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Co-movements of Shanghai and New York Stock prices by time-varying regressions
Chow, Gregory C; Liu, Changjiang; Niu, Linlin - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2011
significantly and persistently positive after 2002, when China entered WTO. The effect of the current return for Shanghai on New … global financial crisis, but reaches the level of about 0.4 to 0.5 in 2010 for both markets. Our results show that China …
Persistent link: https://www.econbiz.de/10009251251
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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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Trade, product variety and welfare: A quantitative assessment for the transition economies in Central and Eastern Europe
Funke, Michael; Ruhwedel, Ralf - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
We calculate welfare gains of trade liberalization in the Central and East European transition economies, following the approach of Romer (1994), who emphasized that proper modeling of the impact of trade restrictions on the number of available product varieties is crucial to quantifying the...
Persistent link: https://www.econbiz.de/10005419608
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Composition of Exports and Cross-Country Corruption
Goel, Rajeev K.; Korhonen, Iikka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
This research examines the connection between a country’s export structure and corruption, incorporating disaggregated data on exports for a recent time period over a large set of nations. We ask whether various types of exports (e.g. agricultural, mineral, manufacturing and fuel) exert...
Persistent link: https://www.econbiz.de/10005034671
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Reforms and economic growth in transition economies: Complementarity, sequencing and speed
Staehr, Karsten - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
Growth regressions have provided important insights into the impact of economic reforms on growth in transition economies. Using principal components to decompose reform variables and construct reform clusters, we address unsettled issues such as the importance of sequencing and reform speed....
Persistent link: https://www.econbiz.de/10005648614
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Optimal Law Enforcement and Welfare in the Presence of Organized Crime
Pääkkönen, Jenni - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
This paper explores the optimal law enforcement strategy of a Leviathan government in the presence of organized crime. The government is considered too weak to prevent an upsurge in crime, so it allows the mafia to generate a positive payoff by extracting rents in the shadow economy. From a...
Persistent link: https://www.econbiz.de/10005419605
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A castle built on sand: The effects of mass privatization on stock market creation in transition economies
Fungacova, Zuzana; Hanousek, Jan - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2006
This paper deals with the relationship between mass privatization and stock market development in transition economies … the hypothesis that mass privatization exerted a negative influence on stock market functioning over the short and medium … term. Further, it appears that stock markets in countries with mass privatization were initially perceived as mere …
Persistent link: https://www.econbiz.de/10005419586
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Russia's banking sector transition: Where to?
Vernikov, Andrei V. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
This paper applies an analytical paradigm of institutional economics to the transition of the Russian banking sector, focusing on the interplay between ownership change and institutional change. We find that the state’s withdrawal from commercial banking has been inconsistent and limited in...
Persistent link: https://www.econbiz.de/10005648571
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Financial sector development in transition economies: Lessons from the first decade
Bonin, John; Wachtel, Paul - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2002
privatization programs often failed to achieve independence from government control and from undesirable weak clients. It is now … markets and institutions to accomplish unattainable goals. Equity markets cannot be effectively support mass privatization …
Persistent link: https://www.econbiz.de/10005648603
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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