https://publications.bof.fi:443/handle/10024/1 2026-04-22T06:08:24Z 2026-04-22T06:08:24Z Järvenpää, Maija https://publications.bof.fi:443/handle/10024/51650 2022-11-04T12:21:15Z 2018-10-17T07:10:47Z

10 vuotta Lehmanin jälkeen – miten likviditeettiriski voi uhata rahoitusvakautta? Järvenpää, Maija Yksi pankkien keskeisistä tehtävistä on maturiteettitransformaatio eli pitkäaikaisten lainojen rahoittaminen lyhytaikaisilla talletuksilla ja markkinavarainhankinnalla. Maturiteettitransformaation kääntöpuoli on siitä aiheutuva likviditeettiriski eli riski pankin kyvyttömyydestä rahoittaa toiminta ja selvitä maksuvelvoitteistaan ilman merkittäviä tappioita. Rahoitusvakautta uhkaava, systeeminen likviditeettiriski taas realisoituu, kun likviditeettiongelmat koskevat useaa pankkia samanaikaisesti (IMF, 2011). Kymmenen vuotta sitten Lehman Brothers -investointipankin kaatumisen myötä käynnistynyt globaali finanssikriisi on varoittava esimerkki systeemisen likviditeettiriskin realisoitumisesta.

2018-10-17T07:10:47Z Tarkka, Juha https://publications.bof.fi:443/handle/10024/51251 2022-11-04T12:21:13Z 2015-11-09T07:52:33Z

150 vuotta Snellmanin rahauudistuksesta ja hopeamarkan synnystä Tarkka, Juha Näinä päivinä tulee kuluneeksi 150 vuotta J.V. Snellmanin toteuttamasta rahauudistuksesta, jota pidetään Suomen kansallisen rahajärjestelmän lähtölaukauksena. Suomen senaatti päätti rahauudistuksesta marraskuun 8. päivänä 1865 ja se tuli voimaan 13.11.1865.

2015-11-09T07:52:33Z Honkapohja, Seppo https://publications.bof.fi:443/handle/10024/50890 2022-11-04T12:21:12Z 2014-10-23T09:31:18Z

1990-luvun rahoituskriisit Suomessa ja muissa Pohjoismaissa Honkapohja, Seppo Meneillään oleva rahoituskriisi on nyt kestänyt runsaan vuoden. Sodanjälkeisenä aikana nykyinen kriisi on kehittyneiden talouksien 19:s ja tämän vuosisadan ensimmäinen. Tuoreessa tutkimuksessaan Carmen Reinhard ja Kenneth Rogoff (2008) ovat jaotelleet tämänhetkistä Yhdysvaltain subprime-kriisiä edeltäneet 18 kriisiä viiteen suureen ja pienempiin kriiseihin. Viiteen suureen sisältyvät Norjan, Suomen ja Ruotsin 1990-luvun alkuun ajoittuneet kriisit. Norjan kriisi alkoi jo 1980-luvun lopulla, mutta jatkui 1990-luvulle.

2014-10-23T09:31:18Z Heikkinen, Päivi https://publications.bof.fi:443/handle/10024/51466 2022-11-04T12:21:14Z 2017-04-04T10:56:12Z

4,5 miljardia uutta viisikymppistä valmiina kiertoon Heikkinen, Päivi 4.4.2017 on uuden 50 euron setelin virallinen liikkeeseenlaskupäivä. Liki 4,5 miljardia uuden Europa-sarjan seteliä varastoissa ympäri Eurooppaa on odottanut pääsyä päivän valoon tehdäkseen tehtävänsä.

2017-04-04T10:56:12Z Pösö, Mika https://publications.bof.fi:443/handle/10024/43439 2022-11-04T12:21:27Z 2016-06-22T12:47:48Z

97 prosenttia ei aio vaihtaa vanhenevia markkojaan euroiksi Pösö, Mika Vuodenvaihteessa tuli kuluneeksi kymmenen vuotta siitä, kun eurosetelit ja -kolikot laskettiin liikkeeseen. Helmikuun lopussa taas päättyy Suomen Pankin kymmenen vuotta kestänyt velvollisuus lunastaa markkaseteleitä ja -kolikoita. Maaliskuusta lähtien markoilla on siis enää vain keräily- tai muistoarvoa, joka joissain tapauksissa voi kuitenkin olla nimellisarvoa suurempi. Selvittääkseen kuinka monella on vielä hallussaan markkoja ja mitä markoille on aikomus tehdä, Suomen Pankki tilasi Taloustutkimukselta kyselytutkimuksen.

