Haku
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Understanding Chinese consumption: : The impact of hukou
(04.03.2014)
BOFIT Discussion Papers 7/2014
BOFIT Discussion Papers 7/2014
Capital investment and exports have driven China's remarkable economic growth for decades, but recent trends have put pressure on the government to move to a more consumption- driven model of growth. Unfortunately, China's ...
Bank capital, adjustment and ownership: Evidence from China
(15.09.2014)
BOFIT Discussion Papers 16/2014
BOFIT Discussion Papers 16/2014
We investigate ownership effects on capital and adjustments speed to the target capital ratio in China from 2000 to 2012 and find that state-owned banks hold higher levels of capital than banks of other ownership types. ...
When arm’s length is too far. Relationship banking over the business cycle
(07.07.2014)
BOFIT Discussion Papers 14/2014
BOFIT Discussion Papers 14/2014
Using a novel way to identify relationship and transaction banks, we study how banks’ lending techniques affect funding to SMEs over the business cycle. For 21 countries we link the lending techniques that banks use in the ...
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 ...
The credibility of Hong Kong’s currency board system: Looking through the prism of MS-VAR models with time-varying transition probabilities
(25.08.2014)
BOFIT Discussion Papers 15/2014
BOFIT Discussion Papers 15/2014
This paper takes seriously the idea that the coefficients of a VAR and the variance of shocks may be time-varying and so employs a Markov regime-switching VAR model to describe and analyse the time-varying credibility of ...
What is the role of Emerging Asia in global oil prices?
(29.09.2014)
BOFIT Discussion Papers 18/2014
BOFIT Discussion Papers 18/2014
This paper studies the effects of demand shocks caused by Emerging Asian (EMA) countries on oil prices over the past two decades, using vector autoregression models. The analysis builds on previous work done on identifying ...
Financial development and patterns of industrial specialization : Regional evidence from China
(14.04.2014)
BOFIT Discussion Papers 12/2014
BOFIT Discussion Papers 12/2014
The paper investigates the influences of financial development on patterns of industrial specialization across China's regions. We find that industrial sectors reliant on access to external finance are found to concentrate ...
Politically connected firms in Poland and their access to bank financing
(13.01.2014)
BOFIT Discussion Papers 2/2014
BOFIT Discussion Papers 2/2014
This study investigates the relationship between politically connected firms and their access to bank financing in a post-communist eras in Poland. Overall, it finds that "recent" political connections do influence access ...
Estimating sustainable output growth in emerging market economies
(10.04.2014)
BOFIT Discussion Papers 11/2014
BOFIT Discussion Papers 11/2014
In the spirit of Borio et al. (2014) we present a model that incorporates information contained in diverse variables when estimating sustainable output growth. For this purpose, we specify a state-space model representing ...
Determinants of real exchange rates: : An empirical investigation
(08.01.2014)
BOFIT Discussion Papers 1/2014
BOFIT Discussion Papers 1/2014
The large and persistent deviations of nominal exchange rates from their purchasing power parities comprise a key stylized fact in international economics. This paper sheds light on these persistent deviations by combining ...