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Essays on financial crises in emerging markets

Komulainen, Tuomas - Suomen Pankki - 2004

-fulfilling crises were possible. Essay 3 studies financial contagion and develops a model of the international financial system. It uses … contagion. Essay 4 analyses the causes of financial crises in 31 emerging market countries in 1980–2001. A probit model is …

Persistent link: https://www.econbiz.de/10008692076

The euro and corporate financing

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - Suomen Pankki - 2011

In this paper we study how the introduction of the euro has affected corporate financing in Europe. We use firm-level data from eleven euro area countries as well as from a control group of five other European countries spanning the years 1991–2006. We show that firms from euro area countries...

Persistent link: https://www.econbiz.de/10008867448

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

Fundamentals and technical trading: behaviour of exchange rates in the CEECs

Bask, Mikael; Fidrmuc, Jarko - Suomen Pankki - 2006

We present a model of exchange rates, which incorporates the monetary approach and technical trading, and we present the reduced form based on the minimal state variable solution, where both fundamentals and backward-looking term determine the spot exchange rates. Finally, we estimate the impact...

Persistent link: https://www.econbiz.de/10005648848

The transparency of the banking industry and the efficiency of information-based bank runs

Chen, Yehning; Hasan, Iftekhar - Suomen Pankki - 2005

In this paper, we investigate the relationship between the transparency of banks and the fragility of the banking system. We show that information-based bank runs may be inefficient because the deposit con-tract designed to provide liquidity induces depositors to have excessive incentives to...

Persistent link: https://www.econbiz.de/10005648950

Contagion and interdependence: measuring CEE banking sector co-movements

Jokipii, Terhi; Lucey, Brian - Suomen Pankki - 2006

largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. Our tests based … on simple unadjusted correlation analysis uncover evidence of conta-gion between all pairs of countries. Adjusting for … market volatility during turmoil, however, produces dif-ferent results. We then find contagion from the Czech Republic to …

Persistent link: https://www.econbiz.de/10005648954

Financial interlinkages and risk of contagion in the Finnish interbank market

Toivanen, Mervi - Suomen Pankki - 2009

Using the maximum entropy method, this paper estimates the danger of contagion in the Finnish interbank market in 2005 …–2007 as well as the existence of contagion during a Finnish banking crisis. The contagion analysis of the early 1990s is able … that five of ten deposit banks are possible starting points for contagious effects. The magnitude of contagion is …

Persistent link: https://www.econbiz.de/10005648959

Contagion in the interbank network: An epidemiological approach

Toivanen, Mervi - Suomen Pankki - 2013

method to model the spreading of the contagion in the interbank network by implementing an epidemiologic model. Actual data … on European banks is exploited with simulated scale-free networks. The average contagion affected 70% and 40% of European … of contagion. Bank clustering, large incoming interbank loans and bank reputation are more prominent explanatory …

Persistent link: https://www.econbiz.de/10010818996

The great moderation under the microscope: decomposition of macroeconomic cycles in US and UK aggregate demand

Crowley, Patrick M; Hughes Hallett, Andrew - Suomen Pankki - 2011

In this paper the relationship between the growth of real GDP components is explored in the frequency domain using both static and dynamic wavelet analysis. This analysis is carried out separately for the US and UK using quarterly data, and the results are found to be substantially different for...

Persistent link: https://www.econbiz.de/10009643484

Is Europe growing together or growing apart?

Crowley, Patrick; Garcia, Enrique; Quah, Chee-Heong - Suomen Pankki - 2013

While it is painfully clear that the ’ever closer’ monetary and financial union in the EU has run into serious trouble there has been very little study of the degree to which the countries have become similar or different in their economic growth dynamics. This paper therefore goes beyond...

Persistent link: https://www.econbiz.de/10010722796