2016-06-22T12:47:48Z Kiema, Ilkka Jokivuolle, Esa https://publications.bof.fi:443/handle/10024/47268 2022-11-04T12:21:01Z 2014-09-22T07:58:08Z

99.9% - really? Kiema, Ilkka; Jokivuolle, Esa The aim of the Internal Ratings Based Approach (IRBA) of Basel II was that capital suffices for unexpected losses with at least a 99.9% probability. However, because only a fraction of the required regulatory capital (a quarter to a half) had to be loss absorbing capital, the actual bank solvency probabilities may have been much lower, as the global financial crisis illustrates. Our estimates suggest that under Basel II IRBA the loss-absorbing capital of an average-quality portfolio bank suffices for unexpected losses with a 95%-99% probability. This translates into an expected bank failure rate as high as once in twenty years. Even if the bank s interest income is incorporated into our model, the expected failure rate is still substantial. We show that the expected failure rate increases with loan portfolio riskiness. Our calculations may be viewed as a measure of regulatory "self-delusion" included in Basel II capital requirements. Keywords: capital requirements, Internal Ratings Based Approach, Basel II,financial crisis.

2014-09-22T07:58:08Z Korhonen, Iikka https://publications.bof.fi:443/handle/10024/45365 2022-11-04T12:21:22Z 2014-10-17T11:27:05Z

A brief assessment of Russia's treasury bill market Korhonen, Iikka Russia's treasury bill market has taken off in recent years.The volume of outstanding stock has grown manyfold, so that the volume of trading on the secondary market is now enough to ensure liquidity.The yields of treasury bills, which once fluctuated wildly in response to trends in inflation and political uncertainty, have now settled to low enough levels where they may actually help stabilize Russian financial markets.If this, happens, we may soon expect to see increasing investments in production capacity. The T-bill market is mainly regulated by the Central Bank of Russia, which uses treasury bills as an instrument of monetary policy.Meanwhile, the government of the Federation of Russia has increasingly sought to use the T-bill market as a source of revenue.As the Central Bank of Russia will no longer extend direct credit to the government, inflation has naturally fallen.However, if there are to be further cuts in the yields of treasury bills, the government would probably have to curtail its borrowing.For this to happen the government must cut expenditures even further or improve its tax collection systems. Uudelleenjulkaistu pdf-muodossa 2002 (Idäntalouksien yksikön sarja); Reprint in PDF format 2002 (Unit for Eastern European Economies series)

2014-10-17T11:27:05Z https://publications.bof.fi:443/handle/10024/50459 2022-11-04T12:21:10Z 2015-12-21T11:39:55Z

A brief history of Finnish foreign trade Finland is a small open economy, where fluctuations in exports and imports have shaped the big picture of developments in the economy. A historical review of these developments suggests that the current situation provides no such conditions for rapid export growth supporting the economy as those seen in the earlier growth phases of economic history. Despite facing difficulties, the forest industry is still one of the pillars of Finnish exports alongside the machinery and metal industry.

2015-12-21T11:39:55Z Topi, Jukka https://publications.bof.fi:443/handle/10024/50425 2022-11-04T12:21:10Z 2015-06-10T13:43:51Z

A broader set of tools needed to prevent financial crises Topi, Jukka Financial crises and other serious financial disruptions may be caused by several different types of risks. Macroprudential policy, designed to prevent such crises, needs a more diversified set of tools than are available in Finland at present. Although the Board of the Financial Supervisory Authority already has access to a number of macroprudential instruments, there is reason for the toolkit to be supplemented. There is a need for instruments to ensure capital adequacy in the Finnish banking sector and, if necessary, prevent the housing market overheating.

2015-06-10T13:43:51Z Myller, Marko https://publications.bof.fi:443/handle/10024/44475 2022-11-04T12:21:19Z 2014-09-23T07:35:54Z

A busy week at the stock exchanges as structural changes continue Myller, Marko The 'swallow or be swallowed' game between stock exchanges continues. The focus of attention has shifted to the Nordic countries, with the OMX Group getting its turn in the global integration of exchanges. This coincides with completion of the merger between parent companies of the London and Milan stock exchanges.

