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Changing economic structures and impacts of shocks : evidence from a DSGE for China
(28.04.2011)
BOFIT Discussion Papers 5/2011
BOFIT Discussion Papers 5/2011
We construct a small-scale dynamic stochastic general equilibrium (DSGE) model that features price rigidities, habit formation in consumption and costs in capital adjustment, and calibrate the model with data for the Chinese ...
State-business relations in Russia in the 2000s: From the capture model to a variety of exchange models?
(16.06.2011)
BOFIT Discussion Papers 10/2011
BOFIT Discussion Papers 10/2011
Using data from a 2009 survey of 957 manufacturing enterprises, this paper examines relations between the state and business as well as priority differences in the distribution of governmental support by federal, regional ...
China s new exchange rate regime, optimal basket currency and currency diversification
(04.08.2011)
BOFIT Discussion Papers 19/2011
BOFIT Discussion Papers 19/2011
We build an optimising framework to analyse a class of economies that adopt an ECU-type basket currency while in transition to increased flexibility of the exchange rate regime. Instead of conventional basket pegging, such ...
Macro-financial vulnerabilities and future financial stress : Assessing systemic risks and predicting systemic events
(04.04.2011)
BOFIT Discussion Papers 2/2011
BOFIT Discussion Papers 2/2011
This paper develops a framework for assessing systemic risks and for predicting (out-of-sample) systemic events, i.e. periods of extreme financial instability with potential real costs. We test the ability of a wide range ...
The economic transmission of fiscal policy shocks from Western to Eastern Europe
(18.06.2011)
BOFIT Discussion Papers 12/2011
BOFIT Discussion Papers 12/2011
This paper studies the transmission of a foreign fiscal policy shock (assumed to be generated in Germany) to key macroeconomic variables in five Central and Eastern European economies (CEE-5). We use quarterly data from ...
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 ...
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 ...
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 ...
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 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 ...