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Why does risk matter more in recessions than in expansions?
(05.10.2021)
Bank of Finland Research Discussion Papers 13/2021
Bank of Finland Research Discussion Papers 13/2021
This paper uses a nonlinear vector autoregression and a non-recursive identification strategy to show that an equal-sized uncertainty shock generates a larger contraction in real activity when growth is low (as in recessions) ...
Precision of Public Information Disclosures, Banks’ Stability and Welfare
(04.03.2021)
Bank of Finland Research Discussion Papers 3/2021
Bank of Finland Research Discussion Papers 3/2021
We study the optimal precision of public information disclosures about banks assets quality. In our model the precision of information affects banks' cost of raising funding and asset profile riskiness. In an imperfectly ...
Investor monitoring, money-likeness and stability of money market funds
(12.02.2021)
Bank of Finland Research Discussion Papers 2/2021
Bank of Finland Research Discussion Papers 2/2021
An asset is money-like if investors have no incentives to acquire costly private information on the underlying collateral. However, privately provided money-like assets—like prime money market fund (MMF) shares—are prone ...
Does a financial crisis change a bank's exposure to risk? A difference-in-differences approach
(28.05.2021)
BOFIT Discussion Papers 8/2021
BOFIT Discussion Papers 8/2021
Can a major financial crisis trigger changes in a bank’s risk-taking behavior? Using the 2008 Global Financial Crisis as a quasi-natural experiment and a difference-in-differences approach, I examine whether the worst ...
Alhaisen tulotason maiden rahoitustarpeet kasvaneet voimakkaasti koronapandemian seurauksena
(16.11.2021)
Euro & talous. Blogi
Euro & talous. Blogi
Koronapandemian puhjettua keväällä 2020 rahoitusolot tiukkenivat ympäri maailman ja ulkoisen rahoituksen saanti vaikeutui äkillisesti. Kehittyneissä ja nousevissa talouksissa rahoitusolot palautuivat melko nopeasti mittavien ...
Keskuspankit antavat panoksensa ilmastotyöhön
(27.08.2021)
Euro & talous. Blogi
Euro & talous. Blogi
Kaikki suurimmat keskuspankit ovat viime aikoina ottaneet kantaa siihen, miten ne aikovat jatkossa huomioida ilmastonmuutoksen, sen torjumisen ja vähähiilisyyteen siirtymisen aiheuttamat muutokset toimintaympäristössään. ...
Finanssisektorin ilmastovaikutusten arviointiin tarvitaan uudenlaista tietoa ja yhtenäisiä määritelmiä
(31.08.2021)
Euro & talous. Analyysi
Euro & talous. Analyysi
Ilmastonmuutos kasvattaa finanssisektorin riskejä, minkä mittaamiseen, hallintaan ja hinnoitteluun tarvitaan uudenlaista tietoa. Kansainvälisen Network for Greening the Financial System (NGFS) -verkoston väliraportin mukaan ...
China’s real estate sector and the impacts of its possible disorder on Chinese economy and the euro area
(16.12.2021)
BOFIT Policy Brief 13/2021
BOFIT Policy Brief 13/2021
China’s real estate and construction sector has served as a major engine of economic growth in recent decades and the sector now plays an oversized role in the economy. Much of that growth has been debt-fuelled, with the ...
Bank risk-taking and monetary policy transmission : Evidence from China
(29.10.2021)
BOFIT Discussion Papers 15/2021
BOFIT Discussion Papers 15/2021
We study the impact of China’s 2013 implementation of Basel III on bank risk-taking and its responses to monetary policy shocks using confidential loan-level data from a large Chinese bank. Guided by theory, we use a ...
The Vanishing Interest Income of Chinese Banks
(11.02.2021)
Asian Economic Papers 3
Asian Economic Papers 3
Chinese banks likely have more nonperforming loans (NPLs) than officially reported. Banks’ NPLs often deviate from Benford's law. As hidden NPLs earn no interest income, loan quality problems may erode the gross interest ...