Browsing by Subject "Eurooppa"

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  • Myller, Marko (2007)
    Bank of Finland. Financial market report 3
    The 'swallow or be swallowed' game between stock exchanges continues. The focus of attention has shifted to the Nordic countries, with the OMX Group getting its turn in the global integration of exchanges. This coincides with completion of the merger between parent companies of the London and Milan stock exchanges.
  • Koivuniemi, Emilia (2006)
    Bank of Finland. Financial market report 4
    The European Commission wants to support market participants' efforts to ensure increased efficiency of securities clearing and settlement. The Commission, together with market participants, have thus prepared a Code of Conduct, which is already being implemented.
  • Vauhkonen, Jukka (2012)
    Bank of Finland. Financial market report 1
    The Ministry of Finance has set up a working group to consider how systemic risks threatening the stability of the financial system and the economy as a whole could be identified and prevented. The work is guided, for example, by the principles adopted in the Government programme and the recommendations issued by the European Systemic Risk Board on national macroprudential arrangements.
  • Mehrotra, Aaron (2007)
    Bofit. Focus/Opinion. Asiantuntijan näkemys 2/2007
  • Pylkkönen, Pertti (2006)
    Bank of Finland. Financial market report 3
    Population ageing brings financial innovation and heightened competition among banks and other financial services providers.
  • Tölö, Eero; Jokivuolle, Esa; Virén, Matti (2015)
    Bank of Finland Research Discussion Papers 29/2015
    Published in Journal of Financial Services Research 2021 ; 60 ; 1
    We investigate how European banks’ overnight borrowing costs depend on bank size. We use the Eurosystem’s proprietary interbank daily loan data on euro-denominated transactions from 2008-2014. We find that large banks have had a clear borrowing cost advantage over small banks and that this premium increases progressively with the size of the bank. This result is robust with respect to subsamples, subperiods, time aggregation, and control variables such as Tier 1 capital ratio and rating. During episodes of financial stress, the size advantage becomes several times larger. However, we also find evidence that the new recovery and resolution framework for banks may have slightly reduced the borrowing cost advantage of larger banks in Europe.
  • Vauhkonen, Jukka (2010)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Useat Euroopan maat ovat rahoituskriisin kokemusten seurauksena rajoittaneet tai aikeissa rajoittaa arvopapereiden lyhyeksimyyntiä. Lyhyeksimyynnin suorien rajoitusten hyödyistä ei kuitenkaan ole juuri empiiristä näyttöä.
  • Myller, Marko; Pylkkönen, Pertti (2010)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Finanssikriisin seurauksena Euroopan arvopaperimarkkinoilla on käynnistetty useita sääntelyhankkeita. Osassa hankkeista saatetaan voimaan uutta sääntelyä ja osassa tarkistetaan jo voimassa olevia määräyksiä.
  • Taipalus, Katja (2004)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Arvopaperistamisen volyymien kasvu on kääntänyt myös Euroopassa huomion toiminnan sääntelyyn ja sääntelyn modernisointiin.
  • Taipalus, Katja (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 4
    Yhdysvalloissa uusien kiinnitysluottojen arvopaperistaminen on voimakkaassa kasvussa
  • Kemppainen, Kari (2020)
    Euro & talous. Blogi
    Luotettavan ja tehokkaan eurooppalaisen vähittäismaksamisen varmistaminen on ollut vahvasti esillä viime aikoina. Huolenaiheina on nostettu esiin mm. Euroopan laajuisten maksamisratkaisujen puute sekä ei-eurooppalaisten toimijoiden hallitseva asema markkinoilla. Lisäksi on nähty, ettei yhtenäisen euromaksualueen kaikkia mahdollisuuksia ole vielä pystytty täysimääräisesti hyödyntämään.
  • Kemppainen, Kari (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 fostering innovation and com-petition in the European retail payments market. In this evolving payment landscape, assessing the current state and forecasting potential development paths may benefit from a look at the past.This paper reviews past developments, discusses potential regulatory implications, and outlines a vision of future developments in the European retail payments market. It concludes that an evolutionary path is more likely than a revolutionary one. Regarding the future regulatory framework for retail payments, it proposes that the movement from entity-based towards more activity-based regulation should be continued.
  • Putkuri, Hanna (2019)
    Euro & talous. Blogi
    Kolmisen vuotta sitten, marraskuussa 2016, Euroopan järjestelmäriskikomitea varoitti Suomea asuntomarkkinoihin liittyvistä keskipitkän aikavälin haavoittuvuuksista – erityisesti kotitalouksien suuresta ja kasvavasta velkaantuneisuudesta. Varoitus on yhä aiheellinen. Komitea suosittelee nyt muun muassa, että Finanssivalvonnan johtokunnalle annetaan lainsäädännössä nykyistä enemmän keinoja torjua kotitalouksien velkaantumisesta aiheutuvia riskejä.
