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New small firms and dimensions of economic performance
(01.02.2009)
Bank of Finland Research Discussion Papers 4/2009
Bank of Finland Research Discussion Papers 4/2009
Using data from US labour market areas, we quantify empirical associations between entry by small firms and a vector of economic performance measures encompassing levels, volatilities and growth rates of several income and ...
Euler consumption equation with non-separable preferences over consumption and leisure and collateral constraints
(08.03.2009)
Bank of Finland Research Discussion Papers 9/2009
Bank of Finland Research Discussion Papers 9/2009
This paper derives and estimates an aggregate Euler consumption equation which allows one to compare the importance of collateral constraints and non-separability of consumption and leisure as alternative sources of excess ...
Public infrastructures, public consumption and welfare in a new open economy macro model
(05.03.2009)
Bank of Finland Research Discussion Papers 8/2009
Bank of Finland Research Discussion Papers 8/2009
This paper focuses on the trade-off faced by governments in deciding the allocation of public expenditures between productivity-enhancing public infrastructures and utility-enhancing public consumption in a two-country ...
Political connections and the process of going public : evidence from China
(01.03.2009)
Bank of Finland Research Discussion Papers 7/2009
Bank of Finland Research Discussion Papers 7/2009
We examine how political connections impact the process of going public. Specifically, we test how political connections impact the pricing of newly offered shares, the magnitude of underpricing, and the fixed cost of going ...
Transmission of macro shocks to loan losses in a deep crisis: the case of Finland
(05.09.2009)
Bank of Finland Research Discussion Papers 26/2009
Bank of Finland Research Discussion Papers 26/2009
Building on the work of Sorge and Virolainen (2006), we revisit the data on aggregate Finnish bank loan losses from the corporate sector, which covers the Big Five crisis in Finland in the early 1990s. Several extensions ...
Credit allocation, capital requirements and procyclicality
(05.08.2009)
Bank of Finland Research Discussion Papers 23/2009
Bank of Finland Research Discussion Papers 23/2009
Although beneficial allocational effects have been a central motivator for the Basel II capital adequacy reform, the interaction of these effects with Basel II's procyclical impact has been less discussed. In this paper, ...
Bank safety under Basel II capital requirements
(05.10.2009)
Bank of Finland Research Discussion Papers 29/2009
Bank of Finland Research Discussion Papers 29/2009
We consider the impact of mandatory information disclosure on bank safety in a spatial model of banking competition in which a bank s probability of success depends on the quality of its risk measurement and management ...
Export pricing and the cross-country correlation of stock prices
(01.10.2009)
Bank of Finland Research Discussion Papers 28/2009
Bank of Finland Research Discussion Papers 28/2009
This study analyses cross-country correlations of stock prices (values of firms) using the basic New Open Economy Macroeconomics model. We show that cross-country correlations of stock prices greatly depend on the currency ...
Effects of unobserved defaults on correlation between probability of default and loss given on mortgage loans
(08.01.2009)
Bank of Finland Research Discussion Papers 3/2009
Bank of Finland Research Discussion Papers 3/2009
This paper demonstrates how the observed correlation between probability of default and loss given default depends on the fact that defaults in which collateral provides 100% recovery are not observed. Creditors see only ...
The bank lending channel reconsidered
(05.01.2009)
Bank of Finland Research Discussion Papers 2/2009
Bank of Finland Research Discussion Papers 2/2009
It has been widely accepted that constraints on the wholesale funding of bank balance sheets amplify the transmission of monetary policy through what is called the bank lending channel . We show that the effect of such ...