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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 ...
Housing markets, liquidity constraints and labor mobility
(30.06.2000)
Bank of Finland Research Discussion Papers 8/2000
Bank of Finland Research Discussion Papers 8/2000
Recent European data indicate that countries where a large proportion of the population lives in owner-occupied housing are experiencing higher unemployment rates than countries where the majority of people live in private ...
Monitoring and market power in loan markets
(30.08.2000)
Bank of Finland Research Discussion Papers 9/2000
Bank of Finland Research Discussion Papers 9/2000
Whether or not banks are engaged in ex ante monitoring of customers may have important consequences for the whole economy.We approach this question via a model in which banks can invest in either information acquisition ...
Are expansions cost effective for stock exchanges? : A global perspective
(18.12.2000)
Bank of Finland Research Discussion Papers 20/2000
Bank of Finland Research Discussion Papers 20/2000
This paper investigates the existence and extent of economies of scale and scope among stock exchanges.Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989-1998 indicates the ...
Markets, reserves and lenders of last resort as sources of bank liquidity
(18.04.2000)
Bank of Finland Research Discussion Papers 3/2000
Bank of Finland Research Discussion Papers 3/2000
We study the long standing issue of whether markets can supply banks with sufficient liquidity or whether markets should be complemented with a lender of last resort (LOLR).For this purpose, we develop an extended version ...
The effects of competition on banks' risk taking with and without deposit insurance
(19.12.2000)
Bank of Finland Research Discussion Papers 21/2000
Bank of Finland Research Discussion Papers 21/2000
We consider the joint effect of competition and deposit insurance on risk taking by banks when the riskiness of banks is unobservable to depositors.It turns out that the magnitude of risk taking depends on the type of bank ...
The term structure of real interest rates : Theory and evidence form UK index-linked bonds
(29.12.2000)
Bank of Finland Research Discussion Papers 22/2000
Bank of Finland Research Discussion Papers 22/2000
This paper studies the behavior of the default-risk-free real term structure and term premia in two general equilibrium endowment economies with complete markets but without money.In the first economy there are no frictions ...
Agency cost of debt and lending market competition : Is there a relationship?
(02.10.2000)
Bank of Finland Research Discussion Papers 12/2000
Bank of Finland Research Discussion Papers 12/2000
We address the question of how lending market competition, measured by the bargaining power of banks, affects the agency costs of debt finance.It is shown that intensified lending market competition will lead to lower ...
Cross-border performance in European banking
(31.12.2000)
Bank of Finland Research Discussion Papers 24/2000
Bank of Finland Research Discussion Papers 24/2000
Recent cross-country comparisons of bank efficiency have been based on pooled estimates of banks across countries and have typically assumed a common frontier and that differences in performance among banks are primarily ...
Enhancing bank transparency : A re-assessment
(31.08.2000)
Bank of Finland Research Discussion Papers 10/2000
Bank of Finland Research Discussion Papers 10/2000
Transparency regulation aims at reducing financial fragility by strengthening market discipline.There are however two elementary properties of banking that may render such regulation inefficient at best and detrimental at ...