Narrow search
Showing 1 - 10 of 80
Cover Image
What determines stock market behavior in Russia and other emerging countries?
Korhonen, Iikka; Peresetsky, Anatoly - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
We empirically test the dependence of the Russian stock market on the world stock market and world oil prices in the period 1997:10–2012:02. We also consider three Eastern European stock markets (Poland, the Czech Republic, and Hungary), as well as two markets outside Europe (Turkey and South...
Persistent link: https://www.econbiz.de/10010818553
Cover Image
Market discipline during crisis: Evidence from bank depositors in transition countries
Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; … - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
The Central European banking industry is dominated by foreign-owned banks. During the recent crisis, for the first time since the transition, foreign parent companies were frequently in a worse financial condition than their subsidiaries. This situation created a unique opportunity to study new...
Persistent link: https://www.econbiz.de/10010818577
Cover Image
Estimating sustainable output growth in emerging market economies
Krupkina, Anna; Deryugina, Elena; Ponomarenko, Alexey - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
In the spirit of Borio et al. (2014) we present a model that incorporates information contained in diverse variables when estimating sustainable output growth. For this purpose, we specify a state-space model representing a multivariate HP-filter that links cyclical fluctuation of GDP with...
Persistent link: https://www.econbiz.de/10010818580
Cover Image
Early warning indicators of asset price boom/bust cycles in emerging markets
Ponomarenko, Alexey - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2012
We apply recently developed early warning indicators systems to a cross-section of emerging markets. We find that, with little or no modification, models designed to predict asset price booms/busts in advanced countries may be useful for emerging markets. The concept of monitoring a set of asset...
Persistent link: https://www.econbiz.de/10010575947
Cover Image
Global and local sources of risk in Eastern European emerging stock markets
Fedorova, Elena; Vaihekoski, Mika - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2008
We study a pricing model for global and local sources of risk in six Eastern European emerging stock markets. Utilizing GMM estimation and an unconditional asset-pricing framework with and without time-varying betas, we perform estimations based on monthly data from 1996 to 2007 for Poland,...
Persistent link: https://www.econbiz.de/10005648562
Cover Image
Assessing McCallum and Taylor rules in a cross-section of emerging market economies
Mehrotra, Aaron; Sánchez-Fung, José R. - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
The paper estimates McCallum and Taylor monetary policy reaction functions, and hybrids mixing instruments and targets from the two frameworks, for 20 emerging market economies. McCallum-Taylor specifications with an interest rate instrument and a nominal income gap target perform better than...
Persistent link: https://www.econbiz.de/10008563374
Cover Image
What drives financial crises in emerging markets?
Komulainen, Tuomas; Lukkarila, Johanna - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2003
The study examines the reasons for financial crises in 31 emerging market countries during 1980-2001. It estimates a probit model using 23 macroeconomic and financial sector variables. Traditional variables such as unemployment and inflation, as well as several indicators of indebtedness such as...
Persistent link: https://www.econbiz.de/10005419620
Cover Image
Economic growth across Chinese provinces: in search of innovation-driven gains
Funke, Michael; Yu, Hao - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2009
in China is not explained simply by factor input accumulation. …
Persistent link: https://www.econbiz.de/10004969818
Cover Image
Local government debt and economic growth in China
Wu, Yanrui - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2014
China’s local government debt (LGD) has recently become the focus of economic policy debates. However, information … investigation of the impact of China’s LGD on economic growth. It is probably the first of its kind to focus on China and thus … assessment of LGD in China’s regional economies, using recently released auditing statistics and other available secondary …
Persistent link: https://www.econbiz.de/10011098218
Cover Image
Institutional development and stock price synchronicity: Evidence from China
Hasan, Iftekhar; Song, Liang; Wachtel, Paul - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013
the experience of China, an economy undergoing dramatic institutional change in the last 20 years with rich variation in …
Persistent link: https://www.econbiz.de/10011267943