Ciccareli and Mojon (2005) also argue that in a sample of OECD economies domestic inflation is driven by a global inflation process, which at short horizons is a function of global real developments. The robustness of such evidence remains controversial, however, as empirical estimates depend on the specification of the estimated Phillips curve (Ihrig et al. (2007)). 6  Batini et al. (2005).
Measures such as robust contract enforcement and disclosure discipline go a long way in strengthening the financial systems. Every legislation has a time dimension and its relevance has to be seen vis-à-vis this dimension. With the changing environment, practices and processes change, necessitating a review of extant legislations.