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Causality between credit depth and economic growth: Evidence from 24 OECD countries
(30.04.2015)
BOFIT Discussion Papers 15/2015
BOFIT Discussion Papers 15/2015
Causality between the ratio of domestic private credit to GDP and growth in real GDP per capita is investigated in a country-by-country time-series framework for 24 OECD economies over the period 1980–2013. The proposed ...
Does bank liquidity creation contribute to economic growth? Evidence from Russia
(04.03.2015)
BOFIT Discussion Papers 7/2015
BOFIT Discussion Papers 7/2015
The financial crisis has shown that the liquidity creation function of banks is critical for the economy. In this paper, we empirically investigate whether bank liquidity creation fosters economic growth in a large emerging ...
Fixed exchange rate regimes, real undervaluation and economic growth
(10.08.2015)
BOFIT Discussion Papers 23/2015
BOFIT Discussion Papers 23/2015
This paper empirically studies how a fixed exchange rate regime (FERR) may promote economic growth by undermining the Balassa-Samuelson effect. When total factor productivity (TFP) is faster in the industrial sector than ...
The internationalization of the RMB, capital market openness, and financial reforms in China
(12.02.2015)
BOFIT Discussion Papers 4/2015
BOFIT Discussion Papers 4/2015
This paper provides an overview of Chinese financial and trade integration in recent decades, and the challenges facing China in the coming years. China had been a prime example of export-led growth, benefiting from ...