Haku
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Securitization and crash risk : Evidence from large European banks
(11.12.2018)
Bank of Finland Research Discussion Papers 26/2018
Bank of Finland Research Discussion Papers 26/2018
The 2008 global financial crisis highlights the importance of securitization and crash risk. Yet there is a dearth of papers exploring the link between securitization and crash risk. We analyze 7,096 securitization deals ...
Domestic banks as lightning rods? Home bias and information during Eurozone crisis
(05.02.2019)
Bank of Finland Research Discussion Papers 3/2019
Bank of Finland Research Discussion Papers 3/2019
European banks have been criticized for holding excessive domestic government debt during economic downturns, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level ...
Lama ja raha : Suomen luopuminen kultakannasta vuonna 1931
(27.10.1992)
Bank of Finland Research Discussion Papers 30/1992
Bank of Finland Research Discussion Papers 30/1992
Tutkimuksessa on selvitetty lokakuussa 1931 tapahtunutta Suomen luopumista kultakannasta. Tavoitteena on ollut selvittää, mikä ajoi Suomen Pankin siihen tilanteeseen, että oli tehtävä talouspoliit!isen ajattelun vastainen ...
Wavelet decomposition of the financial cycle : An early warning system for financial tsunamis
(31.05.2017)
Bank of Finland Research Discussion Papers 11/2017
Bank of Finland Research Discussion Papers 11/2017
We propose a wavelet-based approach for construction of a financial cycle proxy. Specifically, we decompose three key macro-financial variables – private credit, house prices, and stock prices – on a frequency-scale basis ...
Learning from financial crisis: the experience of Nordic banks
(09.12.2016)
Bank of Finland Research Discussion Papers 30/2016
Bank of Finland Research Discussion Papers 30/2016
To study whether banks retain their lessons from the experience of a severe financial crisis, we examine the effects of the systemic banking crisis of the early 1990s in three Nordic countries (Finland, Norway, and Sweden). ...
International propagation of financial shocks in a search and matching environment
(25.11.2016)
Bank of Finland Research Discussion Papers 28/2016
Bank of Finland Research Discussion Papers 28/2016
This paper develops a two-country model in which transmission of financial shocks arises despite a flexible exchange rate regime and substitutable financial assets, contrary to the open-economy literature results under ...
Saving Wall Street or main street
(10.05.2016)
Bank of Finland Research Discussion Papers 12/2016
Bank of Finland Research Discussion Papers 12/2016
We build a dynamic stochastic general equilibrium model, where the balance sheets of both banks and non-financial firms play a role in macro-financial linkages. We show that in equilibrium bank capital tends to be scarce, ...
Formation of inflation expectations in turbulent times : Can ECB manage inflation expectations of professional forecasters?
(28.06.2017)
Bank of Finland Research Discussion Papers 13/2017
Bank of Finland Research Discussion Papers 13/2017
This paper studies the formation of inflation expectations in the euro area. We first analyse the forecast accuracy of ECB inflation projections relative to private sector forecasts. Then, using the ECB Survey of Professional ...
Can large trade shocks cause crises? The case of the Finnish-Soviet trade collapse
(05.06.2019)
Bank of Finland Research Discussion Papers 9/2019
Bank of Finland Research Discussion Papers 9/2019
We study macroeconomic consequences of a major trade disruption using the example of the Finnish-Soviet trade collapse in 1991. This is a rare case of a well-identified large trade shock in a developed economy. We find ...
Paradise lost? A brief history of DSGE macroeconomics
(07.11.2018)
Bank of Finland Research Discussion Papers 22/2018
Bank of Finland Research Discussion Papers 22/2018
Since the Global Financial Crisis, academic economists and policymakers have had to deal with uncomfortable questions about the quality of their models and the state of macroeconomics as a profession. This note offers a ...