This paper proposes a spatial equilibrium model to quantify welfare losses from land market distortions in China. In the model, heterogeneous firms in a variety of sectors choose their locations across regions with costly trade, frictional labor migration, and land market distortions. We match...

Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country's currency...

China has a dual-track interest-rate system: bank deposit and lending rates are regulated while money and bond rates are market-determined. The central bank also imposes an indicative target, which may not be binding at all times, for total credit in the banking system. We develop and calibrate...

Based on a classification of countries and territories according to their regime and anchor currency choice, the study considers the two major currency blocs of the present world. A nested logit regression suggests that long-term structural economic variables determine a given country’s...

This paper provides micro and macroeconomic analysis of the economic role of banks in the Russian economy.Using a large panel containing Russian enterprises' balance sheet and income statement data, we evaluate the determinants of bank financing.Econometric model put out the existence of...

The Central Bank of Russia (CBR) assumes a wide range of functions not raditional to a central bank.In addition to the daily conduct of monetary policy, it acts as a regulator and supervisor of the banking sector.It is currently overssing the implementation of a deposit insurance scheme and is...

Using data for 265 banks in Central and Eastern European Countries for the period of 1995-2003, this paper analyses the differences in profitability between domestic and foreign banks.We show that foreign banks, especially greenfield institutions, earn higher profits than domestic banks.However,...

Using a database from post-communist, pre-deposit-insurance Russia, we demonstrate the presence of quantity-based sanctioning of weaker banks by both firms and households, particularly after the financial crisis of 1998.Evidence for the standard form of price discipline, however, is notably...

This paper examines the extent to which the observed diversity of private deposit interest rates in Russia is explained by bank financial indicators.We also test for whether the introduction of the bank deposit insurance scheme in 2005 affected deposit interest rates.Our results suggest market...

This paper applies an analytical paradigm of institutional economics to the transition of the Russian banking sector, focusing on the interplay between ownership change and institutional change. We find that the state's withdrawal from commercial banking has been inconsistent and limited in...