Browsing by Author "Putkuri, Hanna"

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  • Putkuri, Hanna (2009)
    Bank of Finland. Financial market report 1
    Finnish banks profitability declined in 2008 from the record level in 2007. Results nevertheless remained reasonably good, considering developments in the operating environment. Capital adequacy remained strong by international standards.
  • Pesola, Jarmo; Putkuri, Hanna (2011)
    Bank of Finland. Financial market report 1
    Finnish banks' net impairment losses on loans and other receivables have been fairly small following the global financial crisis and recession of the Finnish economy. Compared to the recession in the early 1990s, this time the economy has started to recover rapidly. Low interest rates, better-than-expected employment and more contained developments in asset prices have also maintained debtors' repayment capacity
  • Putkuri, Hanna (2008)
    Bank of Finland. Financial market report 1
    In Finland, the latter part of 2007 was characterised by uncertainties in the investment markets and exceptionally strong growth in fixed-term deposits. Results for all of 2007 remained good.
  • Putkuri, Hanna (2016)
    Bank of Finland. Bulletin 2/2016
    Finland’s financial system is, by structure, vulnerable to risks associated with lending for house purchase. Housing loan volumes are large relative to other lending by banks and requirements on banks’ own funds. The fact that household debt levels have increased and that housing wealth constitutes a large proportion of household assets also increases the vulnerabilities. In addition, covered bonds secured by housing loans play a significant role in bank funding and investment. However, the increase in vulnerabilities has largely levelled off in the 2010s.
  • Putkuri, Hanna (2015)
    Bank of Finland. Bulletin 2/2015
    The trends of the early post-millennium years – a larger average loan size and longer loan repayment periods – have permanently increased household vulnerability to debt-related risks in Finland. Household indebtedness embraces another four features that amplify the risks to the economy: the debt level is high relative to GDP, risks are unevenly distributed, loans are tied to variable interest rates and, in part, loans are large relative to the collateral provided. The stabilisation of debt developments in the 2010s has been positive for financial stability.
  • Koskinen, Kimmo; Putkuri, Hanna (2013)
    Bank of Finland. Financial market report 1
    Household indebtedness in the Nordic countries has continued to increase even during the financial crisis. Growth in household loans has slowed down the strongest in Denmark and Iceland, where house prices have decreased significantly after the onset of the crisis. There are also considerable structural differences in the developments across the Nordic countries.
  • Koskinen, Kimmo; Putkuri, Hanna (2018)
    Bank of Finland. Bulletin 2/2018
    Household indebtedness and overheating of the housing market have contributed to financial crises throughout history. However, a considerable proportion of banks’ losses during crises have resulted from corporate loans. The situation arises when indebted households cut down their spending during an economic downturn, increasing companies’ financial difficulties. The current situation in Finland is twofold: household indebtedness is record-high and has been increasing for a long time, but housing market developments have for the most part remained moderate. The percentage of loans related to housing and real estate is high.
  • Hyytinen, Ari; Putkuri, Hanna (2012)
    Bank of Finland Research Discussion Papers 21/2012
    Published in Journal of Money, Credit and Banking, Vol 50, Issue 1, February 2018: 55-76 ; https://dx.doi.org/10.1111/jmcb.12453
    A unique Finnish household-level data from 1994 to 2009 allow us to measure how households financial expectations are related to the sub- sequent outcomes. We use the difference between the two to measure forecast errors and household optimism and link the errors to households´ borrowing behaviour. We find that households making greatest optimistic forecast errors carry greater levels of debt and are most likely to suffer from excessive debt loads (overindebtedness). They also are less attentive to forecast errors than their pessimistic counterparts when forming their expectations for a subsequent period JEL: D21, L20 Key words: forecast errors, ex ante optimism, borrowing
  • Hyytinen, Ari; Putkuri, Hanna (2018)
    Journal of Money, Credit and Banking 1; February 2018
    Published in Bank of Finland Research Discussion Papers 21/2012.
    We use Finnish household-level data from 1994 to 2013 to measure how often and what kind of forecast errors households make and how the errors are linked to the households' borrowing behavior and overindebtedness. We find that those households that make the largest optimistic forecast errors have greater debt-to-income ratios. They also are more likely to report that they suffer from excessive debt loads and have problems in coping with their bills. There are no such systematic effects for the households that make pessimistic forecast errors.
  • Putkuri, Hanna (2004)
    Bank of Finland. Financial market report 3
    The stock of lending by domestic credit institutions has grown continuously since 1996. More than half of the lending was by deposit banks. Households are the main borrow-ing sector and account for nearly one third of the domestic lending stock. The stock of foreign lending to Finland has been increasing since the mid-1990s.
