Haku
Viitteet 1-10 / 30
What type of finance matters for growth? Bayesian model averaging evidence
(19.08.2015)
Bank of Finland Research Discussion Papers 17/2015
Bank of Finland Research Discussion Papers 17/2015
We examine the effect of finance on long-term economic growth using Bayesian model averaging to address model uncertainty in cross-country growth regressions. The literature largely focuses on financial indicators that ...
Financing innovation
(12.12.2015)
Bank of Finland Research Discussion Papers 28/2015
Bank of Finland Research Discussion Papers 28/2015
We review the recent literature on the financing of innovation, inclusive of large companies and new startups. This research strand has been very active over the past five years, generating important new findings, questioning ...
Transition to clean technology
(10.12.2015)
Bank of Finland Research Discussion Papers 26/2015
Bank of Finland Research Discussion Papers 26/2015
We develop a microeconomic model of endogenous growth where clean and dirty technologies compete in production and innovation–in the sense that research can be directed to either clean or dirty technologies. If dirty ...
Rational exuberance booms and asymmetric business cycles
(25.11.2015)
Bank of Finland Research Discussion Papers 24/2015
Bank of Finland Research Discussion Papers 24/2015
I propose a theory of information production and learning in credit markets in which the incentives to engage in activities that reveal information about aggregate fundamentals vary over the business cycle and may account ...
Innovation and competition in Internet and mobile banking: an industrial organization perspective
(24.11.2015)
Bank of Finland Research Discussion Papers 23/2015
Bank of Finland Research Discussion Papers 23/2015
Over the recent years, the development of Internet banking and mobile banking has had a considerable impact on competition in the retail banking industry. In some countries, the regulatory framework has been adapted to ...
Shifts in euro area Beveridge curves and their determinants
(03.02.2015)
Bank of Finland Research Discussion Papers 2/2015
Bank of Finland Research Discussion Papers 2/2015
This paper analyses euro area Beveridge curves at the euro area aggregate and country level over the past 25 years. Using an autoregressive distributed lag model we find a significant outward shift in the euro area Beveridge ...
Monetary policies to counter the zero interest rate: an overview of research
(20.08.2015)
Bank of Finland Research Discussion Papers 18/2015
Bank of Finland Research Discussion Papers 18/2015
Many central banks have lowered their interest rates close to zero in response to the crisis since 2008. In standard monetary models the zero lower bound (ZLB) constraint implies the existence of a second steady state in ...
Social capital and debt contracting : evidence from bank loans and public bonds
(20.11.2015)
Bank of Finland Research Discussion Papers 21/2015
Bank of Finland Research Discussion Papers 21/2015
We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental ...
Matching and credit frictions in the housing market
(05.10.2015)
Bank of Finland Research Discussion Papers 20/2015
Bank of Finland Research Discussion Papers 20/2015
We study the interaction of matching and credit frictions in the housing market. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Prospective ...
Toward robust early-warning models: A horse race, ensembles and model uncertainty
(04.03.2015)
Bank of Finland Research Discussion Papers 6/2015
Bank of Finland Research Discussion Papers 6/2015
This paper presents first steps toward robust early-warning models. We conduct a horse race of conventional statistical methods and more recent machine learning methods. As early-warning models based upon one approach are ...