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Monitoring and Market Power in Loan Markets

Hyytinen, Ari; Toivanen, Otto - Suomen Pankki - 2000

Whether or not banks are engaged in ex ante monitoring of customers may have important consequences for the whole economy. We approach this question via a model in which banks can invest in either information acquisition or market power (product differentiation). The two alternatives generate...

Persistent link: https://www.econbiz.de/10005190749

Integrating European retail payment systems: some economics of SEPA

Kemppainen, Kari - Suomen Pankki - 2008

Using a spatial competition model of retail payment networks, this paper discusses the likely economic consequences associated with the formation of the Single Euro Payments Area (SEPA). The model considers an expansion of positive network externalities on the demand side and adjustment cost on...

Persistent link: https://www.econbiz.de/10005648968

Standard setting and competition in securities settlement

Milne, Alistair - Suomen Pankki - 2005

This paper examines the impact of messaging and technical standards on competition in the supply of se-curities transaction management services. Two simple switching cost models are used to clarify the im-pact of standards on barriers to entry and on the incentives to adopt harmonised and...

Persistent link: https://www.econbiz.de/10005423710

The impact of political uncertainty on institutional ownership

Francis, Bill B.; Hasan, Iftekhar; Zhu, Yun - Suomen Pankki - 2013

This paper provides original evidence from institutional investors that political uncertainty during presidential elections greatly affects investment. Using U.S. institutional ownership data from 1981 to 2010, we find that institutions significantly reduce their holdings of common stock by 0.76...

Persistent link: https://www.econbiz.de/10010818979

Robust expectations and uncertain models – A robust control approach with application to the New Keynesian economy

Kilponen, Juha - Suomen Pankki - 2004

This paper extends Svensson and Woodford’s (2003) partial information framework by allowing the private agents to achieve robustness against incomplete information about the structure of the economy by distorting their expectations in a particular direction. It shows how a linear rational...

Persistent link: https://www.econbiz.de/10005190778

Monetary policy and learning in an open economy

Ellison, Martin; Sarno, Lucio; Vilmunen, Jouko - Suomen Pankki - 2004

In this paper, we examine the incentives for central bank activism and caution in a two-country open-economy model with uncertainty and learning. We find that the presence of a strategic interaction between the home and foreign central banks creates an additional motivation for caution in...

Persistent link: https://www.econbiz.de/10005423715

Welfare cost of business cycles in economies with individual consumption risk

Ellison, Martin; Sargent, Thomas J. - Suomen Pankki - 2012

individual consumption risk in the economy. It is also known from Barillas et al. (2009) to increase if agents in the economy … business cycles in an economy with consumers who face individual consumption risk and who fear model misspecification. We find … that individual risk has a greater impact on the cost of business cycles if agents already have a preference for robustness …

Persistent link: https://www.econbiz.de/10010561143

Innovation, reallocation and growth

Acemoglu, Daron; Akcigit, Ufuk; Bloom, Nicholas; Kerr, … - Suomen Pankki - 2013

We build a model of firm-level innovation, productivity growth and reallocation featuring endogenous entry and exit. A key feature is the selection between high- and low-type firms, which differ in terms of their innovative capacity. We estimate the parameters of the model using detailed US...

Persistent link: https://www.econbiz.de/10010698829

Economies of scale and technological development in securities depository and settlement systems

Schmiedel, Heiko; Malkamäki, Markku; Tarkka, Juha - Suomen Pankki - 2002

The paper investigates the existence and extent of economies of scale in depository and settlement systems. Evidence from 16 settlement institutions across different regions for the years 1993–2000 indicates the existence of significant economies of scale. The degree of such economies,...

Persistent link: https://www.econbiz.de/10005771143

Finnish consumers' expectations on developments and changes in payment habits. Survey in connection with the research project 'Finnish payment habits 2010'

Dahlberg, Tomi; Öörni, Anssi - Suomen Pankki - 2006

The Bank of Finland’s Finnish Payment Habits 2010 project predicts that Finnish payment habits will face substantial changes. The causes for these changes include: the standardisation and integration of European payment systems, development of payment services-related legislation and...

Persistent link: https://www.econbiz.de/10005190760

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