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Honkapohja, Seppo; Turunen, Arja H; Woodland, Alan D - Suomen Pankki - 2011

We study a many-country endogenous growth model in which decisions about innovation and new investment are influenced … by growth expectations. Adaptive learning dynamics determine the country-specific short-run transition paths. The … experience dynamic gains both in growth and in utility and that such gains persist longer the larger the structural advantages of …

Persistent link: https://www.econbiz.de/10009003107

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

The euro crisis: a view from the North

Honkapohja, Seppo - Suomen Pankki - 2013

and avoiding a future one. These include the banking union and the strengthened Stability and Growth Pact and related …

Persistent link: https://www.econbiz.de/10010945117

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

Effects of fiscal policy on the durability of low inflation regimes

Pohjola, Tapio - Suomen Pankki - 2002

of ultimately unsustainable deficits. The growth of indebtedness causes the collapse of the price stability regime after …

Persistent link: https://www.econbiz.de/10005423694

Fundamentals and technical trading: behaviour of exchange rates in the CEECs

Bask, Mikael; Fidrmuc, Jarko - Suomen Pankki - 2006

We present a model of exchange rates, which incorporates the monetary approach and technical trading, and we present the reduced form based on the minimal state variable solution, where both fundamentals and backward-looking term determine the spot exchange rates. Finally, we estimate the impact...

Persistent link: https://www.econbiz.de/10005648848

Integration in euro area retail banking markets – convergence of credit interest rates

Vajanne, Laura - Suomen Pankki - 2007

Since the introduction of the single currency in 1999, major progress has been made towards achieving an integrated European capital and financial market. Available evidence suggests, nevertheless, that the degree of integration varies greatly depending on market segment. Retail banking markets...

Persistent link: https://www.econbiz.de/10005648858

Do networks in the stock exchange industry pay off? European evidence

Hasan, Iftekhar; Schmiedel, Heiko - Suomen Pankki - 2003

network effects on the liquidity, growth, and efficiency of the exchanges; the transaction cost of trades; and the cost of …, growth and efficiency in the sample markets. Moreover, a network strategy helps to reduce transaction costs of trades as well …

Persistent link: https://www.econbiz.de/10005648905

Settlement in modern network-based payment infrastructures – description and prototype of the E-Settlement model

Leinonen, Harry; Lumiala, Veli-Matti; Sarlin, Riku - Suomen Pankki - 2002

Payment systems are undergoing rapid and fundamental changes stimulated largely by technological progress especially distributed network technology and real-time processing. Internet and e-commerce will have a major impact on payment systems in the future. User demands and competition will speed...

Persistent link: https://www.econbiz.de/10005648918

The mixed oligopoly of cross-border payment systems

Kauko, Karlo - Suomen Pankki - 2005

This paper presents a model depicting cross-border payment systems as a mixed oligopoly. A private net settlement system that maximises profit competes with the central banks’ gross settlement system that maximises welfare. It may be optimal for the central bank system to encourage increased...

Persistent link: https://www.econbiz.de/10005648943