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    <title>EconStor Collection: Kiel Advanced Studies Working Papers, IfW</title>
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  <item rdf:about="http://hdl.handle.net/10419/62347">
    <title>Institutional determinants of bilateral trade: Taking another look</title>
    <link>http://hdl.handle.net/10419/62347</link>
    <description>Title: Institutional determinants of bilateral trade: Taking another look
&lt;br/&gt;
&lt;br/&gt;Authors: Kuncic, Aljaz
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper examines institutional determinants of bilateral trade in a thorough fashion, paying special attention to the issues of selecting institutional measures (using a new dataset), institutional endogeneity (cleansing the endogenous part) and state of the art gravity trade estimations (controlling for multilateral resistance). In terms of the institutional focus, we emphasize, as de Groot et al. (2004), that institutional distance can be an even more relevant determinant of trade than institutional quality on its own, but correct for the technical and substance shortcomings of the afore mentioned paper. We find that not all institutions matter for trade. The consistent effect is that of the quality of origin and destination country's legal institutions, which both increase trade. In terms of political and economic institutions, only the quality of origin's political institutions and destination's economic institutions increase trade, the latter being most salient. More importantly, we highlight the importance of the effect of institutional distance on trade, showing that economic distance affects trade significantly and negatively, an effect practically impossible to dissipate in any specification. Our conclusion in this research is that countries which are more similar in terms of economic institutions, trade more with each other, and that the quality of legal institutions is always conducive to general trade, but surprisingly does not determine your trade partners. Finally, we show that the use of only one of the proxies generally used by the literature to control for institutional environment can be biased and misleading in terms of what is actually being controlled for.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/62346">
    <title>Volatility spillover in the foreign exchange market: The Indian experience</title>
    <link>http://hdl.handle.net/10419/62346</link>
    <description>Title: Volatility spillover in the foreign exchange market: The Indian experience
&lt;br/&gt;
&lt;br/&gt;Authors: Ghosh, Saurabh
&lt;br/&gt;
&lt;br/&gt;Abstract: We find evidences of significant volatility co-movements and/ or spillover from different financial markets to forex market for Indian economy. Among a large number of variables examined, volatility spillovers from stock market, government securities market, overnight index swap, Ted spread and international crude oil prices to the foreign exchange market are found to be most important. Empirical findings also indicate that the volatility spillover differed across variables in terms of their influence through shocks and in terms of lagged volatility (persistence) coefficients. There are evidences of asymmetric reactions in the forex market volatility. Comparisons between pre-crisis and post-crisis periods indicate that the reform measures and changes in financial markets microstructure during the crisis period had significant impact on volatility spillover. During the post-crisis period, it is the past volatility (persistent or fundamental) changes, rather than the temporary shocks, that had significant spillover effect on forex volatility. There are evidences of decline in asymmetric response in the forex market during the post-crisis period for the Indian economy.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/62345">
    <title>Capital flows, financial asset prices and real financial market exchange rate: A case study for an emerging market, India</title>
    <link>http://hdl.handle.net/10419/62345</link>
    <description>Title: Capital flows, financial asset prices and real financial market exchange rate: A case study for an emerging market, India
&lt;br/&gt;
&lt;br/&gt;Authors: Ghosh, Saurabh; Reitz, Stefan
&lt;br/&gt;
&lt;br/&gt;Abstract: In this paper we empirically investigate the relationship between capital flows and exchange rates in India based on a new index of real effective exchange rates for the Indian Rupiah. Instead of using consumer price indices we deflate exchange rates by MSCI asset price indices. The cointegration analysis indicates a long-run equilibrium relationship between our real financial market exchange rate and the net outstanding equity investment in India. In the short run capital inflows are accompanied by an appreciation of real financial exchange rate of the Rupiah.</description>
  </item>
  <item rdf:about="http://hdl.handle.net/10419/62347">
    <title>Institutional determinants of bilateral trade: Taking another look</title>
    <link>http://hdl.handle.net/10419/62347</link>
    <description>Title: Institutional determinants of bilateral trade: Taking another look
&lt;br/&gt;
&lt;br/&gt;Authors: Kuncic, Aljaz
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper examines institutional determinants of bilateral trade in a thorough fashion, paying special attention to the issues of selecting institutional measures (using a new dataset), institutional endogeneity (cleansing the endogenous part) and state of the art gravity trade estimations (controlling for multilateral resistance). In terms of the institutional focus, we emphasize, as de Groot et al. (2004), that institutional distance can be an even more relevant determinant of trade than institutional quality on its own, but correct for the technical and substance shortcomings of the afore mentioned paper. We find that not all institutions matter for trade. The consistent effect is that of the quality of origin and destination country's legal institutions, which both increase trade. In terms of political and economic institutions, only the quality of origin's political institutions and destination's economic institutions increase trade, the latter being most salient. More importantly, we highlight the importance of the effect of institutional distance on trade, showing that economic distance affects trade significantly and negatively, an effect practically impossible to dissipate in any specification. Our conclusion in this research is that countries which are more similar in terms of economic institutions, trade more with each other, and that the quality of legal institutions is always conducive to general trade, but surprisingly does not determine your trade partners. Finally, we show that the use of only one of the proxies generally used by the literature to control for institutional environment can be biased and misleading in terms of what is actually being controlled for.</description>
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