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Developing an underlying inflation gauge for China
(27.04.2018)
BOFIT Discussion Papers 11/2018
BOFIT Discussion Papers 11/2018
Inflation in emerging markets is often driven by large, persistent changes in food and energy prices. Core inflation measures that neglect or under-weight volatile CPI subcomponents such as food and energy risk excluding ...
Towards increased complexity in Russian regions : networks, diversification and growth
(16.04.2018)
BOFIT Discussion Papers 8/2018
BOFIT Discussion Papers 8/2018
Following Hausmann et al. (2011), we apply a network approach to measure the level of economic complexity and diversification opportunities of Russian regions. Using Russian and international export data, we find that the ...
Firms and social policy preferences under weak institutions : Evidence from Russia
(23.02.2018)
BOFIT Discussion Papers 7/2018
BOFIT Discussion Papers 7/2018
When does business support the expansion of social policy in the developing world? Existing work on managers’ preferences has tended to concentrate on the developed world, where governments can credibly commit to policy, ...
Risks in China’s financial system
(17.01.2018)
BOFIT Discussion Papers 1/2018
BOFIT Discussion Papers 1/2018
Motivated by growing concerns about the risks and instability of China’s financial system, this article reviews several commonly perceived financial risks and discusses their roots in China’s politico-economic institutions. ...
The credit risk of Chinese households : A micro-level assessment
(07.05.2018)
BOFIT Discussion Papers 12/2018
BOFIT Discussion Papers 12/2018
Household borrowing in China has increased considerably in recent years, raising concerns about the household sector’s vulnerability and implications for the stability of the financial system. We construct a number of ...
Oil price collapse and firm leverage in resource-dependent countries
(26.04.2018)
BOFIT Discussion Papers 10/2018
BOFIT Discussion Papers 10/2018
This study examines the financial channel between oil price volatility and the resource curse using firm-level data. A collapse in oil prices adversely affects firm borrowing in resource-dependent countries. However, unlike ...
The transmission of international shocks to CIS economies : A Global VAR approach
(30.08.2018)
BOFIT Discussion Papers 17/2018
BOFIT Discussion Papers 17/2018
This paper employs a Global Vector Auto Regressive (GVAR) model to study the evolution of the response of the Commonwealth of Independent States (CIS) to foreign output and oil price shocks. During a two-decade observation ...
Not all cities are alike : House price heterogeneity and the design of macro-prudential policies in China
(14.11.2018)
BOFIT Discussion Papers 18/2018
BOFIT Discussion Papers 18/2018
This paper investigates the implementation of regionally differentiated macro-prudential policies in China. To assess the relative intensity of the city-level macro-prudential policies over time, we construct a time-varying ...
Persistent and transient inefficiency: Explaining the low efficiency of Chinese big banks
(20.07.2018)
BOFIT Discussion Papers 16/2018
BOFIT Discussion Papers 16/2018
Considering the evidence that China’s five largest state-owned banks (the Big Five) suffer from low cost efficiency, this paper decomposes overall efficiency of Chinese banks into: persistent efficiency and transient ...
Permissible collateral and access to finance: Evidence from a quasi-natural experiment
(31.01.2018)
BOFIT Discussion Papers 3/2018
BOFIT Discussion Papers 3/2018
By allowing large classes of movable assets to be used as collateral, the Property Law reform trans-formed the secured transactions in China. Difference-in-differences tests show firms operating with ex-ante more movable ...