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The structural behavior of China–US trade flows
Cheung, Yin-Wong; Chinn, Menzie D.; Qian, Xingwang - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
value of China’s exports to the US responds negatively to real renminbi (RMB) appreciation, while import responds positively … reduce China’s trade balance. The use of alternative exchange rate measures and data on different trade classifications …
Persistent link: https://www.econbiz.de/10011098749
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Exchange rate regimes, foreign exchange volatility and export performance in Central and Eastern Europe: Just another blur project?
Égert, Balázs; Morales-Zumaquero, Amalia - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005
This paper attempts to analyze the direct impact of exchange rate volatility on the export performance of ten Central … aggregate but also bilateral and sectoral export flows are studied. To this end, we first analyze shifts in exchange rate … in our export function. The results suggest that the size and the direction of the impact of forex volatility and of …
Persistent link: https://www.econbiz.de/10005190669
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What beyond oil and gas? Russian trade specialisation in manufactures
Garanina, Olga - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
China. On the basis of trade indicator analysis (revealed comparative advantages and Grubel-Lloyd index of intra …-industry trade), we show that Russia is globally disadvantaged in the manufactures trade vis-à-vis the EU and China, and advantaged …
Persistent link: https://www.econbiz.de/10005648574
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Identifying structural shocks behind loan supply fluctuations in Russia
Deryugina, Elena B.; Ponomarenko, Alexey A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2011
We examine the drivers behind loan supply fluctuations in Russia using Bayesian vector autoregressive model with sign restrictions on impulse response functions. We identify two types of structural innovations: loan supply shock and monetary stance shock. We find that contractionary shocks of...
Persistent link: https://www.econbiz.de/10009251257
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Exchange market pressures during the financial crisis: A Bayesian model averaging evidence
Feldkircher, Martin; Horvath, Roman; Rusnak, Marek - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
In this paper, we examine whether pre-crisis leading indicators help explain pressures on the exchange rate (and its volatility) during the global financial crisis. We use a unique data set that covers 149 countries and 58 indicators, and estimation techniques that are robust to model...
Persistent link: https://www.econbiz.de/10010818565
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The Determinants of Vulnerability to the Global Financial Crisis 2008 to 2009: Credit Growth and Other Sources of Risk
Feldkircher, Martin - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
In this paper, we identify initial macroeconomic and financial market conditions that help explain the distinct response of the real economy of a particular country to the recent global financial crisis. Using four measures of crisis severity, we examine a data set with over 90 potential...
Persistent link: https://www.econbiz.de/10010586132
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Russian fiscal policy during the financial crisis
Ponomarenko, Alexey A.; Vlasov, Sergey A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2010
This study examines the expanding role of fiscal policy at a time of financial crisis. It analyses the stimulative fiscal measures of the Russian government in 2008-2010 and compares these with simi-lar actions taken in other countries. The risks and limitations associated with the development...
Persistent link: https://www.econbiz.de/10008466296
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Wealth effects and Russian money demand
Mehrotra, Aaron; Ponomarenko, Alexey A. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2010
We examine wealth effects for Russian money demand in a cointegrated vector autoregressive framework. We find that an aggregate wealth variable, as well as the components housing and equity prices included separately, significantly enter the long-run money demand relationship. There are feedback...
Persistent link: https://www.econbiz.de/10008466299
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The impact of the global financial crisis on business cycles in Asian emerging economies
Korhonen, Iikka; Fidrmuc, Jarko - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
We analyze the transmission of global financial crisis to business cycles in China and India. The pattern of business …
Persistent link: https://www.econbiz.de/10005082495
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Volatility transmissions between renminbi and Asia-Pacific on-shore and off-shore U.S. dollar futures
Colavecchio, Roberta; Funke, Michael - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006
This paper uses multivariate GARCH techniques to study volatility spillovers between the Chinese non-deliverable forward market and seven of its Asia-Pacific counterparts over the period January 1998 to March 2005. To account for the time-variability of conditional correlation, a dynamic...
Persistent link: https://www.econbiz.de/10005419581