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Housing market and current account imbalances in the international economy

Punzi, Maria Teresa - Suomen Pankki - 2012

This paper presents a two-sector, two-country model showing that inflation in the housing market, a low personal savings rate, and a construction investment boom can contribute to a large current account deficit. In the model, demand by a group of households in the domestic country is...

Persistent link: https://www.econbiz.de/10009397038

Productivity differentials and external balance in ERM II

Henriksson, Marketta - Suomen Pankki - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...

Persistent link: https://www.econbiz.de/10005190776

The effect of openness in a small open monetary union

Orjasniemi, Seppo - Suomen Pankki - 2010

monetary and fiscal policy, to study the transmission of country specific shocks and associated exchange rate fluctuations. We … show that movements of the monetary union’s exchange rate stabilize the output fluctuations inside the monetary union …, reducing the need for fiscal stabilization. We also show that, under the optimal policy, fluctuations in the exchange rate and …

Persistent link: https://www.econbiz.de/10008774237

Expectations, learning and monetary policy: an overview of recent research

Evans, George W; Honkapohja, Seppo - Suomen Pankki - 2007

Expectations about the future are central for determination of current macroeconomic outcomes and the formulation of monetary policy. Recent literature has explored ways for supplementing the benchmark of rational expectations with explicit models of expectations formation that rely on...

Persistent link: https://www.econbiz.de/10005419689

Liquidity and market efficiency : alive and well?

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

On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...

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

Essays on financial crises in emerging markets

Komulainen, Tuomas - Suomen Pankki - 2004

The financial crises in emerging markets in 1997-1999 were preceded by financial liberalisation, rapid surges in capital inflows, increased levels of indebtedness, and then sudden capital outflows. The study contains four essays that extend the different generations of crisis literature and...

Persistent link: https://www.econbiz.de/10008692076

Adjustment of the US current account deficit

Kortelainen, Mika - Suomen Pankki - 2007

We present a two country DGE model and estimate it using Bayesian techniques and euro area and US quarterly data for 1977–2004. In analysing the current accounts we find that a lower US rate of time preference or a higher dollar risk premium could render the deficit sustainable, but that these...

Persistent link: https://www.econbiz.de/10005423723

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

Interest rates and business cycles in emerging economies: The role of financial frictions

Fernández, Andrés; Gulan, Adam - Suomen Pankki - 2012

Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...

Persistent link: https://www.econbiz.de/10010945109

Essays on small open economy macroeconomics

Freystätter, Hanna - Suomen Pankki - 2012

economy DSGE model framework in order to study the role of financial factors in economic fluctuations. In all three essays … Finnish cyclical fluctuations between 1995 and 2008. Even allowing for several shocks stemming from both domestic sources and … the international economy, domestic financial market shocks emerge as key drivers of recent business cycle fluctuations in …

Persistent link: https://www.econbiz.de/10011019138