ERN: Open Macroeconomics in Transition Economics (Topic)最新文献_第4页

Prospects of the Russian Ruble as a Regional Reserve Currency: Theoretical Approach 俄罗斯卢布作为区域储备货币的前景:理论途径

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2013-02-01 DOI: 10.2139/ssrn.2210411

S. Narkevich, P. Trunin

引用次数: 0

Russia's Foreign Trade in October 2012 2012年10月俄罗斯对外贸易

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2012-10-20 DOI: 10.2139/SSRN.2182531

N. Volovik

引用次数: 0

An Analysis of the Impact of the Balance of Payments' Capital Account on Macroeconomic Processes in Russian Federation 国际收支资本项目对俄罗斯联邦宏观经济进程的影响分析

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2012-08-01 DOI: 10.2139/ssrn.2121239

P. Trunin

引用次数: 1

Measuring Systemic Funding Liquidity Risk in the Russian Banking System 衡量俄罗斯银行系统的系统性资金流动性风险

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2012-06-07 DOI: 10.2139/ssrn.2086316

Irina K. Andrievskaya

引用次数: 3

How Would Capital Account Liberalisation Affect China’s Capital Flows and the Renminbi Real Exchange Rates? 资本项目自由化将如何影响中国资本流动和人民币实际汇率?

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2012-04-18 DOI: 10.2139/ssrn.2042315

D. He, Lillian Cheung, Wenlang Zhang, Tommy T. Wu

{"title":"How Would Capital Account Liberalisation Affect China’s Capital Flows and the Renminbi Real Exchange Rates?","authors":"D. He, Lillian Cheung, Wenlang Zhang, Tommy T. Wu","doi":"10.2139/ssrn.2042315","DOIUrl":"https://doi.org/10.2139/ssrn.2042315","url":null,"abstract":"In this paper we study the determinants of gross capital flows, project the size of China’s international investment positions in 2020 and analyse the implications for the renminbi real exchange rates. We assume in this exercise that the renminbi will have largely achieved capital account convertibility by the end of this decade, a timetable consistent with recent proposals by the People’s Bank of China. Our analysis shows that China’s gross international investment positions would grow significantly, and inflows and outflows would become much more balanced. The private sector would turn its net liability position into a balanced position, and the official sector would reduce its net asset position significantly, relative to the country’s GDP. Because of the increasing importance of private sector foreign claims and the decreasing importance of official foreign reserves, China would be able to earn higher net investment incomes from abroad. Overall, China would continue to be a net creditor, with the net foreign asset position as a share of GDP remaining largely stable through this decade. These findings suggest that the renminbi real exchange rate would not be particularly sensitive to capital account liberalisation as capital flows are expected to be two-sided. The renminbi real exchange rate would likely be on a path of moderate appreciation as China is expected to maintain a sizeable growth differential with its trading partners.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127905023","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: 35

The Chinese Offshore Renminbi-Denominated Bonds: Dim Sum Bonds 中国离岸人民币计价债券:点心债券

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2012-02-01 DOI: 10.2139/SSRN.2080636

Hung-Gay Fung, Derrick Tzau, Jot K. Yau

引用次数: 7

Economic Benefits of Globalization: The Impact of Entry to the WTO on China'S Growth 全球化的经济利益:加入WTO对中国经济增长的影响

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2011-08-01 DOI: 10.1111/j.1468-0106.2011.00548.x

H. Ching, C. Hsiao, Shui Ki Wan, Tongsan Wang

引用次数: 20

Financial Frictions and Optimal Monetary Policy in an Open Economy 开放经济中的金融摩擦与最优货币政策

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2011-05-01 DOI: 10.2139/ssrn.1904841

Marcin Kolasa, G. Lombardo

{"title":"Financial Frictions and Optimal Monetary Policy in an Open Economy","authors":"Marcin Kolasa, G. Lombardo","doi":"10.2139/ssrn.1904841","DOIUrl":"https://doi.org/10.2139/ssrn.1904841","url":null,"abstract":"A growing number of papers have studied positive and normative implications of financial frictions in DSGE models. We contribute to this literature by studying the welfare-based monetary policy in a two-country model characterized by financial frictions, alongside a number of key features, like capital accumulation, non-traded goods and foreign-currency debt denomination. We compare the cooperative Ramsey monetary policy with standard policy benchmarks (e.g. PPI stability) as well as with the optimal Ramsey policy in a currency area. We show that the two-country perspective offers new insights on the trade-offs faced by the monetary authority. Our main results are the following. First, strict PPI targeting (nearly optimal in our model if credit frictions are absent) becomes excessively procyclical in response to positive productivity shocks in the presence of financial frictions. The related welfare losses are non-negligible, especially if financial imperfections interact with nontradable production. Second, (asymmetric) foreign currency debt denomination affects the optimal monetary policy and has important implications for exchange rate regimes. In particular, the larger the variance of domestic productivity shocks relative to foreign, the closer the PPI-stability policy is to the optimal policy and the farther is the currency union case. Third, we find that central banks should allow for deviations from price stability to offset the effects of balance sheet shocks. Finally, while financial frictions substantially decrease attractiveness of all price targeting regimes, they do not have a significant effect on the performance of a monetary union agreement.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127662572","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: 51

