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Liquidity and market efficiency : alive and well?
Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015
liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes …
Persistent link: https://www.econbiz.de/10011414459
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Sovereign risk, European crisis resolution policies and bond yields
Kilponen, Juha; Laakkonen, Helinä; Vilmunen, Jouko - Suomen Pankki - 2012
We study the effects of the ECB monetary policy and the European crisis resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the...
Persistent link: https://www.econbiz.de/10011191539
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Legislation, investor protection and financial growth
Rainio, Elina - Suomen Pankki - 2006
According to recent law and finance research, legislation is essential to financial development. More effi-cient financial markets would be achieved by reforming the laws governing investor protection and cor-porate governance systems. The Companies Act has traditionally played a very important...
Persistent link: https://www.econbiz.de/10005648829
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Forecasting the macroeconomy with current financial market information: Europe and the United States
Junttila, Juha - Suomen Pankki - 2002
Using recently developed modelling methodology of Economic Tracking Portfolios (ETP), we find that it is possible to forecast future values of inflation and changes in industrial production in the United States and at least three core euro countries – Italy, France and Germany – utilising...
Persistent link: https://www.econbiz.de/10005648907
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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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The rigidity bias
Herrala, Risto - Suomen Pankki - 2003
We study the basic economic problem of choice between long-term and short-term commitments under a general characterization of uncertainty (aggregate uncertainty). When contingencies are contractible, a perfect market of Arrow-Debreau contingent claims implements the social optimum. When...
Persistent link: https://www.econbiz.de/10005207147
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Combining liquidity usage and interest rates on overnight loans: an oversight indicator
Laine, Tatu; Nummelin, Tuomas; Snellman, Heli - Suomen Pankki - 2011
This study utilises payment system data to analyse market participants’ liquidity usage and to trace interest rates … paid on overnight loans. Our aim is to examine how liquidity usage has changed during the years 2006–2/2011 and to combine …
Persistent link: https://www.econbiz.de/10009368523
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Gridlock Resolution in Interbank Payment Systems
Bech, Morten L.; Soramäki, Kimmo - Suomen Pankki - 2001
effective in reducing queuing in the systems at all levels of liquidity, but in particular when intra-day liquidity is scarce. …
Persistent link: https://www.econbiz.de/10005190740
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Markets, Reserves and Lenders of Last Resort as Sources of Bank Liquidity
Herrala, Risto - Suomen Pankki - 2000
We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets … model of Holmström and Tirole (1998) on the supply of liquidity to firms. H&Ts original model analyses liquidity supply to … problems associated with transitory liquidity outflows, even absent any change in a bank's value. Our premise is that the scope …
Persistent link: https://www.econbiz.de/10005419679
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The Overnight Rate of Interest under Averaged Reserve Requirements
Välimäki, Tuomas - Suomen Pankki - 1998
Averaging the reserve requirement is often considered an efficient way to reduce volatility at the very short end of the money market yield curve. The Bank of Finland began to apply an averaging provision at the beginning of October 1995. Notably, the volatility of the overnight rate of interest...
Persistent link: https://www.econbiz.de/10005423707