Similar Search Results

Are firm- and country-specific governance substitutes? Evidence from financial contracts in emerging markets

Francis, Bill; Hasan, Iftekhar; Song, Liang - Suomen Pankki - 2012

We investigate how borrowers’ corporate governance influences bank loan contracting terms in emerging markets and how … this relation varies across countries with different country-level governance. We find that borrowers with stronger … corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and …

Persistent link: https://www.econbiz.de/10010548603

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

Ripatti, Kirsi - Suomen Pankki - 2004

A Central Counterparty (CCP) is an entity that interposes itself between transacting counterparties – a seller vis-à-vis the original buyer and a buyer vis-à-vis the original seller – to guarantee execution of the transaction. Thus, the original transacting parties substitute their...

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

Stock exchange alliances, access fees and competition

Shy, Oz; Tarkka, Juha - Suomen Pankki - 2001

This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the...

Persistent link: https://www.econbiz.de/10005207136

Retail payments and economic growth

Hasan, Iftekhar; De Renzis, Tania; Schmiedel, Heiko - Suomen Pankki - 2012

This paper examines the fundamental relationship between retail payments and overall economic growth. Using data from across 27 European markets over the period 1995–2009, the results confirm that migration to efficient electronic retail payments stimulates overall economic growth, consumption...

Persistent link: https://www.econbiz.de/10010548604

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

Links between securities settlement systems: An oligopoly theoretic approach

Kauko, Karlo - Suomen Pankki - 2002

This paper presents a duopoly model of the securities settlement industry. Because pooling a large amount of payments can help in using liquidity efficiently, issuers prefer systems where a large number of securities are issued. If the central securities depositories establish a mutual link that...

Persistent link: https://www.econbiz.de/10005771144

Do markup dynamics reflect fundamentals or changes in conduct?

Juselius, Mikael; Kim, Moshe; Ringbom, Staffan - Suomen Pankki - 2009

Persistent shifts in equilibria are likely to arise in oligopolistic markets and may be detrimental to the measurement of conduct, related markups and intensity of competition. We develop a cointegrated VAR (vector autoregression) based approach to detect long-run changes in conduct when data...

Persistent link: https://www.econbiz.de/10004979444

Lender of last resort and the moral hazard problem

Niskanen, Mikko - Suomen Pankki - 2002

The paper considers a model in which limited liability causes an asset substitution problem for banks. The problem can at times become so severe that the current regulatory framework – based on a combination of effectively full deposit insurance, minimum capital requirements and prudential...

Persistent link: https://www.econbiz.de/10005423682

A descriptive analysis of the Finnish treasury bond market 1991–1999

Keloharju, Matti; Malkamäki, Markku; Nyborg, Kjell G.; … - Suomen Pankki - 2002

This paper presents a descriptive analysis of the primary and secondary market for Finnish treasury bonds. The paper focuses on three issues. First, we report basic descriptive statistics such as auction volumes and secondary market yields and volumes. Second, we estimate the revenues earned by...

Persistent link: https://www.econbiz.de/10005423722

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