Haku
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What slice of the pie? The corporate bond market boom in emerging economies
(21.06.2016)
BOFIT Discussion Papers 8/2016
BOFIT Discussion Papers 8/2016
This paper studies the determinants of shifts in debt composition among emerging market non-financial corporates. We show that institutions and macro fundamentals create an enabling environment for bond market development. ...
Land rights, rental markets and the post-socialist cityscape
(16.11.2016)
BOFIT Discussion Papers 17/2016
BOFIT Discussion Papers 17/2016
Inefficiently organized, factory-dominated cityscapes have been one of the more enduring legacies of the twentieth century experiment with socialist central planning in Eastern Europe and the Soviet Union. Drawing on a ...
What shapes social attitudes toward corruption in China? Micro-level evidence
(05.12.2016)
BOFIT Discussion Papers 18/2016
BOFIT Discussion Papers 18/2016
This research investigates the determinants of corruption in China using micro-level data. We use survey data on 6,000 households from 28 provinces to estimate logit models that show how corruption perceptions and attitudes ...
A monetary policy rule for Russia, or is it rules?
(10.02.2016)
BOFIT Discussion Papers 2/2016
BOFIT Discussion Papers 2/2016
We estimate several monetary policy rules for Russia for the period 2003–2015. We find that the traditional Taylor rule describes the conduct of monetary policy in Russia reasonably well, whether coefficients are restricted ...
The pass-through to consumer prices in CIS economies: The role of exchange rates, commodities and other common factors
(04.11.2016)
BOFIT Discussion Papers 16/2016
BOFIT Discussion Papers 16/2016
This empirical study considers the pass-through of key nominal exchange rates and commodity prices to consumer prices in the Commonwealth of Independent States (CIS), taking into account the effect of idiosyncratic and ...
Optimal policy rules at home, crisis and quantitative easing abroad
(26.10.2016)
BOFIT Discussion Papers 15/2016
BOFIT Discussion Papers 15/2016
This paper examines the international transmission of financial shocks which originate in, and are partially offset by, quantitative easing in a large financially-stressed country. Using a two-country model, we evaluate ...
Banks as corporate monitors: Evidence from CEO turnovers in China
(19.12.2016)
BOFIT Discussion Papers 19/2016
BOFIT Discussion Papers 19/2016
This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans ...
Natural resources and capital structure
(29.08.2016)
BOFIT Discussion Papers 10/2016
BOFIT Discussion Papers 10/2016
This paper examines the effect of natural resources on capital structure of the firm. Using an extensive dataset of listed firms in 70 countries, we show that firms operating in resource extraction industries have less ...
Can the Chinese bond market facilitate a globalizing renminbi?
(06.02.2016)
BOFIT Discussion Papers 1/2016
BOFIT Discussion Papers 1/2016
A global renminbi needs to be backed by a large, deep and liquid renminbi bond market with a world-class Chinese government bond (CGB) market as its core. China’s CGB market is the seventh largest in the world while sitting ...
Are the twin or triple deficits hypotheses applicable to post-communist countries?
(18.02.2016)
BOFIT Discussion Papers 3/2016
BOFIT Discussion Papers 3/2016
This study empirically examines the validity of the twin and triple deficits hypotheses using bootstrap panel Granger causality analysis and an annual panel data set of six post-communist countries (Russia, Poland, Ukraine, ...