Haku
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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, ...
The risk-taking channel of monetary policy in the US : Evidence from corporate loan data
(07.08.2017)
Bank of Finland Research Discussion Papers 18/2017
Bank of Finland Research Discussion Papers 18/2017
To study the presence of a risk-taking channel in the US, we build a comprehensive dataset from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer ...
Securitization and crash risk : Evidence from large European banks
(11.12.2018)
Bank of Finland Research Discussion Papers 26/2018
Bank of Finland Research Discussion Papers 26/2018
The 2008 global financial crisis highlights the importance of securitization and crash risk. Yet there is a dearth of papers exploring the link between securitization and crash risk. We analyze 7,096 securitization deals ...
Weaker global economic activity one of the key risks
(27.01.2017)
Bank of Finland. Bulletin 5/2016
Bank of Finland. Bulletin 5/2016
Exports will finally begin to grow in response to export demand, with net exports gradually beginning to support growth alongside domestic demand. However, one of the key risks to the forecast is a weaker-than-forecast ...
Welfare gains of bailouts in a sovereign default model
(18.12.2019)
Bank of Finland Research Discussion Papers 25/2019
Bank of Finland Research Discussion Papers 25/2019
We examine the welfare effects of bailouts in economies exposed to sovereign default risk. When a government of a small open economy requests a bailout from an international financial institution, it receives a non-defaultable ...
The equity risk premium and the low frequency of the term spread
(03.04.2018)
Bank of Finland Research Discussion Papers 7/2018
Bank of Finland Research Discussion Papers 7/2018
We extract cycles in the term spread (TMS) and study their role for predicting the equity risk premium (ERP) using linear models. The low frequency component of the TMS is a strong and robust out-of-sample ERP predictor. ...
Extreme events and optimal monetary policy
(06.02.2018)
Bank of Finland Research Discussion Papers 4/2018
Bank of Finland Research Discussion Papers 4/2018
This paper studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric Generalized Extreme ...
Domestic banks as lightning rods? Home bias and information during Eurozone crisis
(05.02.2019)
Bank of Finland Research Discussion Papers 3/2019
Bank of Finland Research Discussion Papers 3/2019
European banks have been criticized for holding excessive domestic government debt during economic downturns, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level ...
Measuring financial stress – A country specific stress index for Finland
(11.03.2015)
Bank of Finland Research Discussion Papers 7/2015
Bank of Finland Research Discussion Papers 7/2015
I propose a financial stress index (FSI) for the Finnish financial system that aims to reflect the functionality of the financial system and provide an aggregate measure of financial stress in the money, bond, equity and ...
How large banks use CDS to manage risks: bank-firm-level evidence
(29.04.2016)
Bank of Finland Research Discussion Papers 10/2016
Bank of Finland Research Discussion Papers 10/2016
We test five hypotheses on whether banks use CDS to hedge corporate loans, provide credit enhancements, obtain regulatory capital relief, and exploit banking relationship and private information. Linking large banks’ CDS ...