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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

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

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

Sovereign risk, European crisis resolution policies and bond yields

Kilponen, Juha; Laakkonen, Helinä; Vilmunen, Jouko - Suomen Pankki - 2012

We study the effects of the ECB monetary policy and the European crisis resolution policies on the 10 year sovereign bond yields of seven European countries. We find that some of the decisions have had significant impact on sovereign bond yields and have succeeded in reducing stress in the...

Persistent link: https://www.econbiz.de/10011191539

Ending over-lending: Assessing systemic risk with debt to cash flow

Ramsay, Bruce A.; Sarlin, Peter - Suomen Pankki - 2014

This paper operationalizes early theoretical contributions of Hyman Minsky and applies these in the context of economic sectors and nations. Following the view of boom-bust asset cycles, depicted by the endogenous build-up of risks and their abrupt unraveling, Minsky highlighted the relationship...

Persistent link: https://www.econbiz.de/10010819000

The effects of ratings-contingent regulation on international bank lending behavior: Evidence from the Basel 2 accord

Hasan, Iftekhar; Kim, Suk-Joong; Wu, Eliza - Suomen Pankki - 2014

We investigate the effects of credit ratings-contingent financial regulation on foreign bank lending behavior. We examine the sensitivity of international bank flows to debtor countries’ sovereign credit rating changes before and after the implementation of the Basel 2 risk-based capital...

Persistent link: https://www.econbiz.de/10010945108

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

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