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The impact of institutional volatility on financial volatility in transition economies: a GARCH family approach
Hartwell, Christopher A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
The volatility of financial markets has been a relevant topic for transition economies, as the countries of Central and … the transition process. But what have been the determinants of this financial volatility? This paper posits that … volatility in transition. Examining 20 transition economies over various time-frames within the period 1993–2012, this paper …
Persistent link: https://www.econbiz.de/10010752334
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Choice of the substitution currency in Russia: How to explain the dollar's dominance?
Dorbec, Anna - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency’s role in Russia's financial activities. The dollar is much preferred by economic agents for...
Persistent link: https://www.econbiz.de/10005419597
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Does corruption hamper bank lending? Macro and micro evidence
Weill, Laurent - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The aim of this paper is to analyze the effect of corruption in bank lending. Corruption is expected to hamper bank lending, as it is closely related to legal enforcement, which has been shown to promote banks’ willingness to lend. Nevertheless the similarities between the consequences for...
Persistent link: https://www.econbiz.de/10005771115
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How corruption affects bank lending in Russia
Weill, Laurent - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
The aim of this study is to investigate the impact of corruption on bank lending in Russia. This issue is of major interest in order to understand the causes of financial underdevelopment and the effects of corruption in Russia. We use regional measures of corruption and bank-level data to...
Persistent link: https://www.econbiz.de/10005190671
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Financial development and patterns of industrial specialization: Regional evidence from China
He, Qing; Xue, Chang; Zhu, Chenqi - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
The paper investigates the influences of financial development on patterns of industrial specialization across China’s regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct...
Persistent link: https://www.econbiz.de/10010818557
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Russian banking: The state makes a comeback?
Vernikov, Andrei - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The purpose of this paper is to carefully assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. For the state-owned banks, we distinguish between those that are majority-owned by federal executive authorities or Central...
Persistent link: https://www.econbiz.de/10008563373
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A general approach to integrated risk management with skewed, fat-tailed risks
Rosenberg, Joshua V. (contributor);  … - 2004 - [Elektronische Ressource]
The goal of integrated risk management in a financial institution is to measure and manage risk and capital across a range of diverse business activities. This requires an approach for aggregating risk types (market, credit, and operational) whose distributional shapes vary considerably. In this...
Persistent link: https://www.econbiz.de/10002101503
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How does risk management influence production decisions? evidence from a field experiment
Cole, Shawn; Gine, Xavier; Vickery, James - Federal Reserve Bank of New York - 2014
Weather is a key source of income risk, particularly in emerging market economies. This paper uses a randomized controlled trial involving a sample of Indian farmers to study how an innovative rainfall insurance product affects production decisions. We find that insurance provision induces...
Persistent link: https://www.econbiz.de/10011027207
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Monetary transmission mechanism in Central and Eastern Europe: Gliding on a wind of change
Coricelli, Fabrizio; Égert, Balázs; MacDonald, Ronald - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006
This paper surveys recent advances in empirical studies of the monetary transmission mechanism (MTM), with special attention to Central and Eastern Europe. In particular, while laying out the functioning of the separate channels in the MTM, it explores possible interrelations between different...
Persistent link: https://www.econbiz.de/10005207084
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Fiscal competition in a transition economy
Solanko, Laura - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2001
The paper analyses fiscal competition for mobile capital between identical regions in a transition country. A framework … transition when the share of the old sector is overwhelming, consumers in a transition economy may be better off in a competitive …
Persistent link: https://www.econbiz.de/10005207091