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Catching-Up and Inflation in Transition Economies : The Balassa-Samuelson Effect Revisited
Mihaljek, Dubravko - 2013
are clearly present and explain around 24% of inflation differentials vis-a-vis the euro area (about 1.2 percentage points … total domestic inflation (about 1.1 percentage points on average). The paper presents mixed evidence on whether the Balassa …
Persistent link: https://www.econbiz.de/10012710836
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The Balassa-Samuelson Effect in Central Europe : A Disaggregated Analysis
Mihaljek, Dubravko; Klau, Marc - 2013
This paper aims to explain differences in inflation between six central European economies - Croatia, the Czech … productivity differentials explain on average only between 0.2 and 2.0 percentage points of annual inflation differentials vis …-a-vis the euro area. Productivity differentials also explain only a small proportion of domestic inflation in central European …
Persistent link: https://www.econbiz.de/10014058428
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China's evolving external wealth and rising creditor position
Ma, Guonan; Zhou, Haiwen - Bank für Internationalen Zahlungsausgleich <Basel> - 2009
China’s emergence as a major player in world trade is well known, but its rising role in global finance is perhaps underappreciated. China is the second largest creditor in the world today, with a net creditor position of exceeding 30% of GDP in 2007. In this paper, we test the importance of...
Persistent link: https://www.econbiz.de/10009138480
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China's Evolving External Wealth and Rising Creditor Position
Ma, Guonan - 2009
China's emergence as a major player in world trade is well known, but its rising role in global finance is perhaps underappreciated. China is the second largest creditor in the world today, with a net creditor position of exceeding 30% of GDP in 2007. In this paper, we test the importance of...
Persistent link: https://www.econbiz.de/10013156914
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Financial Sector Ups and Downs and the Real Sector in the Open Economy : Up by the Stairs, Down by the Parachute
Aizenman, Joshua - 2014
We examine how financial expansion and contraction cycles affect the broader economy through their impact on real economic sectors in a panel of countries over 1960-2005. Periods of accelerated growth of the financial sector are more likely to be followed by abrupt financial contractions than...
Persistent link: https://www.econbiz.de/10013063925
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Is China or India More Financially Open?
Ma, Guonan - 2014
Measures of de facto capital account openness for China and India raise the question whether the Chinn-Ito measure of de jure capital account openness is useful and whether the Lane-Milesi-Ferretti measure of de facto openness ranks the two countries correctly. We examine eight dimensions of de...
Persistent link: https://www.econbiz.de/10013063964
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Understanding Asian Equity Flows, Market Returns and Exchange Rates
Chai-Anant, Chayawadee; Ho, Corrinne - 2013
This paper examines from various angles foreign investors' daily transactions in six emerging Asian equity markets and their relationship with local market returns and exchange rate changes over the period 1999-2006. Confirming much of the literature, we find that equity market returns matter...
Persistent link: https://www.econbiz.de/10014218885
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Do China's Capital Controls Still Bind? Implications for Monetary Autonomy and Capital Liberalisation
Ma, Guonan; McCauley, Robert N. - 2013
The paper argues that China's capital controls remain substantially binding. This has allowed the Chinese authorities to retain some degree of short-term monetary autonomy, despite the fixed exchange rate up to July 2005. Although the Chinese capital controls have not been watertight, we find...
Persistent link: https://www.econbiz.de/10014224179
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What Drives Inflation Expectations in Brazil? Public versus Private Information
Areosa, Waldyr - 2016
and public information when building inflation expectations in Brazil. The main results are: (i) forecasters attach more …
Persistent link: https://www.econbiz.de/10012999818
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Exchange Rates and Prices : Evidence from the 2015 Swiss Franc Appreciation
Auer, Raphael - 2019
The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...
Persistent link: https://www.econbiz.de/10012896768