  • Putkuri, Hanna; Koskinen, Kimmo (2013)
    Bank of Finland. Financial market report 2
    The stock of loans granted by Finnish MFIs to housing corporations has grown significantly in the past ten years. MFIs grant housing corporations both nonsubsidised and state-guaranteed or subsidised loans. By contrast, the stock of loans granted by the general government directly to housing corporations is contracting gradually, as new statesubsidised housing loans (ARAVA loans) are no longer provided.
  • Putkuri, Hanna (2010)
    Bank of Finland Research Discussion Papers 10/2010
    This paper examines how housing loan rates are determined, using data on new housing loans in Finland. Finland is an example of a bank-based euro area country where the majority of loans are granted at variable rates. The paper extends the earlier interest rate pass-through literature by taking explicitly into account the changing of lending rate margins. A standard lending rate pass-through model, empirically specified as an error-correction model, is extended with variables predicted by a theoretical bank interest rate setting model. The results show that, since the mid-1990s, short-run movements in housing loan rates can be largely explained by changes in money market rates, and that long-run developments have also been affected by less volatile cost and credit risk factors. The roles of loan competition and capital regulation are also considered, but these effects are more difficult to identify empirically.
  • Putkuri, Hanna (2012)
    Bank of Finland. Financial market report 1
    Lending for house purchase has remained more buoyant in Finland than in the euro area on average. In Finland, the average interest rate on new housing loans has been the lowest in the euro area and consumer confidence in the economy has also remained above the euro area average. Nevertheless, housing prices in Finland fell slightly in the fourth quarter of 2011.
  • Kemppainen, Kari; Putkuri, Hanna (2005)
    Bank of Finland. Financial market report 1
    The deepening of financial market integration has clearly been reflected in the recent development projects in regulation and supervision. The International Financial Reporting Standards (IFRS) were introduced at the beginning of 2005. A proposal on a directive on the capital adequacy reform is being debated by the European Parliament.
  • Kemppainen, Kari; Putkuri, Hanna (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Rahoitusmarkkinoiden integraation syveneminen on ollut selvästi nähtävissä myös viimeaikaisissa sääntelyn ja valvonnan kehityshankkeissa. Kansainväliset tilinpäätösstandardit otettiin käyttöön vuoden 2005 alusta. Vakavaraisuusuudistusta koskeva direktiiviehdotus on Euroopan parlamentin käsittelyssä.
  • Putkuri, Hanna (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Korkotason nousu ja vilkkaana jatkunut luotonkysyntä siivittivät pankit vuoden 2007 ensimmäisellä neljänneksellä vuoden takaista parempaan tulokseen. Sekä kannattavuus että kustannustehokkuus paranivat. Valtaosa pankeista uskoo koko vuoden tuloksen muodostuvan paremmaksi kuin vuonna 2006.
  • Kemppainen, Kari; Putkuri, Hanna (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Kansainvälisen sääntelyn ja valvonnan kehitys edellyttää runsaasti muutoksia myös kotimaisessa lainsäädännössä. Rahoitusmarkkinoita koskevien direktiivien kansallista täytäntöönpanoa valmistellaan parhaillaan useissa työryhmissä.
  • Putkuri, Hanna (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Tuottojen vahva kasvu paransi pankkien kannattavuutta ja kustannustehokkuutta vuoden 2007 ensimmäisellä puoliskolla.
  • Putkuri, Hanna (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 4
    Kotimaisten pankkien tammi-syyskuun tulos ennen veroja kasvoi selvästi vuoden-takaiseen verrattuna. Markkinamyllerryksestä huolimatta tulokset pitivät pintansa myös kolmannella vuosineljänneksellä.
  • Putkuri, Hanna (2015)
    Euro & talous 2/2015
    2000-luvun alun trendit – lainojen keskikoon kasvu ja takaisinmaksuaikojen pidentyminen – ovat Suomessa pysyvästi lisänneet kotitalouksien haavoittuvuutta velkaantumiseen liittyvien riskien suhteen. Kotitalouksien velkaantumisessa on lisäksi neljä piirrettä, jotka voimistavat kansantalouden riskejä: velat ovat suuret suhteessa BKT:hen, riskit jakautuvat epätasaisesti, lainat ovat vaihtuvakorkoisia ja osin suuria vakuuksiin nähden. Velkakehityksen tasaantuminen 2010-luvulla on ollut myönteistä rahoitusvakauden kannalta.