Haku
Viitteet 1-10 / 26
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 ...
Fixed rate tenders and the overnight money market equilibrium
(23.05.2001)
Bank of Finland Research Discussion Papers 8/2001
Bank of Finland Research Discussion Papers 8/2001
This paper presents a general equilibrium model of the determination of equilibrium in the interbank market for overnight liquidity when the central bank uses fixed rate tenders in its liquidity provision.We consider three ...
Gridlock resolution in interbank payment systems
(13.06.2001)
Bank of Finland Research Discussion Papers 9/2001
Bank of Finland Research Discussion Papers 9/2001
The paper analyses the severity of gridlocks in interbank payment systems operating on a real time basis and evaluates by means of simulations the merits of a gridlock resolution algorithm.Data used in the simulations ...
Output gaps and technological progress in European monetary Union
(28.09.2001)
Bank of Finland Research Discussion Papers 20/2001
Bank of Finland Research Discussion Papers 20/2001
Output gaps for ten European countries and the USA are estimated based on a CES production function with input augmentation in technological progress.The substitution parameter is estimated from the coefficients of the ...
Actual and perceived monetary policy rules in a dynamic equilibrium model of the euro area
(12.03.2001)
Bank of Finland Research Discussion Papers 3/2001
Bank of Finland Research Discussion Papers 3/2001
We present a dynamic general equilibrium model with some nominal rigidities and calibrate it to euro area data.The most important features of the model include consumption/saving decisions according to Blanchard's stochastic ...
Should unemployment benefits decrease as the unemployment spell lengthens?
(23.10.2001)
Bank of Finland Research Discussion Papers 23/2001
Bank of Finland Research Discussion Papers 23/2001
It has become a conventional wisdom in economic policy debate that in order to minimise adverse effects on employment, unemployment benefits should decrease with the unemployment spell.This paper, using a series of simple ...
Technological development and concentration of stock exchanges in Europe
(08.10.2001)
Bank of Finland Research Discussion Papers 21/2001
Bank of Finland Research Discussion Papers 21/2001
This paper provides an explanation of technical inefficiencies of financial exchanges in Europe as well as an empirical analysis of their existence and extent.A single-stage stochastic cost frontier approach is employed, ...
Stock exchange alliances, access fees and competition
(09.10.2001)
Bank of Finland Research Discussion Papers 22/2001
Bank of Finland Research Discussion Papers 22/2001
This paper investigates the market consequences of alliance formation among stock exchanges.These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers ...
Factors affecting asset price expectations : Fundamentals and policy
(07.08.2001)
Bank of Finland Research Discussion Papers 13/2001
Bank of Finland Research Discussion Papers 13/2001
This paper examines what factors move US and European stock and bond markets, extending earlier work by Campbell and Ammer (1993). Inflation news is incorporated into the stock and bond decomposition and explicit attention ...
Financial market volatility : Informative in predicting recessions
(08.08.2001)
Bank of Finland Research Discussion Papers 14/2001
Bank of Finland Research Discussion Papers 14/2001
It is commonly agreed that the term spread and stock returns are useful in predicting recessions.We extend these empirical findings by examining interest rate and stock market volatility as additional recession indicators.Both ...