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Viitteet 11-20 / 265
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 ...
Does finance cause growth? : Evidence from the origins of banking in Russia
(29.04.2012)
BOFIT Discussion Papers 10/2012
BOFIT Discussion Papers 10/2012
This paper examines the effect of banking on economic growth in modern Russia. To overcome simultaneity and selection, we exploit regional banking variation induced by the creation of ?specialized banks? (spetsbanks) in ...
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 ...
Measuring systemic funding liquidity risk in the Russian banking system
(12.06.2012)
BOFIT Discussion Papers 12/2012
BOFIT Discussion Papers 12/2012
The 2007-2009 global financial crisis demonstrated the need for effective systemic risk measurement and regulation. This paper proposes a straightforward approach for estimat-ing the systemic funding liquidity risk in a ...
China's RMB bilateral swap agreements : What explains the choice of countries?
(04.06.2013)
BOFIT Discussion Papers 12/2013
BOFIT Discussion Papers 12/2013
This paper analyzes empirically what determines the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country size and distance ...
Russian fiscal policy during the financial crisis
(21.07.2010)
BOFIT Discussion Papers 12/2010
BOFIT Discussion Papers 12/2010
This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in ...
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 ...
Is mining fuelling long-run growth in Russia? : Industry productivity growth trends since 1995
(12.08.2013)
BOFIT Discussion Papers 19/2013
BOFIT Discussion Papers 19/2013
GDP per capita growth rates in Russia have been among the highest in the world since the mid?1990s. Previous growth accounting research suggests that this was mainly driven by multi-factor productivity (MFP) growth. In ...
Non-price competitiveness of exports from emerging countries
(21.09.2012)
BOFIT Discussion Papers 19/2012
BOFIT Discussion Papers 19/2012
This analysis of global competitiveness of emerging market economies accounts for non-price aspects of competitiveness. Building on the methodology pioneered by Feenstra (1994) and Broda and Weinstein (2006), we construct ...