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Securities market ATSs Concepts, their roles and related policy issues

Korhonen, Kari - Suomen Pankki - 2001

The aim of this paper is to clarify the concept of alternative trading systems (ATS) and to present an interpretation of their role in the securities markets. The discussion focuses on trading venues related to debt instruments and equities. Geographically, the American and European markets are...

Persistent link: https://www.econbiz.de/10005771142

Bank exit legislation in US, EU and Japanese financial centres

Granlund, Peik - Suomen Pankki - 2002

This paper analyses bank exit (ie reorganisation and liquidation) legislation in selected financial centres: New York, London, Frankfurt, Helsinki and Tokyo. The focus is on bank exit legislation applicable to commercial banks. The legislation is analysed from the perspective of bank...

Persistent link: https://www.econbiz.de/10005190764

Economic evaluation of bank exit regimes in US, EU and Japanese financial centres

Granlund, Peik - Suomen Pankki - 2003

This paper evaluates bank exit regimes in selected financial centres using econometric methods. The focus is on bank exit regimes applicable to commercial banks in New York, London, Frankfurt, Helsinki and Tokyo in 1998–2002. Bank exit regimes are studied from the perspective of bank creditors...

Persistent link: https://www.econbiz.de/10005423720

Regulatory choices in global financial markets – restoring the role of aggregate utility in the shaping of market supervision

Granlund, Peik - Suomen Pankki - 2008

In financial market studies, public supervision has rarely been found to have any effects on financial market … financial market development, there is limited evidence that public supervision does the same. The objective of the paper is to … empirically investigate the relation between public supervision and financial market development. This is done by focusing on …

Persistent link: https://www.econbiz.de/10005423726

Liquidity and market efficiency : alive and well?

Liikanen, Erkki; Jylhä, Petri; Pennacchi, George G.; … - Joint Conference with the Bank of Finland in Helsinki …; … - 2015

On 3 July 2015, SUERF organized its sixth joint conference with the Bank of Finland in Helsinki on the subject of liquidity and market efficiency. The one-day program consisted of an opening speech, six presentations, including three keynotes, and a lunchtime address. The present SUERF Study...

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

Money as an indicator variable for monetary policy when money demand is forward looking

Kajanoja, Lauri - Suomen Pankki - 2003

This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty. We use a forward and backward looking model, calibrated for the euro area. The policymaker cannot completely observe the state of the economy. Money reveals some of the private...

Persistent link: https://www.econbiz.de/10005207135

How hard is the euro are core? An evaluation of growth cycles using wavelet analysis

Crowley, Patrick; Maraun, Douglas; Mayes, David - Suomen Pankki - 2006

Using recent advances in time-varying spectral methods, this research analyses the growth cycles of the core of the euro area in terms of frequency content and phasing of cycles. The methodology uses the con-tinuous wavelet transform (CWT) and also Hilbert wavelet pairs in the setting of a...

Persistent link: https://www.econbiz.de/10005207143

Labour market flexibility and policy coordination in a monetary union

Rantala, Anssi - Suomen Pankki - 2003

Sufficiently flexible labour markets are considered an important precondition for countries to benefit from membership in the monetary union. Economic policy coordination within the European Community is extensive and includes issues related to labour market structures. In this paper we study...

Persistent link: https://www.econbiz.de/10005207159

Does monetary union reduce employment?

Rantala, Anssi - Suomen Pankki - 2001

We use a two-country monetary model with unionized labor markets and open-economy spillovers to study the macroeconomic consequences of the formation of a monetary union. It is shown that the monetary regime affects the trade-off between real consumer wages and employment faced by the unions....

Persistent link: https://www.econbiz.de/10005207167