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Exchange market pressures during the financial crisis : A Bayesian model averaging evidence
(03.06.2013)
BOFIT Discussion Papers 11/2013
BOFIT Discussion Papers 11/2013
In this paper, we examine whether pre-crisis leading indicators help explain pressures on the exchange rate (and its volatility) during the global financial crisis. We use a unique data set that covers 149 countries and ...
The dynamics of catch-up and skill and technology upgrading in China
(13.06.2012)
BOFIT Discussion Papers 13/2012
BOFIT Discussion Papers 13/2012
This paper accounts for China.s economic growth since 1980 in a unified endogenous growth model in which a sequencing of physical capital accumulation, human capital ac-cumulation and innovation drives the rise in China.s ...
Estimating sustainable output growth in emerging market economies
(10.04.2014)
BOFIT Discussion Papers 11/2014
BOFIT Discussion Papers 11/2014
In the spirit of Borio et al. (2014) we present a model that incorporates information contained in diverse variables when estimating sustainable output growth. For this purpose, we specify a state-space model representing ...
The geographic distribution of international currencies and RMB internationalization
(03.06.2015)
BOFIT Discussion Papers 20/2015
BOFIT Discussion Papers 20/2015
The paper investigates the determinants of geographical distribution of international currencies in global financial market transactions. We implement a gravity model, in which international currency distribution depends ...
Comparing China's GDP statistics with coincident indicators
(19.02.2011)
BOFIT Discussion Papers 1/2011
BOFIT Discussion Papers 1/2011
We use factor analysis to summarize information from various macroeconomic indicators, effectively producing coincident indicators for the Chinese economy. We compare the dynamics of the estimated factors with GDP, and ...
Determinants of real exchange rates: : An empirical investigation
(08.01.2014)
BOFIT Discussion Papers 1/2014
BOFIT Discussion Papers 1/2014
The large and persistent deviations of nominal exchange rates from their purchasing power parities comprise a key stylized fact in international economics. This paper sheds light on these persistent deviations by combining ...
Understanding financial inclusion in China
(09.04.2014)
BOFIT Discussion Papers 10/2014
BOFIT Discussion Papers 10/2014
We use data from the World Bank Global Findex database for 2011 to analyze financial inclusion in China, including comparisons with the other BRICS countries. We find a high level of financial inclusion in China manifested ...
China's monetary policy and the exchange rate
(19.07.2010)
BOFIT Discussion Papers 10/2010
BOFIT Discussion Papers 10/2010
The paper models monetary policy in China using a hybrid McCallum-Taylor empirical reaction function. The feedback rule allows for reactions to inflation and output gaps, and to developments in a trade-weighted exchange ...
Bank pricing under oligopsony-oligopoly : Evidence from 103 developing countries
(08.02.2012)
BOFIT Discussion Papers 1/2012
BOFIT Discussion Papers 1/2012
We propose a generic oligopsony-oligopoly model to study bank behavior under uncertainty in developing countries. We derive a pricing structure that acknowledges market power in both the deposit and loan markets and identify ...
The effect of foreign bank presence on firm entry and exit in transition economies
(17.06.2011)
BOFIT Discussion Papers 11/2011
BOFIT Discussion Papers 11/2011
This study investigates the impact of foreign bank penetration on firm entry in Central and Eastern Europe. Acquisition of domestic banks by foreign investors has lowered rates of firm creation, decreased the average size ...