This paper is based on a 1996 industrial survey of 420 Russian firms' actual position, as opposed to their expectations and declared intentions. Factor analysis and ordered Probit techniques are used to test relationships between the various responses. The main conclusions are: 1) profit depends...

Barter in Russia can be explained by firms' liquidity constraint: it is strongly correlated with financial tightness. However, a microeconomic analysis reveals that the rationale behind this liquidity constraint is different according to the firm situation. For firms in a good economic...

This study investigates the direct link between the implementation of the 1988 Basel capital requirement in Japan and the shrinkage of banks' foreign assets, particularly in Thailand in the 1990s. The empirical analysis proceeds in two stages. The first stage investigates the hypothesis that the...

The expansion of global liquidity, resulting from the unconventional monetary policies implemented by the major Central Banks over the past several years, has contributed to the debate on the cross-border impact of those measures. This paper examines the impact of global excess liquidity on...

The Central and Eastern European countries have used since the beginning of the transition of many monetary and exchange rate strategies to fight against inflation. One can find the full spectrum of regimes, from free floating, currency board, monetary anchors, inflation targeting, through...

Since the 90?s, between 70 and 90% of banking assets in ceecs? banking system are held by foreign located banks. The huge presence of foreign banks in ceecs leads also to a strong dependence to banking cross-border claims. Are foreign located affiliates a factor that attracts foreign claims in...