Haku

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 ...

Traditional economic models have had difficulty explaining the non-monotonic real effects of credit booms and, in particular, why they have predictable negative after-effects for up to a decade. We provide a systematic ...

We examine a propagation mechanism that arises from households’ long-term borrowing and show empirically that it has sizable real effects. The mechanism recognises that when there is long-term debt, an impulse to new ...

We study the effect of collateral eligibility of corporate loans on the pricing of these loans by banks in Finland. Specifically, we investigate whether loans that are pledgeable as collateral for central bank borrowing ...

This study examines the floating rate channel—a mechanism through which monetary policy affects firms’ investment and credit demand based on their exposure to variable rate loans. Using a granular loan-level dataset from ...

We use confidential loan-level data from the European Central Bank to investigate how changes in the countercyclical capital buffer requirement in Germany affect lending to firms. We find evidence showing that tightening ...

The commercial real estate (CRE) market is an important source of financial stability risks, yet ownership structures remain opaque. This paper uses comprehensive Finnish register data to construct firm-level ownership ...