public investment and SOEs investment; inefficient projects must be strongly eliminated With respect to administrative measures, the government must improve the network of supplying goods so that goods going from producers to consumers through less middle men, which reduces transaction costs and price level especially in high-demand period such as Lunar New Year, new school year Additionally, the authority has to limit the speculation of necessities (such as food which accounts for nearly 50% of CPI basket), support the low-income people through various social programs Finally, there must be good coordination among different departments and local authorities in the implementing stage to create collective power to ensure the success of inflation stabilization programs In summary, strong coordination among fiscal policy, monetary policy, and administrative measures would help to respond effectively to all causes of inflation In particular, fiscal policy would help reduce the “pain” caused by tightening monetary policy (for example, people having monthly income lower than VND million are exempted from personal income tax from August to December 2011; enterprises are reduced by 30% corporate income tax in 2011), making the fight against inflation does not affect sustainable growth and employment As for the relationship running from inflation uncertainty to inflation, the strong evidence of the Cukierman-Meltzer hypothesis explicitly shows an “opportunistic” SBV which has not followed the price stabilization policy consistently In other words, it supports the government's development and industrialization targets, and often finances the fiscal deficits that results In order to 53 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 reduce inflation uncertainty, the monetary authorities should adopt the following recommendations Firstly, the government and SBV must show strong determination of controlling inflation, consider it as the top priority Policy responses must be announced and implemented quickly whenever there are threats of inflation Moreover, the authorities must monitor the implementation process, making sure that the policies have quick, strong, stable and predictable effects These quick responses and proper monitoring will create belief in the investors and public; thereby inflation uncertainty can be reduced both in the short-run and long-run Secondly, the government and SBV have to eliminate asymmetric information problem to ensure that the general public are well-informed of causes, current state, solutions, and forecasts of inflation In particular, information about food prices, fuels, as well as exchange rate, interest rate policy, credit growth target, forecast of essential import and export product prices, etc should be better explained and broadcast to the general public through various forms of the media (television, radio, newspapers, internet, etc.) These actions help to communicate the policy stance, rationalize and anchor inflation expectation Thirdly, SBV, the main agency responsible for fighting inflation, must be strengthened to set and implement monetary policy more effectively Currently, SBV exhibits many weaknesses such as weak autonomy and overreliance on administrative instruments These drawbacks are due to not only political but also technical factors In terms of political side, the governor does not have full autonomy to make and implement monetary measures to achieve the inflationary target Technically, SBV tends to use administrative measures, which indicates “central planning” way of managing monetary policy, which is old-fashioned in the modern market economy Hence, SBV must be restructured in terms of organization, operations and human resources to perform its function better This would eventually increase SBV’s transparency and accountability, which helps reduce uncertainty 54 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 If these measures are implemented successfully, uncertainty will be eliminated, reducing much economic loss 5.3 Limitation and Further Studies 5.3.1 Limitation Although this study has answered all the research questions about the inflation-inflation uncertainty relationship properly, it also has some limitations First, as discussed in the literature review section, the two-step approach has the problem of generated regressors Inflation uncertainty generated in the first step is employed as the regressor in the second step This causes the problem of multicollinearity because inflation and inflation uncertainty have a strong relationship Consequently, the standard errors in the Granger tests are biased, which may cause the biasness of Granger tests’ results Second, it does not take into account monetary and exchange rate regimes explicitly in the model Third, the data cover a relatively short time span of only sixteen years since 1995 when inflation and macro economy in Vietnam have been relatively stable The difficulties in obtaining inflation data in from 1986 to 1994 refrained us from investigating the relationship for this very interesting period with a lot of volatility and changes in macro economy 5.3.2 Further Studies The credibility of monetary policy plays an important role in determining the level of inflation uncertainty Hence, further study should employ different models which can consider effects of monetary and exchange rate regimes on inflation uncertainty explicitly Additionally, future study may investigate this relationship after the year 2010 to identify whether the above-mentioned results continue hold for Vietnam, especially whether we can find a “stabilizing” SBV after 2010 55 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 Potential studies may also examine the effect of inflation as well as inflation uncertainty on real output growth employing the method of estimating inflation uncertainty presented in this research Moreover, it is interesting to use Markovswitching model to investigate the negative impacts of inflation as well as inflation uncertainty on real output growth in Vietnam which have experienced different inflation regimes from hyperinflation in late 1980s-early 1990s to stable inflation in late 1990s- early 2000s, and surging inflation since 2007 56 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 (LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010(LUAN.van.THAC.si).the.relationship.between.inflation.and.inflation.uncertainty.in.vietnam.over.the.period.1995.2010 References Alesina, A., & Summers, H L (1993) Central bank independence 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