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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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Mission drawdowns - financing a sustainable peace : sustaining gains and supporting economic stability post un mission withdrawal
OECD - 2020
managed transition process is one of the best ways to guard against backslide and to ensure the continuity of essential … studies in DRC (initial stages of MONUSCO transition), Haiti (handover from MINUJUSH to BINUH), Liberia (following UNMIL …’s withdrawal) and Sudan (transition of UNAMID). The paper focuses on opportunities that the international community could integrate …
Persistent link: https://www.econbiz.de/10012257901
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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
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Employment - wage decisions in the insider-owned firm
Polterovich, Victor - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2000
The paper is intended to explain low sensitivity of employment decisions observed in transition economies where insider … ownership prevails and capital markets are not highly developed. We introduce a stability concept for employment levels of a … labor-managed firm and prove that there exists a segment of stable employment levels. If a level belongs to the interior of …
Persistent link: https://www.econbiz.de/10005771103