Haku
Viitteet 1-10 / 22
The offshore renminbi exchange rate: Microstructure and links to the onshore market
(28.09.2014)
BOFIT Discussion Papers 17/2014
BOFIT Discussion Papers 17/2014
The offshore renminbi (CNH) exchange rate is the exchange rate of the Chinese currency transacted outside China. We study the CNH exchange rate dynamics and its links with onshore exchange rates. Using a specialized ...
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 ...
The information content in the offshore Renminbi foreign-exchange option market : Analytics and implied USD/CNH densities
(23.10.2017)
BOFIT Discussion Papers 15/2017
BOFIT Discussion Papers 15/2017
In line with the deepening of the derivative foreign-exchange market in Hong Kong, we recover risk-neutral probability densities for future US dollar/offshore renminbi exchange rates as implied by exchange rate option ...
The Renminbi central parity : An empirical investigation
(11.05.2017)
BOFIT Discussion Papers 7/2017
BOFIT Discussion Papers 7/2017
On August 11, 2015, China revamped its procedure for setting the official central parity of the renminbi (RMB) against the US dollar. Our empirical investigation suggests that the intertemporal dynamics of China’s central ...
Discovering the signs of Dutch disease in Russia
(19.01.2015)
BOFIT Discussion Papers 3/2015
BOFIT Discussion Papers 3/2015
This paper examines the problem of Dutch disease in Russia during the oil boom of the 2000s, from both the theoretical and empirical points of view. Our analysis is based on the classical model of Dutch disease by Corden ...
Current account and REER misalignments in Central Eastern EU countries: an update using the macroeconomic balance approach
(07.10.2015)
BOFIT Discussion Papers 28/2015
BOFIT Discussion Papers 28/2015
Using the IMF CGER methodology, we make an assessment of the current account and price competitiveness of the Central Eastern European Countries (CEEC) that joined the EU between 2004 and 2014. We present results for the ...
Current accounts and coordination of wage bargaining
(01.12.2017)
BOFIT Discussion Papers 20/2017
BOFIT Discussion Papers 20/2017
This study provides novel evidence on the impact of labor market institutions on current account dynamics. Our results suggest that a high degree of coordination of wage bargaining has a positive effect on the current ...
Did foreign banks “cut and run” or stay committed to Emerging Europe during the crises?
(04.11.2015)
BOFIT Discussion Papers 31/2015
BOFIT Discussion Papers 31/2015
Our objective is to examine empirically the behavior of foreign banks regarding real loan growth during a financial crisis for a set of countries in which these banks dominate the banking sectors due primarily to having ...
Deposit dollarization in emerging markets: modelling the hysteresis effect
(10.11.2015)
BOFIT Discussion Papers 32/2015
BOFIT Discussion Papers 32/2015
We apply empirical modelling set-ups developed to capture the hysteresis effect in the data on deposit dollarization in a cross-section of emerging market economies. Specifically, we estimate a nonlinear relationship that ...