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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 ...
Restructuring securities systems processing : A blue print proposal for real-time/t+0 processing
(06.03.2003)
Bank of Finland Research Discussion Papers 7/2003
Bank of Finland Research Discussion Papers 7/2003
Securities settlement is an area, where nobody seems to be content with the current international processing systems, but neither has a proposal for improvement emerged that has attracted common support.This paper describes ...
Card, Internet and mobile payments in Finland
(12.03.2003)
Bank of Finland Research Discussion Papers 8/2003
Bank of Finland Research Discussion Papers 8/2003
Retail payment methods are in a stage of rapid development.New service providers and technological developments enable new payment services through a variety of channels.Payment solutions are being developed based eg on ...
Money as an indicator variable for monetary policy when money demand is forward looking
(09.04.2003)
Bank of Finland Research Discussion Papers 9/2003
Bank of Finland Research Discussion Papers 9/2003
This paper studies the gain from using money as an indicator when monetary policy in made under data uncertainty.We use a forward and backward looking model, calibrated for the euro area.The policymaker cannot completely ...
Adaptive learning and multiple equilibria in a natural rate monetary model with unemployment persistence
(13.11.2003)
Bank of Finland Research Discussion Papers 30/2003
Bank of Finland Research Discussion Papers 30/2003
This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an equilibriumselection mechanism in a natural-rate monetary model with unemployment persistence.In ...
Simulating interbank payments and securities settlement mechanism with the BoF-PSS2 simulator
(01.10.2003)
Bank of Finland Research Discussion Papers 23/2003
Bank of Finland Research Discussion Papers 23/2003
The simulation technique provides a new means for analysing complex interdependencies in payment and securities settlement processing. The Bank of Finland has developed a payment and settlement system simulator (BoF-PSS2) ...
Irreversible investment under interest rate variability : new results
(12.11.2003)
Bank of Finland Research Discussion Papers 29/2003
Bank of Finland Research Discussion Papers 29/2003
The current literature on irreversible investment decisions usually makes the assumption of a constant interest rate.We study the impact of interest rate and revenue variability on the decision to carry out an irreversible ...
Aasian, Venäjän ja Turkin rahoituskriisien vertailua
(17.01.2003)
Bank of Finland Research Discussion Papers 3/2003
Bank of Finland Research Discussion Papers 3/2003
Monet maat ovat 1990-luvun alun jälkeen luopuneet kiinteän mutta ajoittain muutettavan valuuttakurssin järjestelmästä.Tässä työssä arvioidaan, miten Aasian tapahtumien jälkeen kehitellyt niin kutsutut kolmannen sukupolven ...
The role of market discipline in handling problem banks
(02.09.2003)
Bank of Finland Research Discussion Papers 21/2003
Bank of Finland Research Discussion Papers 21/2003
This paper considers the conditions that are necessary for market discipline to complement prompt corrective action (PCA) by the authorities in handling problem banks.We initially consider precisely what market discipline ...
Staggered prices and trend inflation : Some nuisances
(10.11.2003)
Bank of Finland Research Discussion Papers 27/2003
Bank of Finland Research Discussion Papers 27/2003
Most of the papers in the sticky-price literature are based on a log-linearization around the zero inflation steady state, a simplifying but counterfactual assumption.This paper shows that when trend inflation is considered, ...