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Political connections and depositor discipline

Disli, Mustafa; Schoors, Koen; Meir, Jos - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2013

We examine the effects of political connections on depositor discipline in a sample of Turkish banks. Banks with former members of parliament at the helm enjoy reduced depositor discipline, especially if the former politician’s party is currently in power – less so if the former politician...

Persistent link: https://www.econbiz.de/10010659468

When banks' shadow fades and shadow banking rises: Securitization and loan performance in China

Gong, Di; Wu, Jin; Zhu, Jigao - 2023

This study examines the relationship between securitization and loan performance using proprietary loan-level data from … retained on the bank's balance sheet, suggesting no adverse selection or moral hazard within the Chinese securitization market … alters banks' business model and eliminates other options of credit risk transfer except for securitization, we show worse …

Persistent link: https://www.econbiz.de/10014363823

Russian equity market linkages before and after the 1998 crisis: evidence from time-varying and stochastic cointegration tests

Lucey, Brian M.; Voronkova, Svitlana - 2005

This paper examines the relationships between the Russian and other Central European (CE) and developed countries' equity markets over the 1995-2004 period.Along with the traditional Johansen and Juselius (1990) multivariate cointegration tests, we apply novel cointegration approaches, including...

Persistent link: https://www.econbiz.de/10012148495

What determines stock market behavior in Russia and other emerging countries?

Korhonen, Iikka; Peresetsky, Anatoly - 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/10012148690

Extracting global stochastic trend from non-synchronous data

Korhonen, Iikka; Peresetsky, Anatoly - 2013

We use a Kalman filter type model of financial markets to extract a global stochastic trend from the discrete non-synchronous data on daily stock market index returns of different stock exchanges. The model is tested for robustness. In addition, we derive "most important" hours of world...

Persistent link: https://www.econbiz.de/10012148701

Financial development and patterns of industrial specialization: Regional evidence from China

He, Qing; Xue, Chang; Zhu, Chenqi - 2014

The paper investigates the influences of financial development on patterns of industrial specialization across China's regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct...

Persistent link: https://www.econbiz.de/10012148729

Financial market reform – A new driver for China's economic growth?

Chen, Yu-Fu; Funke, Michael; Tao, Kunyu - 2015

This paper analyses the financial distortions – growth nexus in China using a tractable general equilibrium modelling approach in which heterogeneous private and state-owned firms interact. The focal points of the model are financial frictions and reallocations of factors of production across...

Persistent link: https://www.econbiz.de/10012148746

Can the Chinese bond market facilitate a globalizing renminbi?

Ma, Guonan; Yao, Wang - 2016

A global renminbi needs to be backed by a large, deep and liquid renminbi bond market with a world-class Chinese government bond (CGB) market as its core. China's CGB market is the seventh largest in the world while sitting alongside a huge but non-tradable and captive central bank liability in...

Persistent link: https://www.econbiz.de/10012148775

Financial development, rule of law and wealth inequality: Bayesian model averaging evidence

Horvath, Roman; Horvatova, Eva; Siranova, Maria - 2017

We examine the determinants of financial development using our global sample and employing a rich set of measures of financial development that assess the degree of depth, access, stability and efficiency of financial intermediaries. We use Bayesian model averaging to test competing theories...

Persistent link: https://www.econbiz.de/10012148806

Russian equity market linkages before and after the 1998 crisis: Evidence from time-varying and stochastic cointegration tests

M. Lucey, Brian; Voronkova, Svitlana - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2005

This paper examines the relationships between the Russian and other Central European (CE) and developed countries’ equity markets over the 1995-2004 period. Along with the traditional Johansen and Juselius (1990) multivariate cointegration tests, we apply novel cointegration approaches,...

Persistent link: https://www.econbiz.de/10005648648

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