The current financial crisis has sparked an intense debate about how weak banks should be resolved. Despite international efforts to coordinate and converge on such policies, national policy advice and resolution practices differ. The resolution methods adopted in the Nordic banking crises in...

Viimeisen vuosikymmenen pankkikriisit ovat herättäneet huolestumista monissa teollisuusmaissa.Tässä raportissa tarkastellaan Uudessa-Seelannissa vuonna 1996 käyttöön otetun, julkistamisperiaatteeseen nojautuvan pankkivalvontajärjestelmän etuja.Vaikka Uudella-Seelannilla on monia...

This paper argues that, despite the substantial independence offered by the Maastricht Treaty, the ESCB will wish to bind itself by a set of voluntary rules in the conduct of monetary policy.This binding will occur because of the demands of policy itself.The ESCB as such has no history of a...

This paper explains how banking supervision within the EU, and in Finland in particular, can be improved by the implementation of greater market discipline and related changes.Although existing EU law, institutions, market structures and practices of corporate governance restrict the scope for...

Using information from a variety of sources, including our own estimates from quarterly data for each of the countries over the period 1972-1997, this paper suggests that the exchange rate will play an important role in the transmission of the impact of monetary policy through to the real...

Unemployment is now the key issue for economic policy in the OECD and Europe in particular.By examining data from the period 1962- 1996 for two highly different small open OECD economies, Finland and New Zealand, in a VE? model this paper seeks to cast light on three questions: the degree to...

This paper highlights the implications for EU macroeconomic policy at a relatively disaggregated level when key economic relationships are nonlinear or asymmetric.Using data for the EU and OECD countries we show that there are considerable non-linearities and asymmetries in the Phillips and Okun...