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The composition and interests of Russia's business lobbies : A test of Olson's "encompassing organization" hypothesis
(24.03.2010)
BOFIT Discussion Papers 5/2010
BOFIT Discussion Papers 5/2010
Why are some lobby groups less benign in their external effects than others? Nearly three decades ago, Mancur Olson (1982) proposed that less-encompassing lobby groups with their constituents collectively representing a ...
Russian fiscal policy during the financial crisis
(21.07.2010)
BOFIT Discussion Papers 12/2010
BOFIT Discussion Papers 12/2010
This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in ...
Currency substitution in the economies of Central Asia : how much does it cost?
(23.07.2010)
BOFIT Discussion Papers 14/2010
BOFIT Discussion Papers 14/2010
Underdeveloped financial markets and periods of high inflation have stimulated dollarization and currency substitution in the economies of Central Asia. Some authors argue that the latter can pose serious obstacles for the ...
Do Islamic banks have greater market power?
(26.02.2010)
BOFIT Discussion Papers 2/2010
BOFIT Discussion Papers 2/2010
The aim of this paper is to investigate whether Islamic banks have greater market power than con-ventional banks. An Islamic bank, for example, might enjoy enhanced market power if a captive clientele adhering to religious ...
China's monetary policy and the exchange rate
(19.07.2010)
BOFIT Discussion Papers 10/2010
BOFIT Discussion Papers 10/2010
The paper models monetary policy in China using a hybrid McCallum-Taylor empirical reaction function. The feedback rule allows for reactions to inflation and output gaps, and to developments in a trade-weighted exchange ...
Bank cost efficiency in Kazakhstan and Russia
(15.02.2010)
BOFIT Discussion Papers 1/2010
BOFIT Discussion Papers 1/2010
The Kazakhstan banking system is increasingly viewed as more advanced than the Russian system. Kazakhstan adopted the International Accounting System (IAS) in 2003 and the Basel II norms in 2005, while Russia has yet to ...
The emergence and spatial distribution of Chinese seaport cities
(20.07.2010)
BOFIT Discussion Papers 11/2010
BOFIT Discussion Papers 11/2010
Seaports have historically played a key role in facilitating trade and growth. This paper is the first attempt in the literature to analyse the formation of Chinese seaport cities and the dynamics that drives it. First, ...
Market power in the Russian banking industry
(05.03.2010)
BOFIT Discussion Papers 3/2010
BOFIT Discussion Papers 3/2010
The aim of this paper is to analyze bank competition in Russia by measuring the market power of Russian banks and its determinants over the period 2001-2007 with the Lerner index. Earlier studies on bank competition have ...
Bi-currency versus single-currency targeting : lessons from the Russian experience
(22.06.2010)
BOFIT Discussion Papers 7/2010
BOFIT Discussion Papers 7/2010
This paper examines the impacts of the 2005 shift in Russian exchange rate policies from single-currency to bi-currency basket targeting on domestic interest rates and sovereign risk premium dynamics. The policy shift ...
Does diversification increase or decrease bank risk and performance? : Evidence on diversification and the risk-return tradeoff in banking
(18.07.2010)
BOFIT Discussion Papers 9/2010
BOFIT Discussion Papers 9/2010
Conventional wisdom in banking argues that diversification tends to reduce bank risk and improve performance, but the recent financial crisis suggests that aggressive diversification strategies may have resulted in increased ...