Haku
Viitteet 1-10 / 10
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 ...
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 ...
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 ...
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 ...
Rahoituslaitokset rahoitusjärjestelmässä : Katsaus uuteen teoriaan ja eräitä empiirisiä havaintoja
(29.09.1989)
Bank of Finland Research Discussion Papers 32/1989
Bank of Finland Research Discussion Papers 32/1989
Tässä tutkimuksessa tarkastellaan rahoituksen välitystä ja erityisesti rahoituslaitoksia viimeaikaisen teoreettisen ki,rjallisuuden valossa. Aluksi dokumentoidaan rahoitusjärjestelmän keskeiset piirteet Suomessa ja eräissä ...
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 ...
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. ...
The effect of TLTRO-II on bank lending
(08.04.2019)
Bank of Finland Research Discussion Papers 7/2019
Bank of Finland Research Discussion Papers 7/2019
This study estimates the effect of the European Central Bank’s second series of targeted longerterm refinancing operations (TLTRO-II) on bank lending using bank level data from multiple countries and instrumental variable ...
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 ...
Assessing targeted longer-term refinancing operations : identification through search intensity
(21.09.2023)
Bank of Finland Research Discussion Papers 13/2023
Bank of Finland Research Discussion Papers 13/2023
We evaluate the effects of targeted credit injections of the central bank in the euro area. The aggregate policy impacts of credit easing on financial markets, bank lending and key macroeconomic variables are measured with ...