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Business cycle convergence or decoupling? : Economic adjustment in CESEE during the crisis
(05.02.2013)
BOFIT Discussion Papers 3/2013
BOFIT Discussion Papers 3/2013
We analyze business cycle convergence in the EU by focusing on the decoupling vs. convergence hypothesis for central, eastern and south eastern Europe (CESEE). In a nutshell, we find that business cycles in CESEE have ...
Bank stress tests as an information device for emerging markets : The case of Russia
(10.02.2012)
BOFIT Discussion Papers 3/2012
BOFIT Discussion Papers 3/2012
The recent financial crisis emphasised the need for effective financial stability analyses and tools for detecting systemic risk. This paper looks at assessment of banking sector resilience through stress testing. We argue ...
Market power in the Russian banking industry
(05.03.2010)
BOFIT Discussion Papers 3/2010
BOFIT Discussion Papers 3/2010
The aim of this paper is to analyze bank competition in Russia by measuring the market power of Russian banks and its determinants over the period 2001-2007 with the Lerner index. Earlier studies on bank competition have ...
China's capital controls : Through the prism of covered interest differentials
(29.08.2013)
BOFIT Discussion Papers 22/2013
BOFIT Discussion Papers 22/2013
We study the renminbi (RMB) covered interest differential - an indicator of the effectiveness of capital controls. It is found that the differential is not shrinking over time and, in fact, appears larger after the global ...
Structural features and interest-rate dynamics of Russia's interbank lending market
(30.08.2013)
BOFIT Discussion Papers 23/2013
BOFIT Discussion Papers 23/2013
Russian banks exhibit a range of behaviors that have led to distinct segmentation within the interbank lending market. This paper provides an overview of the core groups of banks operating in the market (state banks, private ...
The role of state and creation of a market economy in Russia
(20.08.2011)
BOFIT Discussion Papers 23/2011
BOFIT Discussion Papers 23/2011
This paper examines the role of institutions in economic growth and the role of the institutions created by the Russian state in particular. The author stresses the finding that growth-supporting institutions vary according ...
Exchange rate misalignments : A comparison of China today against recent historical experiences of Japan, Germany, Singapore and Taiwan
(19.08.2011)
BOFIT Discussion Papers 22/2011
BOFIT Discussion Papers 22/2011
The familiar claim of Chinese currency manipulation is generally asserted without reference to empirical evidence. To investigate the legitimacy of the claim, we ask if the undervalued misalignment found in the real effective ...
Is China climbing up the quality ladder?
(03.10.2012)
BOFIT Discussion Papers 23/2012
BOFIT Discussion Papers 23/2012
There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China's export structure is very ...
Early warning indicators of asset price boom/bust cycles in emerging markets
(02.10.2012)
BOFIT Discussion Papers 22/2012
BOFIT Discussion Papers 22/2012
We apply recently developed early warning indicators systems to a cross-section of emerging markets. We find that, with little or no modification, models designed to predict asset price booms/busts in advanced countries ...
Currency blocs in the 21st century
(15.10.2012)
BOFIT Discussion Papers 24/2012
BOFIT Discussion Papers 24/2012
Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that ...