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Valuuttakauppojen selvitysriskit ja niiden hallinta
(26.04.1999)
Bank of Finland Research Discussion Papers 5/1999
Bank of Finland Research Discussion Papers 5/1999
Suurten volyymien vuoksi valuuttakauppojen selvitysriskit ovat kasvaneet niin huomattaviksi, että ne aiheuttavat huolta kansainvälisten rahoitusmarkkinoiden vakaudesta.Uhkakuvana on, että valuutta-markkinoilla jonkin ...
Accountability of the ECB and a government's incentives to rebel against the common monetary policy in EMU
(19.02.1999)
Bank of Finland Research Discussion Papers 2/1999
Bank of Finland Research Discussion Papers 2/1999
This paper considers how the "true" common monetary policy that is conducted by the ECB under various sources of uncertainty will differ from the policy that was agreed in the Maastricht Treaty, and how the uncertainties ...
Central bank independence and wage bargaining structure : Empirical evidence
(27.07.1999)
Bank of Finland Research Discussion Papers 9/1999
Bank of Finland Research Discussion Papers 9/1999
This paper studies the relationship between central bank independence, wage bargaining structure and macroeconomic performance in OECD countries.A cross-sectional time-series (TSCS) model for inflation, nominal wage growth ...
Testing the expectations hypothesis of the term structure of interest rates in the presence of a potential regime shift
(21.12.1999)
Bank of Finland Research Discussion Papers 20/1999
Bank of Finland Research Discussion Papers 20/1999
The expectations hypothesis of the term structure of interest rates is tested using monthly Eurodollar deposit rates for maturities 1, 3 and 6 months covering the period 1983: 1996:6.Whereas classical regression-based tests ...
Euroopan pankkien kehitysnäkymiä
(20.02.1999)
Bank of Finland Research Discussion Papers 3/1999
Bank of Finland Research Discussion Papers 3/1999
Euroopan sisämarkkinoiden synty, sääntelyn purkaminen ja muu toteutunut kehitys ovat muodostaneet maanosan pankkitoimialalle muutospaineita, joiden purkautumista EMUn kolmannen vaiheen odotetaan nopeuttavan.Keskustelualoitteessa ...
Changes in Finland's international investment position, 1985-1998
(01.12.1999)
Bank of Finland Research Discussion Papers 18/1999
Bank of Finland Research Discussion Papers 18/1999
This paper attempts to describe and compare developments in the components of Finland's net international investment position (NIIP).The data consist of sectoral flows and valuation items over the period 1985 - 1998, which ...
Industry equilibrium with outside financing and moral hazard : Effects of market integration
(31.12.1999)
Bank of Finland Research Discussion Papers 23/1999
Bank of Finland Research Discussion Papers 23/1999
In this paper we study industry equilibrium and the effects of integration under the assumptions that 1) firms must use outside financing and 2) they face a moral hazard problem due to the possibility of taking excessive ...
Strategic challenges for exchanges and securities settlement
(29.12.1999)
Bank of Finland Research Discussion Papers 21/1999
Bank of Finland Research Discussion Papers 21/1999
A common feature of major trends in securities and derivative markets is that they facilitate cross-border competition between financial institutions and markets.These trends include financial deregulation, technological ...
The value of publishing official central bank forecasts
(30.12.1999)
Bank of Finland Research Discussion Papers 22/1999
Bank of Finland Research Discussion Papers 22/1999
The aim of the present analysis is to shed light on the question whether Central Banks should publish their macroeconomic forecasts, and what could possibly be gained in monetary policy if they did so.We show that disclosing ...
The effects of transmission uncertainty on the flexibility-credibility tradeoff in monetary policy
(03.11.1999)
Bank of Finland Research Discussion Papers 14/1999
Bank of Finland Research Discussion Papers 14/1999
In this paper we address the issue of how parameter uncertainty affects the optimal degree of central bank conservatism.The analysis is conducted in the standard macroeconomic model of a monetary policy game embedding an ...