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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
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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
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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
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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
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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
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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
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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
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Optimal bank transparency
Moreno, Diego; Takalo, Tuomas - Suomen Pankki - 2012
Consider a competitive bank whose illiquid asset portfolio is funded by short-term debt that has to be refinanced before the asset matures. We show that in this setting maximal transparency is not socially optimal, and that the existence of social externalities of bank failures further lowers...
Persistent link: https://www.econbiz.de/10009651893
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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
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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