ABSTRACT. The problem of a weak domestic financial sector intermediating international capital flows is common to both the transition and developing economies (Kalyuzhnova and Taylor). Christiano et al. describe how they estimate a monetary policy shock, report estimates of how major macroeconomic variables respond to a monetary policy shock, and report the fraction of the variance in these variables that is accounted for by monetary policy shocks. González includes in the empirical analysis the ratio of tangible assets to total assets at the end of the acquisition year, with tangible assets including property, plant and equipment (TANG).



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