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The geographic distribution of international currencies and RMB internationalization
(03.06.2015)
BOFIT Discussion Papers 20/2015
BOFIT Discussion Papers 20/2015
The paper investigates the determinants of geographical distribution of international currencies in global financial market transactions. We implement a gravity model, in which international currency distribution depends ...
Economic concentration and finance: Evidence from Russian regions
(18.05.2015)
BOFIT Discussion Papers 18/2015
BOFIT Discussion Papers 18/2015
The paper investigates the relationship between economic concentration and level of financial development to illuminate the linkage of real economy structure and financial markets. Using data from 81 Russian regions for ...
Estimating the impact of monetary policy on inequality in China
(13.05.2015)
BOFIT Discussion Papers 17/2015
BOFIT Discussion Papers 17/2015
The paper estimates the impact of monetary policy on income inequality in China. The empirical modelling finds that a battery of monetary indicators, including a monetary overhang measure derived from a money demand ...
Macroeconomic consequences of the real-financial nexus: Imbalances and spillovers between China and the U.S.
(18.01.2015)
BOFIT Discussion Papers 2/2015
BOFIT Discussion Papers 2/2015
Relying on quarterly data since 1998 we estimate, for China and the U.S., small scale econometric models that economize on the number of variables employed and yet are rich enough to provide useful insights about spillover ...
Causality between credit depth and economic growth: Evidence from 24 OECD countries
(30.04.2015)
BOFIT Discussion Papers 15/2015
BOFIT Discussion Papers 15/2015
Causality between the ratio of domestic private credit to GDP and growth in real GDP per capita is investigated in a country-by-country time-series framework for 24 OECD economies over the period 1980–2013. The proposed ...
What drives China’s outward FDI? A regional analysis
(05.05.2015)
BOFIT Discussion Papers 16/2015
BOFIT Discussion Papers 16/2015
Our study examines home drivers of China’s regional outward FDI. We propose a theoretical framework that incorporates an extended Investment Development Path (IDP) theory, home locational constraints, policy incentives and ...
Nowcasting and short-term forecasting of Russian GDP with a dynamic factor model
(28.05.2015)
BOFIT Discussion Papers 19/2015
BOFIT Discussion Papers 19/2015
Real-time assessment of quarterly GDP growth rates is crucial for evaluation of economy’s current perspectives given the fact that respective data is normally subject to substantial publication delays by national statistical ...
Disentangling loan demand and supply shocks in Russia
(05.03.2015)
BOFIT Discussion Papers 8/2015
BOFIT Discussion Papers 8/2015
This article presents three alternative models for decomposing loan developments into components associated with changes in loan demand and supply fundamentals. Two models are based on macro data (error correction model ...
Contemporary monetary policy in China: A move towards price-based policy?
(12.03.2015)
BOFIT Discussion Papers 10/2015
BOFIT Discussion Papers 10/2015
This paper focuses on monetary policy in China. A set of different specifications for the monetary policy reaction function are empirically evaluated using monthly data for 1999––2012. Variation is allowed both in the ...
Does bank liquidity creation contribute to economic growth? Evidence from Russia
(04.03.2015)
BOFIT Discussion Papers 7/2015
BOFIT Discussion Papers 7/2015
The financial crisis has shown that the liquidity creation function of banks is critical for the economy. In this paper, we empirically investigate whether bank liquidity creation fosters economic growth in a large emerging ...