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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 ...
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 ...
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 ...
Central bank independence and systemic risk
(16.06.2020)
BOFIT Discussion Papers 13/2020
BOFIT Discussion Papers 13/2020
We investigate the relationship of central bank independence and banks’ systemic risk measures. Our results support the case for central bank independence, revealing that central bank independence has a robust, negative, ...