Druck, Pablo; Plekhanov, Alexander; Dehesa, Mario - International Monetary Fund (IMF) - 2007
finds that higher credit-to-GDP ratios are associated with stronger creditor rights and lower inflation, and that the … marginal effect of improvements in creditor rights protection is declining as the rate of inflation increases. The analysis … suggests that in a high inflation environment, controlling inflation and reducing macroeconomic volatility should be given …