Haku
Viitteet 1-9 / 9
The risk-taking channel of monetary policy in the US : Evidence from corporate loan data
(07.08.2017)
Bank of Finland Research Discussion Papers 18/2017
Bank of Finland Research Discussion Papers 18/2017
To study the presence of a risk-taking channel in the US, we build a comprehensive dataset from the syndicated corporate loan market and measure monetary policy using different measures, most notably Taylor (1993) and Romer ...
Bond finance, bank credit, and aggregate fluctuations in an open economy
(05.08.2016)
Bank of Finland Research Discussion Papers 22/2016
Bank of Finland Research Discussion Papers 22/2016
Corporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To ...
Model-based regulation and firms' access to finance
(15.02.2019)
Bank of Finland Research Discussion Papers 4/2019
Bank of Finland Research Discussion Papers 4/2019
This paper investigates the impact of the model-based approach to bank capital regulation (i.e. the Internal Ratings Based Approach; IRBA) on firms' access to finance. A difference-in-differences methodology is used given ...
How large banks use CDS to manage risks: bank-firm-level evidence
(29.04.2016)
Bank of Finland Research Discussion Papers 10/2016
Bank of Finland Research Discussion Papers 10/2016
We test five hypotheses on whether banks use CDS to hedge corporate loans, provide credit enhancements, obtain regulatory capital relief, and exploit banking relationship and private information. Linking large banks’ CDS ...
On corporate borrowing, credit spreads and economic activity in emerging economies : An empirical investigation
(17.10.2017)
Bank of Finland Research Discussion Papers 31/2017
Bank of Finland Research Discussion Papers 31/2017
We document a considerable increase in foreign financing by the corporate sector in emerging economies (EMEs) since the early 2000s, mainly in the form of bond issuance, and claim that it has opened up an important channel ...
Yritysten likvidien varojen kysyntä Suomessa 1960-1985
(08.11.1988)
Bank of Finland Research Discussion Papers 25/1988
Bank of Finland Research Discussion Papers 25/1988
Tutkimuksessa tarkastellaan suomalaisten yritysten likvidien varojen eli rahoitus- ja vaihto-omaisuuden sekä velkojen kehitystä 60-luvun alusta vuoteen 1985. Teollisuudesta kartoitetaan eräitä aiempia tutkimuksia sekä ...
Debt structure when bankruptcy law offers incentives to restructure
(17.05.2016)
Bank of Finland Research Discussion Papers 13/2016
Bank of Finland Research Discussion Papers 13/2016
We augment the LLSV creditor rights index with a new “restructuring index” that measures the incentives provided to creditors to grant concessions outside formal bankruptcy. We study the joint impact of the two indexes on ...
Uncertainty shocks and firm dynamics : Search and monitoring in the credit market
(23.11.2017)
Bank of Finland Research Discussion Papers 34/2017
Bank of Finland Research Discussion Papers 34/2017
We develop a business cycle model with gross flows of firm creation and destruction.The credit market is characterized by two frictions. First,entrepreneurs undergo a costly search for intermediate funding to create a firm. ...
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 ...