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Financing nascent industry : Leverage, politics, and performance in Imperial Russia
(08.03.2020)
BOFIT Discussion Papers 7/2020
BOFIT Discussion Papers 7/2020
This paper explores the dynamics of corporate finance during the early stages of industrial growth by examining a newly constructed panel database of Imperial Russian industrial corporations’ balance sheets. We document ...
Erosion of state power, corruption control, and political stability
(25.02.2020)
BOFIT Discussion Papers 5/2020
BOFIT Discussion Papers 5/2020
How do corruption and the state apparatus interact, and how are they connected to the political and economic dimensions of state capacity? Motivated by historians' analysis of powerful empires, we build a model that ...
Win-Win? Assessing the global impact of the Chinese economy
(12.02.2020)
BOFIT Discussion Papers 4/2020
BOFIT Discussion Papers 4/2020
We study the global impact of the Chinese economy based on a novel indirect approach where the spillover effect is quantified from a forecast error model under relatively favorable identifying conditions. Findings from the ...
Modern pandemics : Recession and recovery
(03.07.2020)
BOFIT Discussion Papers 16/2020
BOFIT Discussion Papers 16/2020
We examine the immediate effects and bounce-back from six modern health crises: 1968 Flu, SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), and Zika (2016). Time-series models for a large cross-section of countries ...
The political scar of epidemics
(27.06.2020)
BOFIT Discussion Papers 14/2020
BOFIT Discussion Papers 14/2020
What will be political legacy of the Coronavirus pandemic? We find that epidemic exposure in an individual’s “impressionable years” (ages 18 to 25) has a persistent negative effect on confidence in political institutions ...
Combating the COVID-19 pandemic : The role of the SARS imprint
(30.06.2020)
BOFIT Discussion Papers 15/2020
BOFIT Discussion Papers 15/2020
This paper documents a strong delayed response to COVID-19, which is caused by the SARS-CoV2 virus in countries that did not encounter the SARS disease in 2003. The SARS outbreak was caused by a similar virus, SARS-CoV-1. ...
Regional risk-sharing in Ukraine
(23.11.2020)
BOFIT Discussion Papers 25/2020
BOFIT Discussion Papers 25/2020
This paper analyzes the impact of ethnic heterogeneity and military conflict on the degree of regional consumption risk-sharing in Ukraine. Ethnicity and violent conflicts can influence risk-sharing e.g. through social ...
Political cycles and bank lending in Russia
(25.03.2020)
BOFIT Discussion Papers 8/2020
BOFIT Discussion Papers 8/2020
State-owned banks tend to increase lending before elections for the purpose of boosting the reelection odds of incumbent politicians. We employ monthly data on individual banks to study whether Russian banks increased their ...
Gulags, crime, and elite violence : origins and consequences of the Russian mafia
(03.11.2020)
BOFIT Discussion Papers 24/2020
BOFIT Discussion Papers 24/2020
This paper studies the origins and consequences of the Russian mafia (vory-v-zakone). I web scraped a unique dataset that contains detailed biographies of more than 5,000 mafia leaders operating in 15 countries of the ...
The misallocation in the Chinese land market
(21.10.2020)
BOFIT Discussion Papers 23/2020
BOFIT Discussion Papers 23/2020
This paper proposes a spatial equilibrium model to quantify welfare losses from land market distortions in China. In the model, heterogeneous firms in a variety of sectors choose their locations across regions with costly ...