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Banks vs. markets : Are banks more effective in facilitating sustainability?
(27.04.2022)
BOFIT Discussion Papers 5/2022
BOFIT Discussion Papers 5/2022
Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ...
Who profits from windfalls in oil tax revenue? Inequality, protests, and the role of corruption
(25.01.2022)
BOFIT Discussion Papers 2/2022
BOFIT Discussion Papers 2/2022
We investigate the relationship between oil windfalls and income inequality using the subnational data of one of the resource-richest and most unequal countries in the world – Russia. While previous literature produced ...
Elections hinder firms’ access to credit
(09.02.2022)
BOFIT Discussion Papers 3/2022
BOFIT Discussion Papers 3/2022
To analyze whether the occurrence of elections affects access to credit for firms, we perform an investigation using firm-level data covering 44 developed and developing countries. The results show that elections impair ...
Sectoral decomposition of convergence in labor productivity : A re-examination from a new dataset
(08.04.2022)
BOFIT Discussion Papers 4/2022
BOFIT Discussion Papers 4/2022
This paper investigates how the sector-specific source or the changing sectoral composition of labor productivity has contributed to β-convergence, using a newly constructed eight-sector database. The main findings are ...
Managing bank liquidity hoarding during uncertain times : The role of board gender diversity.
(02.11.2022)
BOFIT Discussion Papers 11/2022
BOFIT Discussion Papers 11/2022
This paper examines the effect of executive board gender diversity on the relationship between economic policy uncertainty (EPU) and bank liquidity hoarding (LH). We focus on the Russian banking sector, which, relative to ...
Spatial disparity of skill premium in China : The role of financial intermediation development
(13.07.2022)
BOFIT Discussion Papers 6/2022
BOFIT Discussion Papers 6/2022
In China, the relative wages of high-skilled and low-skilled workers display huge variation across different regions. We examine whether financial intermediation development can explain such variation. Conceptually, ...
Trade conflicts and credit supply spillovers : Evidence from the Nobel Peace Prize trade shock
(21.10.2022)
BOFIT Discussion Papers 8/2022
BOFIT Discussion Papers 8/2022
In this paper, we examine how a trade conflict’s impact on the real economy can be amplified by financial intermediaries. After the Norwegian Nobel Peace Prize Committee awarded the 2010 Nobel Peace Prize to Chinese dissident ...
The US–China phase one trade deal : An economic analysis of the managed trade agreement
(20.01.2022)
BOFIT Discussion Papers 1/2022
BOFIT Discussion Papers 1/2022
In light of the recent tit-for-tat trade dispute between China and the US, interest in quantifying the effects of the so-called phase one agreement has risen. To this end, the paper quantifies the impact of the asymmetric ...
The politics of bank failures in Russia
(13.09.2022)
BOFIT Discussion Papers 7/2022
BOFIT Discussion Papers 7/2022
Russia has witnessed a high number of bank failures over the last two decades. Using monthly data for 2002-2020, spanning four election cycles, we test the hypothesis that bank failures are less likely before presidential ...
Modeling semiconductor export restrictions and the US-China trade conflict
(23.11.2022)
BOFIT Discussion Papers 13/2022
BOFIT Discussion Papers 13/2022
The semiconductor industry stands at the center of the intensifying Sino-American trade conflict. Employing a multi-country, multi-sector general equilibrium modeling framework with imperfect competition and heterogeneous ...