ERN: Open Macroeconomics in Transition Economics (Topic)最新文献_第3页

Import Response to Exchange Rate Fluctuations: A Micro-Level Investigation 进口对汇率波动的反应:微观层面的调查

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2015-03-01 DOI: 10.2139/ssrn.2580225

Y. Li, Juanyi Xu, C. Zhao

引用次数: 2

The Changes in China's Bond and Foreign Exchange Market and Their Effects on Korea 中国债券和外汇市场的变化及其对韩国的影响

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2015-01-23 DOI: 10.2139/ssrn.2770204

I. Moon, Da Young Yang, In Huh

引用次数: 0

The Internationalisation of the Renminbi as an Investing and a Funding Currency: Analytics and Prospects 人民币作为投资与融资货币的国际化:分析与展望

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2015-01-16 DOI: 10.2139/ssrn.2550713

D. He, Paul Luk, Wenlang Zhang

引用次数: 4

Foreign Exchange Derivatives and Bank Lending in China 中国的外汇衍生品和银行贷款

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2014-09-03 DOI: 10.2139/ssrn.2490362

Wen Si

{"title":"Foreign Exchange Derivatives and Bank Lending in China","authors":"Wen Si","doi":"10.2139/ssrn.2490362","DOIUrl":"https://doi.org/10.2139/ssrn.2490362","url":null,"abstract":"With the reform of the RMB exchange rate regime, China’s banks expose to more exchange rate risks and use foreign exchange derivatives to manage these risks. This paper develops a theoretical model to examine the relationship between foreign exchange derivatives and the foreign currency lending in China’s banking sector. In our model, banks choose lending activities in a way analogous to Cournot competition commonly described in industrial organization. We find there is the positive effect of the derivatives position on the total loan volumes under the condition that the von Neumann-Morgenstern utility function of bank using derivatives displays either constant or decreasing absolute risk aversion. In the empirical section, we use Vector Autoregression (VAR) model with China’s monthly data over the period from Jan 2007 to Jun 2014. Based on techniques commonly used in the VAR literature, the main results suggest that the foreign exchange derivatives transaction has bi-directional Granger causality with bank’s foreign currency loan volume, and derivatives transaction has a significantly and persistently positive effect on bank lending. Furthermore, we find that derivatives transaction accounts for over 40 percent of variations in loan volume in the long run.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131617377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

Foreign Direct Investment and Foreign Portfolio Investment in the Contemporary Globalized World: Should They Be Still Treated Separately? 当代全球化世界中的外国直接投资和外国证券投资:它们还应该分开对待吗?

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-12-02 DOI: 10.2139/ssrn.2369231

Marcin Humanicki, R. Kelm, K. Olszewski

{"title":"Foreign Direct Investment and Foreign Portfolio Investment in the Contemporary Globalized World: Should They Be Still Treated Separately?","authors":"Marcin Humanicki, R. Kelm, K. Olszewski","doi":"10.2139/ssrn.2369231","DOIUrl":"https://doi.org/10.2139/ssrn.2369231","url":null,"abstract":"Foreign direct investment (FDI) and foreign portfolio investment (FPI) have been long considered as distinct and independent forms of international capital flows, but in the globalized world there are reasons to treat them as interconnected phenomena. This paper analyzes the mutual relationship between FDI and FPI and attempts to answer the question whether they complement or substitute for each other from a foreign investor’s point of view. Firstly, the paper describes the main characteristics of FDI and FPI in terms of a trade-off between their volatility and profitability. Secondly, it provides a literature review on the determinants of these two types of foreign investment. Finally, we analyse the long-run and short-run relationships between FDI and FPI running VECM regressions on data for Poland. Our research suggests that these two forms of foreign investment are substitutes. To be more specific, in economically stable periods FDI tends to dominate over FPI, but during insecurity and economic distress, both in source and host countries, FPI starts to gain importance.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132797087","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 17

Russia and the Global Financial Crisis 俄罗斯与全球金融危机

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-11-17 DOI: 10.2139/ssrn.2383189

A. Kudrin

引用次数: 1

The Economic Consequences of China-Africa Relations: Debunking Myths in the Debate 中非关系的经济后果:在辩论中揭穿神话

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-07-08 DOI: 10.2139/ssrn.2493358

