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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

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

The effects of ratings-contingent regulation on international bank lending behavior: Evidence from the Basel 2 accord

Hasan, Iftekhar; Kim, Suk-Joong; Wu, Eliza - Suomen Pankki - 2014

implementation of the Basel 2 risk-based capital regulatory rules. We study the quarterly bilateral flows from G-10 creditor banking …-ratings that lead to changes in risk-weights for capital adequacy requirements have become more significant since the … implementation of Basel 2 rules for assessing banks’ credit risk under the standardized approach. This evidence is consistent with …

Persistent link: https://www.econbiz.de/10010945108

Interest rates and business cycles in emerging economies: The role of financial frictions

Fernández, Andrés; Gulan, Adam - Suomen Pankki - 2012

Countercyclical country interest rates have been shown to be both a distinctive characteristic and an important driving force of business cycles in emerging market economies. In order to account for this, most business cycle models of emerging market economies have relied on ad hoc and exogenous...

Persistent link: https://www.econbiz.de/10010945109

Financial shocks and optimal monetary policy rules

Verona, Fabio; Martins, Manuel M. F.; Drumond, Inês - Suomen Pankki - 2014

shocks and transmission mechanisms. Overall, we find that targeting financial stability – in particular credit growth, but in …

Persistent link: https://www.econbiz.de/10010945110

Kiss me deadly: From Finnish great depression to great recession

Gulan, Adam; Haavio, Markus; Kilponen, Juha - Suomen Pankki - 2014

We investigate the causes of the Finnish Great Depression, 1990-1993. We find that the collapse of the overheated financial and banking sectors starting in 1989 was the trigger of the economic crisis. Foreign shocks, which include the collapse of trade with USSR in 1991, can account for at most...

Persistent link: https://www.econbiz.de/10010945114

Essays on small open economy macroeconomics

Freystätter, Hanna - Suomen Pankki - 2012

This thesis consists of an introductory chapter and three essays, all of which aim to study the functioning of a small open economy. The thesis starts with an investigation of export and import price determination and moves to a small open economy DSGE model framework in order to study the role...

Persistent link: https://www.econbiz.de/10011019138

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

Factors affecting asset price expectations: fundamentals and policy variables

Valckx, Nico - Suomen Pankki - 2001

This paper examines what factors move US and European stock and bond markets, extending earlier work by Campbell and Ammer (1993). Inflation news is incorporated into the stock and bond decomposition and explicit attention is given to different horizons over which expectations are formed....

Persistent link: https://www.econbiz.de/10005207150

Extracting growth and inflation expectations from financial market data

Kajanoja, Lauri - Suomen Pankki - 2004

This study presents a framework for extracting long-run GDP growth and inflation expectations from financial market data on a real-time basis. The framework uses information from both stock and bond markets. It builds on a dividend discount model of stock valuation and on a linearized...

Persistent link: https://www.econbiz.de/10005207154