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Central counterparty clearing: constructing a framework for evaluation of risks and benefits

Ripatti, Kirsi - Suomen Pankki - 2004

Counterparty Clearing has become increasingly popular in Europe, not just in derivatives markets, where, due to the high risk … the increased sophistication in clearing arrangements is the ongoing process of European economic integration, ie the euro … pan-European financial infrastructure for payments and securities clearing and settlement. <p> Central counterparty …

Persistent link: https://www.econbiz.de/10005419682

Are there Economies of Scale in Stock Exchange Activities?

Malkamäki, Markku - Suomen Pankki - 1999

This is the first paper that examines economies of scale in stock exchanges. The data employed in the study include cost and output statistics for 37 stock exchanges in four continents around the world for the year 1997. I estimate two traditional cost functions and find that ray (overall) scale...

Persistent link: https://www.econbiz.de/10005648842

Equilibrium in financial markets with adverse selection

Takalo, Tuomas; Toivanen, Otto - Suomen Pankki - 2003

We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to invest as entrepreneurs or financiers, or not to invest. We show that often a lack of outside finance leads to the emergence of financial markets where availability of outside...

Persistent link: https://www.econbiz.de/10005648911

Less cash on the counter: Forecasting Finnish payment preferences

Jyrkönen, Hanna - Suomen Pankki - 2004

Finnish payment methods have changed rapidly as payment cards have gained increasing popularity and have, to an extent, replaced cash. This article examines this phenomenon and the trends in cash and electronic payment methods in Finland. It starts with an introduction to the statistical data on...

Persistent link: https://www.econbiz.de/10005648935

Are Expansions Cost Effective for Stock Exchanges? A Global Perspective

Hasan, Iftekhar; Malkamäki, Markku - Suomen Pankki - 2000

This paper investigates the existence and extent of economies of scale and scope among stock exchanges. Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989-1998 indicates the existence of significant economies of scale and scope. The degree of such...

Persistent link: https://www.econbiz.de/10005648960

Technological development and concentration of stock exchanges in Europe

Schmiedel, Heiko - Suomen Pankki - 2001

This paper provides an explanation of technical inefficiencies of financial exchanges in Europe as well as an empirical analysis of their existence and extent. A single-stage stochastic cost frontier approach is employed, which generates exchange inefficiency scores based on a unique unbalanced...

Persistent link: https://www.econbiz.de/10005648980

Bank behaviour with access to credit risk transfer markets

Goderis, Benedikt; Marsh, Ian; Vall Castello, Judit; … - Suomen Pankki - 2007

One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before. We analyse the effect that access to these markets has had on the lending behaviour of a...

Persistent link: https://www.econbiz.de/10005648990

Adverse selection and financing of innovation: is there a need for R&D subsidies?

Takalo, Tuomas; Tanayama, Tanja - Suomen Pankki - 2008

We study the interaction between private and public funding of innovative projects in the presence of adverse-selection based financing constraints. Government programmes allocating direct subsidies are based on ex-ante screening of the subsidy applications. This selection scheme may yield...

Persistent link: https://www.econbiz.de/10005648936

Portfolio effects and efficiency of lending under Basel II

Jokivuolle, Esa; Vesala, Timo - Suomen Pankki - 2007

Although beneficial allocational effects have been a central motivation for the Basel II capital adequacy reform, the interaction of these effects with Basel II’s procyclical impact has been less discussed. In this paper, we investigate the effect of Basel II on the efficiency of bank lending....

Persistent link: https://www.econbiz.de/10005648952

Bank safety under Basel II capital requirements

Vauhkonen, Jukka - Suomen Pankki - 2009

We consider the impact of mandatory information disclosure on bank safety in a spatial model of banking competition in which a bank’s probability of success depends on the quality of its risk measurement and management systems. Under Basel II capital requirements, this quality is either fully...

Persistent link: https://www.econbiz.de/10008509437