This paper accounts for informational frictions when modelling the time-varying relationship between crude oil prices, traditional fundamentals and expectations. Informational frictions force a wedge between oil prices and supply and/or demand shocks, especially during periods of elevated risk...

This paper extends the topical literature on the co-movement and determinants of primary commodity prices, by considering heterogeneity in commodities and time variation in the impact of fundamentals. We account for heterogeneity by employing a dynamic hierarchical factor model, which decomposes...

Artículo de revista ; Una desaceleración acusada y sostenida de la economía china, dada su importancia sistémica, afecta a la economía global no solo por su peso en el PIB mundial, sino también por su conexión con otras economías, tanto en el frente comercial como en los mercados de...

Artículo de revista ; Given its systemic importance, a sharp and sustained economic slowdown in China affects the world economy, not only on account of its share of global GDP, but also because of its links with other economies through trade, the commodities markets and, on a more incipient...

Since the 1980s, important and progressive reforms have profoundly reshaped the structure of the Chinese banking system. Many empirical studies suggest that financial reform promoted bank competition in most mature and emerging economies. However, some earlier studies that adopted conventional...

El uso de colateral es una de las características definitorias de los contratos de préstamos. En este trabajo se investiga si la intensidad de la relación entre bancos y prestatarios y la concentración del mercado de los préstamos permiten la extracción de rentas de información a través...

La reforma de la Ley de Propiedad transformó las transacciones aseguradas en China al permitir la utilización como garantías de una amplia clase de activos movibles. A través del método de «Diferencias en diferencias» se prueba que las compañías que operaban ex ante con más activos...

This paper examines the role of market structure on the persistence of price deviations from the LOP using monthly actual product prices of 47 items collected from three different types of markets in Istanbul over 1993:01-2008:12. After showing the importance of market structure on the...

We investigate the level and volatility effects of real exchange rates on the productivity growth of manufacturing firms with heterogeneous access to debt, and domestic and foreign equity markets in Turkey. We find that while exchange rate volatility affects productivity growth negatively,...

This paper investigates the effects of real exchange rate uncertainty on manufactures exports from 28 emerging economies, representing 82\% of all developing country manufactures exports, and explores the sources of heterogeneity in the uncertainty effects by controlling for the direction of...