S. Asongu, Gilbert Aminkeng

引用次数: 70

AZƏRBAYCANIN XARİCİ TİCARƏTİNİN NƏZƏRİ BAZASI VE MODERNLƏŞMƏ ZƏRURİLİYİ (The Theoretical Basis of Azerbaijan's Foreign Trade and the Need for Modernization) AZƏRBAYCANIN XARİCİ TİCARƏTİNİN NƏZƏRİ BAZASI VE MODERNLƏŞMƏ ZƏRURİLİYİ(阿塞拜疆对外贸易的理论基础与现代化的需要)

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-06-15 DOI: 10.2139/ssrn.2390742

Berrin Bolek

{"title":"AZƏRBAYCANIN XARİCİ TİCARƏTİNİN NƏZƏRİ BAZASI VE MODERNLƏŞMƏ ZƏRURİLİYİ (The Theoretical Basis of Azerbaijan's Foreign Trade and the Need for Modernization)","authors":"Berrin Bolek","doi":"10.2139/ssrn.2390742","DOIUrl":"https://doi.org/10.2139/ssrn.2390742","url":null,"abstract":"<b> Azerbaijani Abstract:</b> Bugün dünya böyük bir bazar halına gelmiştir və bu bazarda hər gün böyük dəyişikliklər gədir, beynəlxalq iqtisadi əlaqələr və elmi-texniki əməkdaşlıq artır, inkişaf edir. Оdur ki, bu gün хаrici ticаrətinin inkişаf səviyyəsi ölkələrin iqtisаdi inkişаf səviyyəsini müəyyən еdən ən mühüm göstəricilərdən biridir. Аzərbаycаn Rеspublikаsındа аpаrılаn аrdıcıl islаhаtlаr nəticəsində iqtisаdiyyаtın bütün sаhələrində sürətli inkişаfа nаil оlunmuşdur. Ölkənin dünyаnın inkişаf еtmiş dövlətlərinin inkişаf səviyyəsinə çаtmаsı üçün аrdıcıl və sistеmli şəkildə islаhаtlаr həyаtа kеçirilməkdədir. 2012-ci ildə 150-dən artıq ölkə ilə ticari əməkdaşlıq əden Azərbaycan bir çox beynəlxalq iqtisadi və maliyyə qurumlarının da üzvüdür. <b>English Abstract:</b> Nowadays, the world has become a large market and big changes are coming in every day. International economic relations are growing, scientific and technical cooperation is increasing. Foreign trade, which is one of the most important indicators, is determining the level of economic development of countries. As a result of swift reforms in the Republic of Azerbaijan has been supplying the rapid development in all areas of the economy. Azerbaijan has systematic and continuous innovation to achieve the level of developed countries. Azerbaijan is a member of many international economic and financial institutions and entered into trade relations with more than 150 countries in 2012.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115642402","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financial Market in April 2013 2013年4月《金融市场》

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-05-28 DOI: 10.2139/SSRN.2271036

Nikita Andrievskiy, E. Khudko

引用次数: 0

Current Account Dynamics in Selected Transition Economies 部分转型经济体的经常账户动态

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-03-26 DOI: 10.2139/ssrn.2239663

Aleksander Aristovnik

{"title":"Current Account Dynamics in Selected Transition Economies","authors":"Aleksander Aristovnik","doi":"10.2139/ssrn.2239663","DOIUrl":"https://doi.org/10.2139/ssrn.2239663","url":null,"abstract":"The paper examines the question of whether the current account deficits seen in selected transition economies in recent years mainly as a symptom of the dynamic economic activity of the catching-up process are a source of potential macroeconomic destabilisation. Given the significant reduction of capital flows, as well as restrictions and lessons from recent financial crises, current account deficits must be closely monitored in the region. In this respect, the issue of ‘current account sustainability’ in seventeen transition economies is investigated. For this purpose, two accounting frameworks (Milesi-Ferreti, Razin (1996) and Reisen (1998)) based on certain strict assumptions are employed. The results show that if the observed level of foreign direct investment (FDI) flows is kept in the medium run almost all countries could optimally have a higher level of external deficit, with the exception of countries such as Baltic States, Hungary, Macedonia, Moldova and Romania. Accordingly, the maintenance of relatively large FDI inflows to national economies is a key priority in securing future external sustainability. In the end, the results indicate that current account deficits of transition economies that exceed 5 percent of GDP generally involve problems of their external sustainability.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129030662","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1