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Do networks in the stock exchange industry pay off? : European evidence
(16.01.2003)
Bank of Finland Research Discussion Papers 2/2003
Bank of Finland Research Discussion Papers 2/2003
The economic theory of network externalities provides the rationale for this paper, which investigates whether adoption of network strategies in European stock exchanges creates additional value in the provision of trading ...
The New Basel accord : Some potential implications of the new standards for credit risk
(02.03.2001)
Bank of Finland Research Discussion Papers 2/2001
Bank of Finland Research Discussion Papers 2/2001
This paper discusses some potential implications - both intended and unintended - of The New Basel Accord, which is to be finalized by the end of 2001.Our focus is on the reforms of the rules for determining minimum capital ...
A model for estimating recovery rates and collateral haircuts for bank loans
(14.03.2000)
Bank of Finland Research Discussion Papers 2/2000
Bank of Finland Research Discussion Papers 2/2000
We present a model of risky debt in which collateral value is correlated with the possibility of default.The model is then used to study: 1) the expected amount of debt recovered in the event of default as a function of ...
Forecasting the macroeconomy with current financial market information : Europe and the United States
(18.02.2002)
Bank of Finland Research Discussion Papers 2/2002
Bank of Finland Research Discussion Papers 2/2002
Using recently developed modelling methodology of Economic Tracking Portfolios (ETP), we find that it is possible to forecast future values of inflation and changes in industrial production in the United States and at least ...
Forecasting with a forward-looking DGE model : combining long-run views of financial markes with macro forecasting
(08.07.2005)
Bank of Finland Research Discussion Papers 21/2005
Bank of Finland Research Discussion Papers 21/2005
To develop forecasting procedures with a forward-looking dynamic general equilibrium model, we built a small New-Keynesian model and calibrated it to euro area data.It was essential in this context that we allowed for ...
The efficiency implications of financial conglomeration
(10.10.2004)
Bank of Finland Research Discussion Papers 17/2004
Bank of Finland Research Discussion Papers 17/2004
This paper studies the competitive and efficiency implications of financial conglomeration driven by cost-efficiency gains in monitoring credit and insurance customers.The analysis shows that conglomeration is conducive ...
An approach to bank insolvency in transition and emerging economies
(09.02.2004)
Bank of Finland Research Discussion Papers 4/2004
Bank of Finland Research Discussion Papers 4/2004
In the light of the inequity of the way losses from bank insolvencies and their avoidance through intervention by the authorities have been distributed over creditors, depositors, owners and the population at large in ...
New small firms and dimensions of economic performance
(01.02.2009)
Bank of Finland Research Discussion Papers 4/2009
Bank of Finland Research Discussion Papers 4/2009
Using data from US labour market areas, we quantify empirical associations between entry by small firms and a vector of economic performance measures encompassing levels, volatilities and growth rates of several income and ...
Bank behaviour with access to credit risk transfer markets
(01.02.2007)
Bank of Finland Research Discussion Papers 4/2007
Bank of Finland Research Discussion Papers 4/2007
One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyse the ...
Market power and merger simulation in retail banking
(01.02.2008)
Bank of Finland Research Discussion Papers 4/2008
Bank of Finland Research Discussion Papers 4/2008
This paper tests market power in the banking industry. Price-cost margins predicted by different oligopoly models are calculated using discrete-choice demand estimates of own-price and cross-price elasticities. These ...