Haku
Viitteet 11-20 / 22
The Ruble between the hammer and the anvil: Oil prices and economic sanctions
(21.08.2015)
BOFIT Discussion Papers 25/2015
BOFIT Discussion Papers 25/2015
The exchange rate fluctuations strongly affect the Russian economy, given its heavy dependence on foreign trade and investment. Since January 2014, the Ruble lost 50% of its value against the US Dollar. The fall of the ...
Fixed exchange rate regimes, real undervaluation and economic growth
(10.08.2015)
BOFIT Discussion Papers 23/2015
BOFIT Discussion Papers 23/2015
This paper empirically studies how a fixed exchange rate regime (FERR) may promote economic growth by undermining the Balassa-Samuelson effect. When total factor productivity (TFP) is faster in the industrial sector than ...
The structural behavior of China–US trade flows
(05.12.2014)
BOFIT Discussion Papers 23/2014
BOFIT Discussion Papers 23/2014
We examine Chinese-US trade flows over the 1994-2012 period, and find that, in line with the conventional wisdom, the value of China’s exports to the US responds negatively to real renminbi (RMB) appreciation, while import ...
Exchange rate fluctuations and the financial channel in emerging economies
(30.08.2021)
BOFIT Discussion Papers 11/2021
BOFIT Discussion Papers 11/2021
This paper assesses the financial channel of exchange rate fluctuations for emerging countries and the link to the conventional trade channel. We analyze whether the effective exchange rate affects GDP growth, the domestic ...
Volatility transmission and volatility impulse response functions in the main and the satellite Renminbi exchange rate markets
(06.10.2020)
BOFIT Discussion Papers 22/2020
BOFIT Discussion Papers 22/2020
We analyse volatility spillovers between the on- and offshore (CNY and CNH) Renminbi exchange rates towards the US dollar (USD). The volatility impulse response (VIRF) methodology introduced by Hafner and Herwatz (2006) ...
Currency co-movements in Asia-Pacific : The regional role of the Renminbi
(13.06.2017)
BOFIT Discussion Papers 10/2017
BOFIT Discussion Papers 10/2017
The internationalization of China’s currency, the renminbi (RMB) bolsters the growing economic and political influence of China in the Asia-Pacific region. This paper assesses the evolution of RMB exchange rate co-movements ...
Exchange rate pass-through and cross-country spillovers: Some evidence from Ukraine and Russia
(06.10.2016)
BOFIT Discussion Papers 14/2016
BOFIT Discussion Papers 14/2016
This paper studies exchange rate pass-through to consumer prices in Ukraine and Russia considering cross-country linkage and spillover effects. We relax the assumption of “isolated islands” and employ a bilateral panel ...
Monetary policy transmission with two exchange rates and a single currency : The Chinese experience
(21.10.2017)
BOFIT Discussion Papers 14/2017
BOFIT Discussion Papers 14/2017
In emerging market economies, transmission of monetary policy through the foreign exchange market is complicated by the coexistence of financial restrictions and arbitrages. Using China as an example, we show that the ...
Truths and myths about RMB misalignment : A meta-analysis
(22.02.2019)
BOFIT Discussion Papers 3/2019
BOFIT Discussion Papers 3/2019
We conduct a meta-regression analysis of 69 studies that generated 937 renminbi (RMB) misalignment estimates. The Bayesian Model Averaging (BMA) approach is adopted to allow for model selection and sampling uncertainties ...
Corporate investment and the exchange rate : The financial channel
(27.02.2020)
BOFIT Discussion Papers 6/2020
BOFIT Discussion Papers 6/2020
Using firm-level data for 18 major global economies, we find that the exchange rate affects corporate investment through a financial channel: exchange rate depreciation dampens corporate investment through firm leverage ...