Haku
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S&T activities and firm performance : microeconomic evidence from manufacturing in Shanghai
(01.07.2005)
BOFIT Discussion Papers 5/2005
BOFIT Discussion Papers 5/2005
This paper examines the impact of R&D expenditure and technology import on the level and the growth of productivity, as well as on the general economic performance in manufacturing firms with various ownership structures ...
Bank supervision Russian style : rules versus enforcement and tacit objectives
(14.08.2005)
BOFIT Discussion Papers 10/2005
BOFIT Discussion Papers 10/2005
We focus on the con.ict between two central bank objectives individual bank stability and systemic stability.We study the licensing policy of the Central Bank of Russia (CBR) during 1999.2002.Banks in poorly banked regions, ...
Reforms and confidence
(20.01.2005)
BOFIT Discussion Papers 1/2005
BOFIT Discussion Papers 1/2005
We examine the choice of economic reforms when policymakers have present-biased preferences and can choose to discard information (maintain confidence) to mitigate distortions from excess discounting.The decisions of ...
On the speed of economic reform : tale of the tortoise and the hare
(15.08.2005)
BOFIT Discussion Papers 11/2005
BOFIT Discussion Papers 11/2005
We analyse how the choice of reform speed and economic growth affect one another.We estimate a system of three equations where economic growth, economic reform and FDI are jointly determined. New reforms affect economic ...
Cross listing and firm value : corporate governance or market segmentation? : an empirical study of the stock market
(20.09.2005)
BOFIT Discussion Papers 14/2005
BOFIT Discussion Papers 14/2005
This study investigates the economic consequences of cross-listing on the Chinese stock market.We argue that by adopting a higher disclosure standard through cross- listing firms voluntarily commit themselves to reducing ...
Growth expectations and banking system fragility in developing economies
(30.08.2005)
BOFIT Discussion Papers 13/2005
BOFIT Discussion Papers 13/2005
The likelihood of a banking crisis appears to be higher in fast-developing countries.An explanation is provided in a Diamond and Dybvig framework, where banks are vehicles of consumption-smoothing, offering insurance against ...
Choice of substitution currency in Russia : how to explain the dollar's dominance?
(01.11.2005)
BOFIT Discussion Papers 15/2005
BOFIT Discussion Papers 15/2005
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency s role in Russia's ...
A Note on exchange rate pass-through in CIS countries
(01.04.2005)
BOFIT Discussion Papers 2/2005
BOFIT Discussion Papers 2/2005
We assess the extent and speed of exchange rate pass-through in the countries of the Commonwealth of Independent States (CIS).We do this in the framework of vector autoregressive regressions, utilising impulse functions ...
Russian equity market linkages before and after the 1998 crisis : evidence from time-varying and stochastic cointegration tests
(25.08.2005)
BOFIT Discussion Papers 12/2005
BOFIT Discussion Papers 12/2005
This paper examines the relationships between the Russian and other Central European (CE) and developed countries' equity markets over the 1995-2004 period.Along with the traditional Johansen and Juselius (1990) multivariate ...
Equilibrium exchange rates in Southeastern Europe, Russia, Ukraine and Turkey : healthy or (Dutch) diseased?
(05.04.2005)
BOFIT Discussion Papers 3/2005
BOFIT Discussion Papers 3/2005
This paper investigates the equilibrium exchange rates of three Southeastern European countries (Bulgaria, Croatia and Romania), of two CIS economies (Russia and Ukraine) and of Turkey.A systematic approach in terms of ...