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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

The net worth trap: investment and output dynamics in the presence of financing constraints

Isohätälä, Jukka; Milne, Alistair; Robertson, Donald - Suomen Pankki - 2014

We study the impact of financing constraints on investment and output dynamics, in a continuous time setting with output a linear function of capital. Decline of net worth reduces investment and, if firms can rent capital to unconstrained outside investors, can create a 'net worth trap' with...

Persistent link: https://www.econbiz.de/10011074904

Stochastic modeling of financing longevity risk in pension insurance

Ronkainen, Vesa - Suomen Pankki - 2012

, which enables one to investigate some typical pension and life insurance products. The main risks in pension insurance … relate to investment performance and mortality/longevity development. We first develop stochastic models for equity and bond … takes into account the empirical observations of infrequent exceptionally large losses. The 5-year US government bond yearly …

Persistent link: https://www.econbiz.de/10011019137

Descriptive analysis of Finnish equity, bond and money market returns

Nyberg, Peter; Vaihekoski, Mika - Suomen Pankki - 2011

This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money …

Persistent link: https://www.econbiz.de/10009643485

Capital adequacy regulation and financial conglomerates

Mälkönen, Ville - Suomen Pankki - 2004

theoretical background for the regulation of financial institutions, especially insurance and banking companies, and, finally …

Persistent link: https://www.econbiz.de/10005648868

The efficiency implications of financial conglomeration

Mälkönen, Ville - Suomen Pankki - 2004

-efficiency gains in monitoring credit and insurance customers. The analysis shows that conglomeration is conducive to tougher … competition in the credit market and increases profit in insurance. The aggregate profit in the financial sector does not increase …

Persistent link: https://www.econbiz.de/10005648939

Efficiency and stock returns: Evidence from the insurance industry

Gaganis, Chrysovalantis; Hasan, Iftekhar; Pasiouras, Fotios - Suomen Pankki - 2013

efficiency changes of 399 listed insurance firms in 52 countries during the 2002-2008 period, the paper reports a positive and …

Persistent link: https://www.econbiz.de/10010691316

The Term Structure of Real Interest Rates: Theory and Evidence from UK Index-Linked Bonds

Seppälä, Juha - Suomen Pankki - 2000

This paper studies the behavior of the default-risk-free real term structure and term premia in two general equilibrium endowment economies with complete markets but without money. In the first economy there are no frictions as in Lucas (1978) and in the second risk-sharing is limited by the...

Persistent link: https://www.econbiz.de/10005648948

A Model for Estimating Recovery Rates and Collateral Haircuts for Bank Loans

Jokivuolle, Esa; Peura, Samu - Suomen Pankki - 2000

We present a model of risky debt in which collateral value is correlated with the possibility of default. The model is then used to study: 1) the expected amount of debt recovered in the event of default as a function of collateral; and 2) the amount of collateral needed to mitigate the...

Persistent link: https://www.econbiz.de/10005207168

Transmission of macro shocks to loan losses in a deep crisis: the case of Finland

Jokivuolle, Esa; Viren, Matti; Vähämaa, Oskari - Suomen Pankki - 2009

Building on the work of Sorge and Virolainen (2006), we revisit the data on aggregate Finnish bank loan losses from the corporate sector, which covers the ‘Big Five’ crisis in Finland in the early 1990s. Several extensions to the empirical model are considered. These extensions are then used...

Persistent link: https://www.econbiz.de/10008509434