2014-09-23T07:35:54Z Hlédik, Tibor https://publications.bof.fi:443/handle/10024/47702 2022-11-04T12:21:00Z 2014-09-22T07:59:18Z

A calibrated structural model of the Czech economy Hlédik, Tibor The paper presents a structural model framework for a small open economy.The model, based on optimising households and firms, has been calibrated on Czech macroeconomic data in order to develop an analytic framework suitable for analysing key policy questions related to the Czech Republic s anticipated EMU accession.In order to be able to use the model for assessing both pre- and post-accession policy issues, two versions of the model fixed and flexible exchange rate versions were developed.The suitability of the two alternative models for policy analysis was subsequently tested on a series of impulse response exercises.The dynamic responses of the two models to selected shocks and policy experiments are plausible.Hence these results suggest that the presented analytic framework can serve as a good starting point for analysing complex policy issues facing the Czech Republic. Key words: monetary policy, monetary union, EMU accession JEL classification numbers: E52, E20, E31, F41

2014-09-22T07:59:18Z Bask, Mikael https://publications.bof.fi:443/handle/10024/47707 2022-11-04T12:21:01Z 2014-09-22T07:59:20Z

A case for interest rate smoothing Bask, Mikael The aim of this paper is to determine whether it would be desirable from the perspective of macroeconomic balance for central banks to take account of nominal exchange rate movements when framing monetary policy. The theoretical framework is a small, open DSGE economy that is closed by a Taylor rule for the monetary authority, and a determinate REE that is least-squares learnable is defined as a desirable outcome in the economy. When the policy rule contains contemporaneous data on the output gap and the CPI inflation rate, the monetary authority does not have to consider the exchange rate as long as there is sufficient inertia in policy-making. In fact, due to a parity condition on the international asset market, interest-rate smoothing and a response to changes in the nominal exchange rate are perfectly intersubstitutable in monetary policy. In other words, we give a rationale for the monetary authority to focus on the change in the nominal interest rate rather than its level in policy-making. Thus, we have a case for interest-rate smoothing. Keywords: determinacy, E-stability, foreign exchange, inertia, Taylor rule JEL classification numbers: E52, F31

2014-09-22T07:59:20Z Fungáčová, Zuzana Hanousek, Jan https://publications.bof.fi:443/handle/10024/48384 2022-11-04T12:21:05Z 2006-09-22T08:00:24Z

A castle built on sand : the effects of mass privatization on stock market creation in transition economies Fungáčová, Zuzana; Hanousek, Jan This paper deals with the relationship between mass privatization and stock market development in transition economies.The link is investigated empirically using a panel of data that includes most transition countries.Our results confirm the hypothesis that mass privatization exerted a negative influence on stock market functioning over the short and medium term.Further, it appears that stock markets in countries with mass privatization were initially perceived as mere byproducts of the privatization process.Such stock markets typically not only failed in their core mission of providing capital for the corporate sector, but generated negative investor sentiment and did little to catalyze economic growth. JEL Classifications: G15, G28, P34 Keywords: privatization, mass privatization, emerging stock markets, stock market

2006-09-22T08:00:24Z Lempinen, Urho https://publications.bof.fi:443/handle/10024/53440 2024-06-17T22:00:49Z 2024-06-17T11:57:15Z

A comment on competitive and oligopolistic financial markets Lempinen, Urho

2024-06-17T11:57:15Z Herrala, Risto https://publications.bof.fi:443/handle/10024/53327 2024-04-10T16:20:45Z 2024-04-10T07:28:40Z

A comparative look at the economic and environmental performances of India and China Herrala, Risto We compare the economic and environmental performances of India and China over the past decade against the Euro Area, Japan, and the USA. India has emerged as the world’s fastest growing large economy, but closer scrutiny suggests this impressive economic performance derives largely from structural factors such as labor force growth and the Balassa-Samuelson effect. Indeed, notwithstanding its superior level of economic development relative to India, China still posts stronger economic gains from investment and total factor productivity growth. While the two economies have grown markedly faster than the three developed economies against which we compare them, both Indian and Chinese growth has come with huge increases in greenhouse gas emissions. Our findings underscore the importance of Chinese and Indian participation in efforts to avoid the more dire impacts of climate change. Abstract....3 1. Introduction....4 2. India takes the lead....4 3. Decomposing economic growth....6 4. Greenhouse gas emissions on the rise....8 5. Concluding remarks....9 References....10

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