Haku
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The life and death of zombies – evidence from government subsidies to firms
(14.05.2020)
Bank of Finland Research Discussion Papers 8/2020
Bank of Finland Research Discussion Papers 8/2020
We analyze the demographics of zombie firms and durations of zombie spells as well as their determinants, including an application on public subsidies using firm level population panel data from Finland. Firm-level analysis ...
Staged equity financing
(26.08.2020)
Bank of Finland Research Discussion Papers 15/2020
Bank of Finland Research Discussion Papers 15/2020
We propose a rationale for why firms often return to the equity market shortly after their initial public offering (IPO). We argue that hard to value firms conduct smaller IPOs, and that they return to the equity market ...
Growing like Germany : Local public debt, local banks, low private investment
(22.08.2022)
Bank of Finland Research Discussion Papers 9/2022
Bank of Finland Research Discussion Papers 9/2022
Over 2010-2016, municipal debt in Germany crowded out private investment worth 1 percent of GDP. Forced to lend to municipalities by their statutes, local public banks compensated for declining municipal-debt yields by ...
Covid-19 pandemic, state aid and firm productivity
(14.01.2022)
Bank of Finland Research Discussion Papers 1/2022
Bank of Finland Research Discussion Papers 1/2022
We study the consequences of the COVID-19 pandemic on productivity by matching firm performance outcomes with corresponding firm-level information on government support. Our cross-country evidence for five EU countries ...
Euro Area Business Confidence and Covid-19
(15.03.2021)
Bank of Finland Research Discussion Papers 4/2021
Bank of Finland Research Discussion Papers 4/2021
I study the effects of the Covid-19 pandemic on business confidence in 11 Euro area countries and its consequent impact on economic activity. To obtain causal effects, I instrument business confidence with domestic household ...
Firm turnover in the export market and the case for fixed exchange rate regime
(07.01.2020)
Bank of Finland Research Discussion Papers 1/2020
Bank of Finland Research Discussion Papers 1/2020
This paper revisits the case for exible vs. fixed exchange rate regime in a two-country model with firm heterogeneity and nominal wage rigidity under incomplete financial markets. Dampening nominal exchange rate fluctuations ...
Climate-related disclosure commitment of the lenders, credit rationing, and borrower environmental performance
(24.04.2023)
Bank of Finland Research Discussion Papers 7/2023
Bank of Finland Research Discussion Papers 7/2023
Using lenders becoming members of the Task Force on Climate-Related Financial Disclosures (TCFD) as a plausible exogeneous shock, we examine whether and how lenders’ commitment to transparent climate-related disclosures ...
Who funds zombie firms : banks or non-banks?
(09.02.2023)
Bank of Finland Research Discussion Papers 2/2023
Bank of Finland Research Discussion Papers 2/2023
Analyses of zombie firms have emphasised the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper ...
Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...
Optimal carbon leakage
(25.10.2023)
Bank of Finland Research Discussion Papers 15/2023
Bank of Finland Research Discussion Papers 15/2023
Carbon leakage is one of the major issues facing policymakers today when designing environmental regulation. While the empirical and trade literature on carbon leakage is rich, much less is known about the implications of ...