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On the long-run calibration of the credit-to-GDP gap as a banking crisis predictor
(30.11.2020)
Finnish Economic Papers 2
Finnish Economic Papers 2
The credit-to-GDP gap is a widely used early warning indicator of banking crises. It has become standard to calculate this trend deviation with a one-sided Hodrick-Prescott filter that uses a much larger value for the ...
Forecasting the state of the Finnish business cycle
(17.02.2020)
Finnish Economic Papers 1
Finnish Economic Papers 1
We employ probit models to study the predictability of recession periods in Finland using a set of commonly used variables based on previous literature. The findings point out that individual predictors, including the term ...
Assessing the development of the European retail payments market from a historical perspective received
(15.01.2020)
Journal of Payments Strategy & Systems 4 ; Winter 2020
Journal of Payments Strategy & Systems 4 ; Winter 2020
Changing consumer expectations are shaping the retail payments market at the global level. Within the European Union, the renewed regulatory framework, the revised Payment Services Directive, gives a further boost by ...
The impact of social capital on economic attitudes and outcome
(19.02.2020)
Journal of International Money and Finance November
Journal of International Money and Finance November
This article traces the extant literature on the impact of social capital on economic attitudes and outcomes. Special attention is paid to clarify conceptual ambiguities, measurement techniques, channels of influence, and ...
Predicting systemic financial crises with recurrent neural networks
(31.05.2020)
Journal of Financial Stability August
Journal of Financial Stability August
We consider predicting systemic financial crises one to five years ahead using recurrent neural networks. We evaluate the prediction performance with the Jórda-Schularick-Taylor dataset, which includes the crisis dates and ...
Bail-In : EU Rules and Their Applicability in the Nordic Context
(15.06.2020)
Nordic Economic Policy Review
Nordic Economic Policy Review
The global financial crisis has led to extensive regulatory reforms around the globe. The bail-in rules introduced in the Bank Recovery and Resolution Directive are an essential part of the new bank crisis management ...
National culture and housing credit
(31.12.2019)
Journal of Empirical Finance March
Journal of Empirical Finance March
Using a sample of around 30 countries over the period 2001–2015, this study provides evidence that deeply rooted cultural differences are significantly associated with the use of mortgage debt. More detailed, we find that ...
Investment, Tobin’s Q, and cash flow across time and frequencies
(09.03.2020)
Oxford Bulletin of Economics and Statistics 2
Oxford Bulletin of Economics and Statistics 2
The investment literature has long acknowledged the time- and frequency-varying dynamics of the relationship between investment, Tobin’s Q and cash flow. In this paper, we use continuous wavelet tools to estimate and assess ...
Finance and wealth inequality
(03.03.2020)
Journal of International Money and Finance November
Journal of International Money and Finance November
Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model ...
Investor relations and IPO performance
(17.04.2020)
Review of Accounting Studies 2 ; June
Review of Accounting Studies 2 ; June
We analyze the value of investor relations (IR) strategies to IPO firms. We find that firms that are less visible and have inexperienced management tend to hire IR consultants prior to the issue date. IR consultants help ...