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Exchange rate pass-through in the global economy – the role of emerging market economies

Bussière, Matthieu; Peltonen, Tuomas - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008

This paper estimates export and import price equations for 41 countries –including 28 emerging market economies … differentiation also play a role; (iii) export and import price elasticities tend to be strongly correlated across countries; (iv …) pass-through to import prices has declined in some advanced economies, noticeably the United States; this is consistent …

Persistent link: https://www.econbiz.de/10005648623

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

A note on exchange rate pass-through in CIS countries

Korhonen, Iikka; Wachtel, Paul - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005

We assess the extent and speed of exchange rate pass-through in the countries of the Commonwealth of Independent States (CIS). We do this in the framework of vector autoregressive regressions, utilising impulse functions and variance decompositions with monthly data that starts in 1999 in order...

Persistent link: https://www.econbiz.de/10005648568

Convertibility restriction in China’s foreign exchange market and its impact on forward pricing

Wang, Yi David - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012

In contrast to the well established markets such as the dollar-euro market, recent CIP deviations observed in the onshore dollar-RMB forward market were primarily caused by conversion restrictions in the spot market rather than by changes in credit risk and/or liquidity constraint. This paper...

Persistent link: https://www.econbiz.de/10010818559

How vertically specialized is Chinese trade?

Dean, Judith; Fung, K.C.; Wang, Zhi - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008

Two recent phenomena have transformed the nature of world trade: the explosive growth of Chinese trade, and the growth of vertically specialized trade due to international production fragmentation. While vertical specialization may explain much of the growth and unique features of Chinese trade,...

Persistent link: https://www.econbiz.de/10005419600

Can the Chinese trade surplus be reduced through exchange rate policy?

Garcia-Herrero, Alicia; Koivu, Tuuli - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007

reduced with a real appreciation of the renminbi. By estimating bilateral import equations, we find that it is imports from …

Persistent link: https://www.econbiz.de/10005648577

Is China climbing up the quality ladder?

Pula, Gabor; Daniel Santabarbara, Daniel - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012

There is an ongoing debate in the literature about the quality content of Chinese exports and to what extent China imposes a threat to the market positions of advanced economies. While China’s export structure is very similar to that of the advanced world, its export unit values are well below...

Persistent link: https://www.econbiz.de/10010818563

Exchange rate policy and the relative distribution of FDI among host countries

Xing, Yuqing - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006

This paper examines the FDI-exchange rate nexus in the context of one FDI source and two host countries. It focuses on the effect of exchange rates on relative FDI inflows between the two host countries. The theoretical analysis shows explicitly that relative FDI inflows are a function of...

Persistent link: https://www.econbiz.de/10005648617

Exchange rate sensitivity of China’s bilateral trade flows

Wang, Jiao; Ji, Andy G. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006

Traditional assessments of the impact of exchange rate depreciation or appreciation on trade have involved estimating the elasticity of trade volume to relative prices. Such studies relied heavily on aggregated trade data. More recent studies employ bilateral trade data and methodologies such as...

Persistent link: https://www.econbiz.de/10005648644

Does finance cause growth? Evidence from the origins of banking in Russia

Berkowitz, Daniel; Hoekstra, Mark; Schoors, Koen - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012

This paper examines the effect of banking on economic growth in modern Russia. To overcome simultaneity and selection, we exploit regional banking variation induced by the creation of “specialized banks” (spetsbanks) in the last years of the Soviet Union (1988-1991). Consistent with the...

Persistent link: https://www.econbiz.de/10010545767