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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

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

Essays on financial crises in emerging markets

Komulainen, Tuomas - Suomen Pankki - 2004

capital inflows, increased levels of indebtedness, and then sudden capital outflows. The study contains four essays that …. The essay finds that bond financing may not delay the crisis. But if the country’s indebtedness is low, the crisis is … and inflation) and several indicators of indebtedness (eg private sector liabilities and banks' foreign liabilities …

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

Housing market and current account imbalances in the international economy

Punzi, Maria Teresa - Suomen Pankki - 2012

This paper presents a two-sector, two-country model showing that inflation in the housing market, a low personal savings rate, and a construction investment boom can contribute to a large current account deficit. In the model, demand by a group of households in the domestic country is...

Persistent link: https://www.econbiz.de/10009397038

Adjustment of the US current account deficit

Kortelainen, Mika - Suomen Pankki - 2007

We present a two country DGE model and estimate it using Bayesian techniques and euro area and US quarterly data for 1977–2004. In analysing the current accounts we find that a lower US rate of time preference or a higher dollar risk premium could render the deficit sustainable, but that these...

Persistent link: https://www.econbiz.de/10005423723

Productivity differentials and external balance in ERM II

Henriksson, Marketta - Suomen Pankki - 2005

Differences in growth, productivity and inflation levels are going to be a prominent feature of the future of EMU, as the convergence process is still on-going in the new Member States. This convergence process can be described by the Balassa-Samuelson proposition, which states that faster...

Persistent link: https://www.econbiz.de/10005190776

Household loan loss risk in Finland – estimations and simulations with micro data

Herrala, Risto; Kauko, Karlo - Suomen Pankki - 2007

This discussion paper presents a microsimulation model of household distress. We use logit analysis to estimate the extent to which a household’s risk of being financially distressed depends on net income after tax and loan servicing costs. The impact of assumed macroeconomic shocks on this...

Persistent link: https://www.econbiz.de/10005190733

Private Indebtedness and the Banking Crisis in Finland

Brunila, Anne; Takala, Kari - Suomen Pankki - 1993

deregulation in Finland was similar to that in the other Nordic countries. As in Norway and Sweden, household indebtedness started … loans. Measured by the ratio of household debt to annual disposable income, household indebtedness peaked in 1990 at more … plummeted. High indebtedness and overcapacity especially in the domestic sector will require several years of adjusting. …

Persistent link: https://www.econbiz.de/10005190769

The role of macroeconomic shocks in banking crises

Pesola, Jarmo - Suomen Pankki - 2001

percentage change in GDP, an income surprise variable combined with lagged aggregate indebtedness, a real interest rate surprise … variable combined with lagged aggregate indebtedness, and a deregulation dummy. The innovation in this paper is the use of … surprise variables based on macroeconomic forecasts. According to the results, high indebtedness combined with negative …

Persistent link: https://www.econbiz.de/10005648837

Bankruptcies, Indebtedness and the Credit Crunch

Takala, Kari; Viren, Matti - Suomen Pankki - 1995

that they are perhaps even more strongly related to indebtedness, real interest rates and asset prices. The importance of …

Persistent link: https://www.econbiz.de/10005648878

What drives loan losses in Europe?

Jokivuolle, Esa; Pesola, Jarmo; Viren, Matti - Suomen Pankki - 2013

-specific macro variables: output growth shocks, real interest rates, and a measure of excessive private sector indebtedness. We find … more moderate level of indebtedness. Low interest rates during the recent recession may have been another, perhaps the most …

Persistent link: https://www.econbiz.de/10011207863