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Money demand in post-crisis Russia: De-dollarisation and re-monetisation
Korhonen, Iikka; Mehrotra, Aaron - 2007
Estimating money demand functions for Russia following the 1998 crisis, we find a stable money demand relationship when … rouble balances and the income elasticity of money is close to unity. Inflation affects the adjustment towards equilibrium …, while broad money shocks lead to higher inflation. We also show that exchange rate fluctuations have a considerable …
Persistent link: https://www.econbiz.de/10012148536
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Money demand in post-crisis Russia: De-dollarisation and re-monetisation
Korhonen, Iikka; Mehrotra, Aaron - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2007
Estimating money demand functions for Russia following the 1998 crisis, we find a stable money demand relationship when … rouble balances and the income elasticity of money is close to unity. Inflation affects the adjustment towards equilibrium …, while broad money shocks lead to higher inflation. We also show that exchange rate fluctuations have a considerable …
Persistent link: https://www.econbiz.de/10005419621
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China's evolving reserve requirements
Ma, Guonan; Xiandong, Yan; Xi, Liu - 2011
This paper examines the evolving role of reserve requirements as a policy tool in China. Since 2007, the Chinese central bank (PBC) has relied more on this tool to withdraw domestic liquidity surpluses, as a cheaper substitute for open-market operation instruments in this period of rapid FX...
Persistent link: https://www.econbiz.de/10012148649
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The effect of the China Connect
Ma, Chang; Rogers, John H.; Zhou, Sili - 2020
We document the effect on Chinese firms of the Shanghai (Shenzhen)-Hong Kong Stock Connect. The Connect was an important capital account liberalization introduced in the mid-2010s. It created a channel for cross-border equity investments into a selected set of Chinese stocks while China's...
Persistent link: https://www.econbiz.de/10012614223
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China’s evolving reserve requirements
Ma, Guonan; Xiandong, Yan; Xi, Liu - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2011
This paper examines the evolving role of reserve requirements as a policy tool in China. Since 2007, the Chinese central bank (PBC) has relied more on this tool to withdraw domestic liquidity surpluses, as a cheaper substitute for open-market operation instruments in this period of rapid FX...
Persistent link: https://www.econbiz.de/10009645240
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Macroeconomic model of transition economy: A stochastic calculus approach
Sarajevs, Vadims - 1999
representative risk averse agents is constructed.The equilibrium growth rate of the economy, real asset returns, domestic money … addressed are: domestic money demand, currency substitution ratio, expected rate of inflation, real asset returns, the …
Persistent link: https://www.econbiz.de/10012148397
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Choice of substitution currency in Russia: how to explain the dollar's dominance?
Dorbec, Anna - 2005
The analysis of external economic relations of Russia reveals a paradox: while Europe is the main trade and direct investment partner of Russia, this is far from being the case concerning its currency s role in Russia's financial activities.The dollar is much preferred by economic agents for...
Persistent link: https://www.econbiz.de/10012148498
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Demand for money in transition: evidence from China's disinflation
Mehrotra, Aaron - 2006
We examine money demand in the Chinese economy during a period characterized by significant disinflation and outright … deflation, coupled with strong output growth.Our study establishes a stable money demand system for broad money M2.Inflation … affects the adjustment of the system towards equilibrium, and shocks to broad money are found to lead to higher inflation in …
Persistent link: https://www.econbiz.de/10012148513
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Money demand models for Russia: A sectoral approach
Krupkina, Anna; Ponomarenko, Alexey - 2013
We estimate money demand models for certain monetary aggregates across different institutional sectors (a novelty for … the Russian case). Our results comprise a collection of money demand equations that include different combinations of …
Persistent link: https://www.econbiz.de/10012148717
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Deposit dollarization in emerging markets: modelling the hysteresis effect
Krupkina, Anna; Ponomarenko, Alexey - 2015
We apply empirical modelling set-ups developed to capture the hysteresis effect in the data on deposit dollarization in a cross-section of emerging market economies. Specifically, we estimate a nonlinear relationship that determines two equilibrium levels of deposit dollarization depending on...
Persistent link: https://www.econbiz.de/10012148773