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A DSGE-based assessment of nonlinear loan-to-Value policies : Evidence from Hong Kong
(30.04.2012)
BOFIT Discussion Papers 11/2012
BOFIT Discussion Papers 11/2012
In the wake of the 2008-2009 global financial crisis, the macroeconomic discussion has returned to the topic of proactive macroprudential policies. One proactive approach, the use of loan-to-value (LTV) policies to curb ...
Bank cost efficiency in Kazakhstan and Russia
(15.02.2010)
BOFIT Discussion Papers 1/2010
BOFIT Discussion Papers 1/2010
The Kazakhstan banking system is increasingly viewed as more advanced than the Russian system. Kazakhstan adopted the International Accounting System (IAS) in 2003 and the Basel II norms in 2005, while Russia has yet to ...
The emergence and spatial distribution of Chinese seaport cities
(20.07.2010)
BOFIT Discussion Papers 11/2010
BOFIT Discussion Papers 11/2010
Seaports have historically played a key role in facilitating trade and growth. This paper is the first attempt in the literature to analyse the formation of Chinese seaport cities and the dynamics that drives it. First, ...
Wage and price dynamics in a large emerging economy: : The case of China
(20.01.2014)
BOFIT Discussion Papers 3/2014
BOFIT Discussion Papers 3/2014
This study finds that the growth in labour costs in China is not passed through fully to final prices in China, neither in the tradable goods sector nor in the economy as a whole. This probably reflects the strong pressure ...
Modelling the impact of aggregate financial shocks external to the Chinese economy
(18.10.2012)
BOFIT Discussion Papers 25/2012
BOFIT Discussion Papers 25/2012
Ways of extracting financial condition indices (FCI) are explored and alternative FCIs external to the Chinese economy are constructed to model their predictive content. The exploration aims at highlighting the rich and ...
Exchange rate misalignment estimates : Sources of differences
(28.09.2011)
BOFIT Discussion Papers 25/2011
BOFIT Discussion Papers 25/2011
We study the differences in currency misalignment estimates obtained from alternative datasets derived from two International Comparison Program (ICP) surveys. A decomposition exercise reveals that the year 2005 misalignment ...
Trade reforms and current account imbalances
(05.09.2013)
BOFIT Discussion Papers 25/2013
BOFIT Discussion Papers 25/2013
In partial equilibrium, a reduction in import barriers may be thought to lead to an increase in imports and a reduction in trade surplus. However, the general equilibrium effect can go in the opposite direction. We study ...
Transfer of financial risk in emerging eastern European stock markets : A sectoral perspective
(26.09.2011)
BOFIT Discussion Papers 24/2011
BOFIT Discussion Papers 24/2011
With the rise of interconnected global financial systems, there is an increased risk that a financial crisis in one country may spread to others. The contagion effects of the 2008 global financial crisis hit advanced ...
The regime-dependent evolution of credibility : A fresh look at Hong Kong s linked exchange rate system
(04.09.2013)
BOFIT Discussion Papers 24/2013
BOFIT Discussion Papers 24/2013
An estimated Markov-switching DSGE modelling framework that allows for parameter shifts across regimes is employed to test the hypothesis of regime-dependent credibility of Hong Kong's linked exchange rate system. The model ...
The determinants of cross-border bank flows to emerging markets : new empirical evidence on the spread of financial crises
(05.04.2011)
BOFIT Discussion Papers 3/2011
BOFIT Discussion Papers 3/2011
This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. We examine a panel data set of ...