Haku
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Should we care? : The economic effects of financial sanctions on the Russian economy
(29.07.2019)
BOFIT Discussion Papers 13/2019
BOFIT Discussion Papers 13/2019
We employ a Bayesian VAR model to estimate the economic effects on the Russian economy from Western financial sanctions imposed in 2014. Sanctions caused a decrease in the amount of out-standing Russian corporate external ...
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 real value of China’s stock market
(19.01.2018)
BOFIT Discussion Papers 2/2018
BOFIT Discussion Papers 2/2018
This paper shows that, counter to common perception, stock prices in China are strongly linked to firm fundamentals. Since the reforms of the early 2000s, stock prices are as informative about future profits as they are ...