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Multiple safety net regulators and agency problems in the EU : is Prompt Corrective Action a partial solution
(01.03.2007)
Bank of Finland Research Discussion Papers 7/2007
Bank of Finland Research Discussion Papers 7/2007
Prompt Corrective Action (PCA) provides a more efficient mechanism for dealing with problem banks operating in more than one European country. In a PCA framework, a bank's losses are likely to be substantially reduced. ...
Monopoly rights can reduce income big time
(24.02.2004)
Bank of Finland Research Discussion Papers 7/2004
Bank of Finland Research Discussion Papers 7/2004
We ask which part of the observed cross-country differences in the level of per capita income can be accounted for by monopoly rights in the labour market.We answer this question in a calibrated growth model with two final ...
Contagion and interdependence: measuring CEE banking sector co-movements
(08.05.2006)
Bank of Finland Research Discussion Papers 15/2006
Bank of Finland Research Discussion Papers 15/2006
Making use of ten years of daily data, this paper examines whether banking sector co-movements between the three largest Central and Eastern European Countries (CEECs) can be attributed to contagion or to interdependence. ...
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 ...
On the importance of borrowing constraints for house price dynamics
(05.03.2008)
Bank of Finland Research Discussion Papers 8/2008
Bank of Finland Research Discussion Papers 8/2008
We study how a household borrowing constraint the the form of a down payment requirement affects house price dynamics in an OLG model with standard preferences. We find that in certain situations the borrowing constraint ...
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 ...
Discretion and the transmission lags of monetary policy
(05.03.2007)
Bank of Finland Research Discussion Papers 8/2007
Bank of Finland Research Discussion Papers 8/2007
Monetary policy transmission lags create credibility problems for the inflationtargeting policy maker who acts under discretion. We show that if prices react to monetary policy with a longer lag than output, the welfare ...
Exchange rate volatility without the contrivance of fundamentals and the failure of PPP
(05.03.2006)
Bank of Finland Research Discussion Papers 8/2006
Bank of Finland Research Discussion Papers 8/2006
Since the magnitude of exchange rate overshooting may not be the same for different exchange rates of a currency, a monetary expansion or contraction in, for example, the EMU, will affect the exchange rate between the U.S. ...
Evaluating innovation policy : a structural treatment effect model of R&D subsidies
(01.03.2008)
Bank of Finland Research Discussion Papers 7/2008
Bank of Finland Research Discussion Papers 7/2008
This paper studies the welfare effects of R&D subsidies. We develop a model of continuous optimal treatment with outcome heterogeneity where the treatment outcome depends on applicant investment. The model takes into ...
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 ...