Индексы базовой инфляции в России
Importance Many economic agents hide the facts of bribery they were involved into, so it is important to study the nature of corruption perceptions to estimate the latent phenomenon. The difference between estimations on official data and perceptions prove that need. Moreover, anticorruption legislation may not work in case of strong pro-corruptive institutions.
Objectives Revealing relationship of corruption perceptions to different factors, especially for transitional economies.
Methods Nonparametric and regression empirical estimations. The relationship between corruption perceptions (CPI) and GDP per capita, wellbeing, shadow economy size and institutional characteristics, such as government quality.
Results We have found empirical evidence for the hypothesis that shadow economy and corruption can be both substitutes and complements, the last is true for high income and low shadow economy countries. If shadow economy is huge, the relationship vanishes. Income is relevant in macro-analysis, but on individual data the relationship does not seem to be strong. Institutional quality has negative relationship with corruption perceptions, both for formal and informal institutions. We also touch upon the question of the difference between informal institutions, such as trust, in developed European and post-socialist countries.
Conclusions and Relevance Results can be used in long-term anticorruption policy, as institutional changes can lead to lower corruption.
We apply several tests to the underlying inflation measures used in practice by central banks and/or proposed in the academic literature in an attempt to find the best-performing indicators. We find that although there is no single best measure of under- lying inflation, indicators calculated on the basis of dynamic factor models are generally among the best performers. These best performers not only outdid the simpler traditional underlying indicators (trimmed and exclusion-based measures) but also proved to be economically meaningful and interpretable.