deregulation in Finland was similar to that in the other Nordic countries. As in Norway and Sweden, household indebtedness started … loans. Measured by the ratio of household debt to annual disposable income, household indebtedness peaked in 1990 at more … plummeted. High indebtedness and overcapacity especially in the domestic sector will require several years of adjusting. …

percentage change in GDP, an income surprise variable combined with lagged aggregate indebtedness, a real interest rate surprise … variable combined with lagged aggregate indebtedness, and a deregulation dummy. The innovation in this paper is the use of … surprise variables based on macroeconomic forecasts. According to the results, high indebtedness combined with negative …

that they are perhaps even more strongly related to indebtedness, real interest rates and asset prices. The importance of …

-specific macro variables: output growth shocks, real interest rates, and a measure of excessive private sector indebtedness. We find … more moderate level of indebtedness. Low interest rates during the recent recession may have been another, perhaps the most …

. This raises the question of whether strengthening investor protection by requiring greater transparency necessarily …

In this paper, we investigate the relationship between the transparency of banks and the fragility of the banking … liquidity induces depositors to have excessive incentives to withdraw. An im-provement in transparency of a bank may reduce …

roles played by organizational structures, accountability and transparency in increasing the efficiency and effectiveness of …