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Structural features and interest-rate dynamics of Russia’s interbank lending market
Egorov, Alexey; Kovalenko, Olga - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 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 banks, and foreign-owned banks), as well as a discussion of their...
Persistent link: https://www.econbiz.de/10010691906
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What drives China’s outward FDI? A regional analysis
You, Kefei - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2015
Our study examines home drivers of China’s regional outward FDI. We propose a theoretical framework that incorporates … proposed theories (except for geographic aspects) are found to provide important perspectives explaining China’s regional …
Persistent link: https://www.econbiz.de/10011273262
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An adaptive approach to forecasting three key macroeconomic variables for transitional China
Niu, Linlin; Xu, Xiu; Chen, Ying - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2015
We propose the use of a local autoregressive (LAR) model for adaptive estimation and forecasting of three of China … evolution of the real economy in China, as well as abrupt changes in interestrate and inflation dynamics that capture monetary …
Persistent link: https://www.econbiz.de/10011253074
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An "almost-too-late" warning mechanism for currency crises
Crespo Cuaresma, Jesýs; Slacik, Tomas - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
We propose exploiting the term structure of relative interest rates to obtain estimates of changes in the timing of a currency crisis as perceived by market participants. Our indicator can be used to evaluate the relative probability of a crisis occurring in one week as compared to a crisis...
Persistent link: https://www.econbiz.de/10005207090
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On the use of sterilisation bonds in emerging Asia
Mehrotra, Aaron - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
We document recent developments in the use of sterilisation bonds by six central banks in emerging Asia, and discuss the implications for monetary policy and the financial sector. An important development in the sterilisation of foreign exchange interventions in past years has been the frequent...
Persistent link: https://www.econbiz.de/10010611609
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Dutch disease scare in Kazakhstan: Is it real?
Égert, Balázs; Leonard, Carol S. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
In this paper we explore the evidence that would establish that Dutch disease is at work in, or poses a threat to, the Kazakh economy. Assessing the mechanism by which fluctuations in the price of oil can damage non-oil manufacturing—and thus long-term growth prospects in an economy that...
Persistent link: https://www.econbiz.de/10005648636
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Foreign direct investment and economic growth: Empirical evidence from Russian regions
Ledyaeva, Svetlana; Linden, Mikael - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006
Barro and Sala-I-Martin empirical framework of neoclassical Solow-Swan model is specified to determine the FDI impact on per capita growth in 74 Russian regions during period of 1996-2003. The Arellano-Bond GMM-DIFF methodology, developed for dynamic panel data models, is used in estimations....
Persistent link: https://www.econbiz.de/10005190675
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China and Central and Eastern European Countries: Regional networks, global supply chain or international competitors?
Fung, K.C.; Korhonen, Iikka; Li, Ke; Ng, Francis - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the … FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: 1) China and the … CEECs each exist in its own regional production network, with no linkage between FDI flows into China and into CEECs; 2 …
Persistent link: https://www.econbiz.de/10005190688
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Estimating the Determinants of Foreign Direct Investment Inflows: How Important are Sampling and Omitted Variable Biases?
Kinoshita, Yuko; Campos, Nauro F. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2004
This paper investigates the importance of factor endowment vis-à-vis institutions in explaining the locational choice of foreign investors during the 1990s. Using dynamic panel estimation on data for transition economies, we find that low labour costs, bureaucratic efficiency...
Persistent link: https://www.econbiz.de/10005648578
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Spatial econometric analysis of determinants and strategies of FDI in Russian regions in pre- and post-1998 financial crisis periods
Ledyaeva, Svetlana - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
Using a spatial autoregressive model of cross-sectional and panel data, we study the determinants and dominant strategies of FDI inflows into Russia before and after the 1998 financial crisis. The important determinants of FDI inflows into Russian regions since transition began appear to be...
Persistent link: https://www.econbiz.de/10005648588