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Profitability of foreign banks in Central and Eastern Europe : does the entry model matter?
(20.05.2006)
BOFIT Discussion Papers 5/2006
BOFIT Discussion Papers 5/2006
Using data for 265 banks in Central and Eastern European Countries for the period of 1995-2003, this paper analyses the differences in profitability between domestic and foreign banks.We show that foreign banks, especially ...
A castle built on sand : the effects of mass privatization on stock market creation in transition economies
(15.11.2006)
BOFIT Discussion Papers 14/2006
BOFIT Discussion Papers 14/2006
This paper deals with the relationship between mass privatization and stock market development in transition economies.The link is investigated empirically using a panel of data that includes most transition countries.Our ...
Exchange rate policy and the relative distribution of FDI among host countries
(16.11.2006)
BOFIT Discussion Papers 15/2006
BOFIT Discussion Papers 15/2006
This paper examines the FDI-exchange rate nexus in the context of one FDI source and two host countries.It focuses on the effect of exchange rates on relative FDI inflows between the two host countries.The theoretical ...
Coping with missing public infrastructure : an analysis of Russian industrial enterprices
(05.05.2006)
BOFIT Discussion Papers 2/2006
BOFIT Discussion Papers 2/2006
During the Soviet period industrial firms not only formed the backbone of the economy but also directly provided a wide range of benefits to their municipalities.Firms were in charge of supplying a great variety of social ...
Institutional development, financial deepening and economic growth : evidence from China
(10.11.2006)
BOFIT Discussion Papers 12/2006
BOFIT Discussion Papers 12/2006
There have been profound changes in both political and economic institutions in China over the last twenty years.Moreover, the pace of transition has led to variation across the country in the level of development.In this ...
Demand for money in transition : evidence from China's disinflation
(10.10.2006)
BOFIT Discussion Papers 10/2006
BOFIT Discussion Papers 10/2006
We examine money demand in the Chinese economy during a period characterized by significant disinflation and outright deflation, coupled with strong output growth.Our study establishes a stable money demand system for broad ...
Lobbying at the local level : social assets in Russian firms
(10.04.2006)
BOFIT Discussion Papers 1/2006
BOFIT Discussion Papers 1/2006
In the planned economy firms were made responsible for providing their workers with social services, such as housing, day care and medical care.In the transforming Russia of the 1990s, social assets were to be transferred ...
The inflationary consequences or real exchange rate targeting via accumulation of reserves
(31.10.2006)
BOFIT Discussion Papers 11/2006
BOFIT Discussion Papers 11/2006
The paper investigates the ability of monetary authorities to keep the real exchange rate undervalued over the long run by implementing a policy of accumulating foreign exchange reserves.We consider a model of a three-sector, ...
Assessing a feasible degree of product market integration : (A pilot analysis)
(10.05.2006)
BOFIT Discussion Papers 3/2006
BOFIT Discussion Papers 3/2006
Perfect integration eludes the real world, so we suggest a realistic benchmark standard for judging the extent of market integration in various economies.We estimate the degree of integration in the US product market, ...
Non-wage benefits, costs turnover, and labor attachment : evidence from Russian firms
(15.05.2006)
BOFIT Discussion Papers 4/2006
BOFIT Discussion Papers 4/2006
Just as in established market economies, many Russian firms provide non-wage benefits such as housing, medical care or day care to their employees.Interpreting this as a strategic choice of firms in an imperfect labor ...