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Table 1. OLS regressions for the relationship between CBI and inflation

Period and CBI proxy:

CBI coefficient

t-statistic

R2 (adj.)

No. obs.

Bivariate models

(1) 1980-89; new TOR

30.55

2.57 ***

0.20

76

(2) 1980-89; Cukierman TOR

39.20

2.76 **

020

46

(3) 1990-98; new TOR

23.26

2.30 **

0TÎ

76

Multivariate mode

s

(4) 1980-89; new TOR

14.61

1.33

0.46

55

(5) 1980-89; Cukierman TOR

24.04

1.70 *

0.53

29

(6) 1990-98; new TOR

15.34

152

027

63

Note: heteroscedasticity-consistent t-ratios (White, 1980). In the regressions for the multivariate model
political instability, openness, the log of GDP per capita, a dummy for the exchange rate regime and the
debt-to-GDP ratio are included as control variables. *,**,*** denote 10%, 5%, and 1% significance
levels, respectively.



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