Effect of Macroeconomic Factors on Capital Structure Decisions of Firm-Evidence from a Developing Country 宏观经济因素对企业资本结构决策的影响——来自一个发展中国家的证据

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2011-04-01 DOI: 10.22547/BER/3.1.5

Qurrat-ul-Ain, Sharif Ullah Jan, Muhammad Rafiq

{"title":"Effect of Macroeconomic Factors on Capital Structure Decisions of Firm-Evidence from a Developing Country","authors":"Qurrat-ul-Ain, Sharif Ullah Jan, Muhammad Rafiq","doi":"10.22547/BER/3.1.5","DOIUrl":"https://doi.org/10.22547/BER/3.1.5","url":null,"abstract":"The focal theme of this research paper is to investigate the effect of macroeconomic parameters on the capital structure of Pakistani firms. According to the best of our knowledge this is the first study of its kind in Pakistan and it will open new horizons of research in this area ultimately helping practitioners and academicians. Previous researches in the context of Pakistan have taken firm specific variables only while this study considers macroeconomic factors besides company specific variables. A panel data (for a period of 2003 to 2009) for KSE-I 00 (non-financial firms) has been analyzed by using SUR (Seemingly Unrelated Regression) model. The main findings of this study elucidate that macroeconomic variables have varying effects as far as capital structure's measurement is concerned. The market size (stock market development) has a positive effect on debt choice of Pakistani firms. Bank size is directly related with long term debt to equity of these firms. The correlation between inflation rate and financial leverage (long term debt to equity as well) is negative, whereas, it has a positive relation with external financing ratio. GDP per capita is inversely related with all debt ratios. SBP discount rate is though negative but statistically insignificantly related with all debt ratios. All firm level variables, like ROE, ROA, Q ratio, Assets tangibility, Dividend payout policy and risk proved to be significant with all debt ratios. Hence, this research study supports the existing literature related to capital structure, chiefly in the case of company specific variables.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126405564","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: 8

To Devaluate or Not to Devalue? How East European Countries Responded to the Outflow of Capital in 1997-99 and in 2008-09 贬值还是不贬值?1997-99年和2008-09年东欧国家如何应对资本外流

ERN: Open Macroeconomics in Transition Economics (Topic) Pub Date : 2011-02-18 DOI: 10.2139/ssrn.1764107

V. Popov

{"title":"To Devaluate or Not to Devalue? How East European Countries Responded to the Outflow of Capital in 1997-99 and in 2008-09","authors":"V. Popov","doi":"10.2139/ssrn.1764107","DOIUrl":"https://doi.org/10.2139/ssrn.1764107","url":null,"abstract":"If there is a negative terms of trade or financial shock leading to the deterioration in the balance of payments, there are two basic options for a country that has limited foreign exchange reserves. First, a country can maintain a fixed exchange rate (or even a currency board) and wait until the reduction of foreign exchange reserves leads to the reduction of money supply: this will drive domestic prices down and stimulate exports, raise interest rates and stimulate the inflow of capital, and finally will correct the balance of payments. Second, the country can allow the devaluation of national currency – flexible exchange rate will automatically bring the balance of payments back into the equilibrium. Because national prices are less flexible than exchange rates, the first type of adjustment is associated with the greater reduction of output. The empirical evidence on East European countries and other transition economies for 1998-99 period (outflow of capital after the 1997 Asian and 1998 Russian currency crises and slowdown of output growth rates) suggests that the second type of policy response (devaluation) was associated with smaller loss of output than the first type (monetary contraction). 2008-09 developments provide additional evidence for this hypothesis.","PeriodicalId":259955,"journal":{"name":"ERN: Open Macroeconomics in Transition Economics (Topic)","volume":"107 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131773170","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: 7