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Effect of finance on growth through more efficient utilization of technological innovations
(08.07.2010)
Bank of Finland Research Discussion Papers 21/2010
Bank of Finland Research Discussion Papers 21/2010
This paper models the effects of financial development on economic growth through better or more efficient utilization of technological innovations. The model is based on the endogenous growth theory of Aghion and Howitt ...
Credit allocation, capital requirements and output
(05.06.2010)
Bank of Finland Research Discussion Papers 17/2010
Bank of Finland Research Discussion Papers 17/2010
We show how banks excessive risk-taking, stemming from informational asymmetries in loan markets, can lead to an excessive output loss when a recession starts. Risk-based capital requirements can alleviate the output loss ...
Cross-border bank M&As and risk : evidence from the bond market
(01.02.2010)
Bank of Finland Research Discussion Papers 4/2010
Bank of Finland Research Discussion Papers 4/2010
The impact of cross-border bank M&As on bank risk remains an open question. Though geographically diversifying bank M&As have the potential to reduce the risk of bank insolvency, they also have the potential to ...
Risk-based classification of financial instruments in the Finnish statutory pension scheme TyEL
(08.03.2010)
Bank of Finland Research Discussion Papers 9/2010
Bank of Finland Research Discussion Papers 9/2010
Sufficient solvency of a pension insurance company responsible for defined-benefit pensions guarantees that the pensions are paid regardless of turbulence in the financial market. In the Finnish occupational pension system ...
Simultaneous monetary policy announcements and international stock markets response: an intraday analysis
(05.03.2010)
Bank of Finland Research Discussion Papers 8/2010
Bank of Finland Research Discussion Papers 8/2010
This paper investigates the return and volatility responses of major European and the US equity indices to monetary policy surprises using extensive intraday data on 5-minute price quotes along with a comprehensive dataset ...
Information acquisition during a Dutch auction
(01.03.2010)
Bank of Finland Research Discussion Papers 7/2010
Bank of Finland Research Discussion Papers 7/2010
In this paper we consider equilibrium behavior in a Dutch (descending price) auction where the bidders are uninformed of their valuations with probability 1-q and can acquire information about their valuation at a positive ...
Return from retail banking and payments
(08.01.2010)
Bank of Finland Research Discussion Papers 3/2010
Bank of Finland Research Discussion Papers 3/2010
The European banking industry joined forces to achieve a fully integrated market for retail payment services in the euro area: the Single Euro Payments Area (SEPA). Against this background, the present paper examines the ...
Growth strategies and value creation : what works best for stock exchanges?
(05.01.2010)
Bank of Finland Research Discussion Papers 2/2010
Bank of Finland Research Discussion Papers 2/2010
In recent years, demutualized stock exchanges have increasingly engaged in M&A and alliance activities. To shed light on this topic, we investigate short-run share price responses to the formation of 110 stock exchange ...
Moral hazard in the credit market when the collateral value is stochastic
(01.08.2010)
Bank of Finland Research Discussion Papers 22/2010
Bank of Finland Research Discussion Papers 22/2010
This theoretical paper explores the effects of costly and non-costly collateral on moral hazard, when collateral value may fluctuate. Given that all collateral is costly, stochastic collateral will entail the same positive ...
Does Ricardian Equivalence hold when expectations are not rational?
(01.05.2010)
Bank of Finland Research Discussion Papers 13/2010
Bank of Finland Research Discussion Papers 13/2010
This paper shows that the Ricardian Equivalence proposition can continue to hold when expectations are not rational and are instead formed using adaptive learning rules. In temporary equilibrium, with given expectations, ...