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This paper examines the evolution of the Finnish financial system from a restrictive system based on credit limitations and rationing to an open system which relies on indirect, market-oriented policies. The main beneficiaries are found to be the banks and those that previously had restricted...
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the channels before and after the Great Financial Crisis and the Great Recession for Austria and Finland. Overall, we find …
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This paper focuses on the impact of financial market infrastructures (FMIs) and of their regulation on the post-crisis transformation of securities and derivatives markets. It examines, in particular, the role that trading and post-trading FMIs, and their new regulatory regime, are playing in...
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This paper studies financial market disturbances as sources of investment fluctuations in Finland during 1995–2008. We … financial accelerator mechanism in Finland. Our key result is that disturbances originating in the financial sector have played … a significant role in the historical variation of investment activities in Finland. Even allowing for several shocks …
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This paper proposes a framework for studying the boom and bust in Finland in the late 1980s and early 1990s. We develop … economy are able to produce a boom and a severe depression similar to the one observed in Finland in the late 1980s and early …
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