share of inflation variation due to a global factor has become larger since 1985. Third, over most of the post-WWII period …, international comovements within regions have accounted for the bulk of fluctuations in business cycle and inflation. Fourth, prices …

shocks, demand shocks, external shocks and demographic changes, the issue of inflation (INF) has also been found to be … determinants such as output growth rate, interest rate, trade-openness (TO) and oil price inflation (OPI). Design …/methodology/approach - To examine the dynamic nature of association between fiscal deficit and inflation, the study applies the Toda …