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Shadow banking : financial intermediation beyond banks
Adrian, Tobias; Chrétien, Edouard; Chui, Michael; … - Shadow Banking: Financial Intermediation beyond Banks …; … - 2018
Persistent link: https://www.econbiz.de/10011790739
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Central bank liquidity operations during the financial market and economic crisis: observations, thoughts and questions
Pikkarainen, Pentti - Suomen Pankki - 2010
The paper concentrates on illustrating and assessing central banks’ liquidity operations during the crisis that started in August 2007. In addition to the ECB, the central banks of Sweden, Switzerland, the United Kingdom, Australia, Japan, Canada and the United States are analyzed. During the...
Persistent link: https://www.econbiz.de/10008774240
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Lumpy investment in sticky information general equilibrium
Verona, Fabio - Suomen Pankki - 2013
In this paper, I introduce lumpy micro-level capital adjustment into a sticky information general equilibrium model. Lumpy adjustment arises because of inattentiveness in capital investment decisions instead of the more common assumption of non-convex adjustment costs. The model features...
Persistent link: https://www.econbiz.de/10010698832
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Credit allocation, capital requirements and output
Jokivuolle, Esa; Kiema, Ilkka; Vesala, Timo - Suomen Pankki - 2010
We show how banks’ excessive risk-taking, stemming from informational asymmetries in loan markets, can lead to an excessive output loss when a recession starts. Risk-based capital requirements can alleviate the output loss by reducing excessive risk-taking in ‘normal’ times. Model...
Persistent link: https://www.econbiz.de/10008774238
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Toward robust early-warning models: A horse race, ensembles and model uncertainty
Holopainen, Markus; Sarlin, Peter - Suomen Pankki - 2015
This paper presents first steps toward robust early-warning models. We conduct a horse race of conventional statistical methods and more recent machine learning methods. As early-warning models based upon one approach are oftentimes built in isolation of other methods, the exercise is of high...
Persistent link: https://www.econbiz.de/10011210508
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Measuring financial stress – A country specific stress index for Finland
Huotari, Jarkko - Suomen Pankki - 2015
I propose a financial stress index (FSI) for the Finnish financial system that aims to reflect the functionality of the financial system and provide an aggregate measure of financial stress in the money, bond, equity and foreign exchange markets and the banking sector. The FSI is a composite...
Persistent link: https://www.econbiz.de/10011210509
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The 1990’s financial crises in Nordic countries
Honkapohja, Seppo - Suomen Pankki - 2009
-war period in advanced economies. Recent literature classifies the Nordic crises in Norway, Sweden and Finland in late 1980's and … early 1990’s among the Big Five crises that have happened before the current crisis, which is now of a global nature. This … paper outlines the developments of the Nordic crises, reasons behind them and crisis management by the authorities …
Persistent link: https://www.econbiz.de/10005207165
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Do corporate boards affect firm performance? New evidence from the financial crisis
Francis, Bill; Hasan, Iftekhar; Wu, Qiang - Suomen Pankki - 2012
This study uses the current financial crisis as a quasi-experiment to examine whether and to what extent corporate boards affect the performance of firms. Using cumulative stock returns over the crisis to measure of firm performance, we find that board independence, as traditionally defined,...
Persistent link: https://www.econbiz.de/10010542073
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Signaling asset price bubbles with time-series methods
Taipalus, Katja - Suomen Pankki - 2012
This paper provides an early warning indicator for bubbles in financial markets. The indicator is based on traditional unit root tests, more precisely on the augmented Dickey-Fuller test and may be used in a repeated manner with rolling samples. The performance of the indicator is tested...
Persistent link: https://www.econbiz.de/10010611666
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Financial crises and bank failures: a review of prediction methods
Demyanyk, Yuliya; Hasan, Iftekhar - Suomen Pankki - 2009
that attempt to explain, predict, or suggest remedies for financial crises or banking defaults, as well as outlines of the … financial turmoil that has led to severe crises in many countries. The intent of the article is to promote future empirical … research that might help to prevent bank failures and financial crises. …
Persistent link: https://www.econbiz.de/10008509430