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Government credit and trade war
(23.04.2019)
BOFIT Discussion Papers 7/2019
BOFIT Discussion Papers 7/2019
By merging transaction-level trade data from China Customs and loan data from the China Development Bank (CDB), we analyze the effects of government credit on trade activities. We find that CDB credit mainly flows to SOEs ...
Does People’s Bank of China communication matter? Evidence from stock market reaction
(25.04.2019)
BOFIT Discussion Papers 9/2019
BOFIT Discussion Papers 9/2019
This paper tests whether the People's Bank of China's communication affects expectations of market participants and matters as a monetary policy instrument. For that purpose, we first rely on a computational linguistic ...
Should we care? : The economic effects of financial sanctions on the Russian economy
(29.07.2019)
BOFIT Discussion Papers 13/2019
BOFIT Discussion Papers 13/2019
We employ a Bayesian VAR model to estimate the economic effects on the Russian economy from Western financial sanctions imposed in 2014. Sanctions caused a decrease in the amount of out-standing Russian corporate external ...
China's lost generation: Changes in beliefs and their intergenerational transmission
(04.07.2019)
BOFIT Discussion Papers 11/2019
BOFIT Discussion Papers 11/2019
Beliefs about whether effort pays off govern some of the most fundamental choices individuals make. This paper uses China’s Cultural Revolution to understand how these beliefs can be affected, how they impact behavior, and ...
Fertility cost, intergenerational labor division, and female employment
(30.07.2019)
BOFIT Discussion Papers 14/2019
BOFIT Discussion Papers 14/2019
This paper considers the role of grandparental childcare in China’s extraordinarily high female labor-market participation rate. Indeed, the high female labor-market participation and low labor-income penalty for childbirth ...
Deposit insurance, market discipline and bank risk
(27.06.2019)
BOFIT Discussion Papers 10/2019
BOFIT Discussion Papers 10/2019
Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on within-bank variation in the ratio of firm deposits to total household and firm deposits, so as to capture ...
Evaluating international impacts of China-specific shocks in an input-output framework
(06.09.2019)
BOFIT Discussion Papers 17/2019
BOFIT Discussion Papers 17/2019
The slowing in China’s massive economy has wide implications. China plays an essential role in international production chains, so disturbances can spill over to other economies in the global production network. We evaluate ...
The formation of hidden negative capital in banking : A product mismatch hypothesis
(03.04.2019)
BOFIT Discussion Papers 6/2019
BOFIT Discussion Papers 6/2019
This paper investigates the phenomenon of hidden negative capital (HNC) associated with bank failures and introduces a product mismatch hypothesis to explain the formation of HNC. Given that troubled banks tend to hide ...
Interest rate spillovers from the United States : expectations, term premia and macro-financial vulnerabilities
(16.10.2019)
BOFIT Discussion Papers 20/2019
BOFIT Discussion Papers 20/2019
We analyse how movements in the components of sovereign bond yields in the United States affect long-term rates in 10 advanced and 21 emerging economies. The paper documents significant global spillovers from both the ...
Sanctions and counter-sanctions : What did they do?
(09.12.2019)
BOFIT Discussion Papers 24/2019
BOFIT Discussion Papers 24/2019
Taking the multilateral sanctions program launched against Russia in 2014 as a case study, this paper investigates the economic effects of sanctions and counter-sanctions on a target economy. A synthetic control method for ...