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Do managerial risk-taking incentives influence firms’ exchange rate exposure?
(05.08.2017)
Bank of Finland Research Discussion Papers 16/2017
Bank of Finland Research Discussion Papers 16/2017
There is scant evidence on how risk-taking incentives impact specific firm risks. This has implications for board oversight of managerial risk taking, firms’ development of comparative advantage in taking particular risks, ...
Worker separation under performance pay : Empirical evidence from Finland
(19.10.2017)
Bank of Finland Research Discussion Papers 33/2017
Bank of Finland Research Discussion Papers 33/2017
This paper investigates the role of individual incentive (II) and group incentive (GI) pay as determinants of worker separation. We use a large linked employer-employee panel data set for full-time male manufacturing workers ...
Systematic risk, bank moral hazard, and bailouts
(23.01.2018)
Bank of Finland Research Discussion Papers 2/2018
Bank of Finland Research Discussion Papers 2/2018
We show that the impact of government bailouts (liquidity injections) on a representative bank’s risk taking depends on the level of systematic risk of its loans portfolio. In a model where bank’s output follows a geometric ...
The failure of Chinese peer-to-peer lending platforms : Finance and politics
(15.12.2020)
BOFIT Discussion Papers 27/2020
BOFIT Discussion Papers 27/2020
We investigate the influence of financial and political factors on peer-to-peer (P2P) platform failures in China’s online lending market. Using a competing risk model for platform survival, we show that large platforms, ...
Could the Green Supporting Factor help mitigate climate change?
(13.07.2020)
Bank of Finland Bulletin. Analysis
Bank of Finland Bulletin. Analysis
The need for sustainable finance has grown because of the urgency to mitigate climate change. One proposal to encourage sustainable finance is the Green Supporting Factor, which would make it less costly for entities in ...
Voisiko vihreällä kannustimella tukea ilmastonmuutoksen hillintää?
(13.07.2020)
Euro & talous. Analyysi
Euro & talous. Analyysi
Kestävän rahoituksen tarve on kasvanut ilmastonmuutoksen hillitsemisen kiireellisyyden takia. Yhtenä ehdotuksena kestävän rahoituksen edistämiseksi on esitetty ns. vihreää kannustinta, joka tekisi rahoitusalan toimijoille ...
Bonus caps, deferrals and bankers' risk-taking
(03.03.2015)
Bank of Finland Research Discussion Papers 5/2015
Bank of Finland Research Discussion Papers 5/2015
Regulators restrict bankers’ risk-taking by bonus caps or deferrals. We derive a structural model to analyze these compensation regulations and show that for a risk-neutral banker subject to positive switching costs of ...
Financial policymaking after crises : Public vs. private interests
(06.07.2021)
BOFIT Discussion Papers 10/2021
BOFIT Discussion Papers 10/2021
We first present a simple model of post-crisis policymaking driven by both public and private interests. Using a novel dataset covering 94 countries between 1973 and 2015, we then establish that financial crises can lead ...
Fiscal incentives, competition, and investment in China
(20.11.2018)
BOFIT Discussion Papers 20/2018
BOFIT Discussion Papers 20/2018
This paper explores how fiscal incentives offered to local governments in China affect investment rates in their jurisdictions. Theoretically, we build a simple fiscal competition model to establish the linkage between ...
Externalities and market failures of cryptocurrencies
(26.10.2023)
BoF Economics Review 4/2023
BoF Economics Review 4/2023
This paper discusses the externalities and market failures in cryptocurrency markets. In particular, I highlight the significant environmental externalities created by Proof-of-Work (PoW) cryptocurrencies, the most prominent ...