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Investment dynamics with information costs

Verona, Fabio - Suomen Pankki - 2013

Investment in physical capital at the micro level is infrequent and large, or lumpy. The most common explanation for this is that firms face non-convex physical adjustment costs. The model developed in this paper shows that information costs make investment lumpy at the micro level, even in the...

Persistent link: https://www.econbiz.de/10011095059

Forecasting market crashes: further international evidence

Jokipii, Terhi - Suomen Pankki - 2006

This paper studies the extent to which market crashes are predictable for a set of six countries, focusing in particular on possible differences between transition economies (The Czech Republic, Hungary and Poland) and mature markets (UK, US and EU). We estimate a set of individual country and...

Persistent link: https://www.econbiz.de/10005423692

In search of concepts: The effects of speculative demand on returns and volume

ap Gwilym, Owain; Wang, Qingwei; Hasan, Iftekhar; Xie, Ru - Suomen Pankki - 2013

Using a novel proxy of investors’ speculative demand constructed from online search interest in “concept stocks”, we examine how speculative demand affects the returns and trading volume of Chinese stock indices. We find that returns and trading volume increase with the contemporaneous...

Persistent link: https://www.econbiz.de/10010691919

Relevance of uncertainty on the volatility and trading volume in the US Treasury bond futures market

Laakkonen, Helinä - Suomen Pankki - 2015

political uncertainties. Our results might partly explain the sudden freeze and low liquidity in some financial markets during …

Persistent link: https://www.econbiz.de/10011207864

Liquidity and market efficiency : alive and well?

Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015

liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …

Persistent link: https://www.econbiz.de/10011414459

Shadow banking : financial intermediation beyond banks

Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018

Persistent link: https://www.econbiz.de/10011790739

The rigidity bias

Herrala, Risto - Suomen Pankki - 2003

We study the basic economic problem of choice between long-term and short-term commitments under a general characterization of uncertainty (aggregate uncertainty). When contingencies are contractible, a perfect market of Arrow-Debreau contingent claims implements the social optimum. When...

Persistent link: https://www.econbiz.de/10005207147

Combining liquidity usage and interest rates on overnight loans: an oversight indicator

Laine, Tatu; Nummelin, Tuomas; Snellman, Heli - Suomen Pankki - 2011

This study utilises payment system data to analyse market participants’ liquidity usage and to trace interest rates … paid on overnight loans. Our aim is to examine how liquidity usage has changed during the years 2006–2/2011 and to combine …

Persistent link: https://www.econbiz.de/10009368523

Gridlock Resolution in Interbank Payment Systems

Bech, Morten L.; Soramäki, Kimmo - Suomen Pankki - 2001

effective in reducing queuing in the systems at all levels of liquidity, but in particular when intra-day liquidity is scarce. …

Persistent link: https://www.econbiz.de/10005190740

Markets, Reserves and Lenders of Last Resort as Sources of Bank Liquidity

Herrala, Risto - Suomen Pankki - 2000

We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets … model of Holmström and Tirole (1998) on the supply of liquidity to firms. H&Ts original model analyses liquidity supply to … problems associated with transitory liquidity outflows, even absent any change in a bank's value. Our premise is that the scope …

Persistent link: https://www.econbiz.de/10005419679