  • Putkuri, Hanna (2022)
    Euro & talous. Blogi
    Euroopan järjestelmäriskikomitean tuoreen raportin (11.2.2022) mukaan asuntomarkkinoiden haavoittuvuudet ovat viime vuosina kasvaneet useimmissa Euroopan maissa. Komitea valvoo rahoitusjärjestelmän vakautta ja pyrkii ehkäisemään riskejä, jotka toteutuessaan voisivat vaarantaa vakauden ja vaikuttaa talouteen pitkään erittäin haitallisesti.
  • Jokivuolle, Esa; Vihriälä, Vesa; Virolainen, Kimmo; Westman, Hanna (2020)
    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 landscape in Europe. The paper seeks to clarify their implications and applicability in three ways. First, we provide a concise overview of the issues involved based on recent – mainly theoretical – literature. Second, we describe the key features of the European resolution framework. Third, we discuss the implications of the bail-in approach for crisis management in the Nordic context.
  • Bank of Finland (2022)
    Bank of Finland. Bulletin 1/2022
    Resilience of borrowers, banks and payment systems must be strengthened 3 Weakening economy and tightening financing conditions pose a challenge to financial stability 6 New housing loans keep growing in size – increased share of longer than-usual loans 33 From crisis to crisis – companies are once again facing a challenging operating environment 50 Nordic housing market risks can affect Finland’s economy 61 Financial sector also facing new kinds of threats 72 Large structural risks require banks to hold buffers for a rainy day 75 Macroprudential toolkit should be replenished in Finland and Europe 83 Instruments to prevent risk of indebtedness becoming more common in Europe 90 Banks’ macroprudential buffer requirements lighter in Finland than in its peers 94
  • Bank of Finland (1988)
    Bank of Finland. Bulletin
    Finland's Trade Policy and Trade Policy Agreements by Veli Sundbäck 3 Trends in Finnish Current Account in the 1980s by Tapio Peura 10 Foreign Trade in the Finnish Economy by Pentti Forsman and Tapio Peura 16 Structural Developments in Foreign Trade by Pentti Forsman 22 Finland's Foreign Trade in Services by Jorma Hilpinen and Pirkko Miikkulainen 28 Finland's Trade and Economic Cooperation with the CMEA Countries by Terhi Kivilahti 34 Finland's Commercial Relations with Developing Countries by Alec Aalto 41 High Technology in Finnish Foreign Trade by Harri Luukkanen 48 European Integration and Finland by Veli Sundbäck 52 Apart from the articles by Hilpinen and Miikkulainen and Aalto, all these articles have previously appeared in various issues of the Bulletin in 1988.
  • Kiema, Ilkka; Jokivuolle, Esa (2019)
    Revue de l'OFCE
    Empirical evidence shows that a financial distress, faced by a bank or the whole economy, might cause large-scale withdrawals of deposits even when bank deposits are protected by deposit insurance, implicitly or explicitly guaranteed by a government. Building on Kiema and Jokivuolle (2015), we present a new model of such partial bank runs. In our model withdrawals are caused by the fear that both the bank and the government's deposit guarantee might fail in the future. Our focus is on a guarantee rather than on insurance, since the assets of deposit insurance funds might not be sufficient in large-scale systemic crises. Guarantee failure is possible because, being sovereign, the government may choose not to keep its promises. This option causes a fixed welfare cost (e.g. a reputational cost), which in a sufficiently severe crisis may be smaller than the costs from deposit guarantee payments. We also assume that, being welfare-maximizing, the government recapitalizes the bank during the early stage of the bank run. When decisions concerning deposit guarantee payments are made, recapitalization costs are already sunk costs, but the partial bank run has reduced the coverage costs that the remaining deposits might cause for the government. In this way, the depositors who withdraw funds during a partial bank run decrease the danger of a deposit guarantee failure and increase the incentives of the remaining depositors to keep their deposits in the bank. We apply our framework to the European Deposit Insurance Scheme (EDIS), and we view the reliability of the Single Resolution Fund and its backstop as the counterpart to the reliability of the government's promises. It turns out that in an asymmetric shock that affects only a single eurozone country, the EDIS improves bank stability, but its effects might be ambiguous in a systemic crisis that affects the whole Banking Union.
  • Toivanen, Mervi (2013)
    Bank of Finland. Financial market report 2
    A research paper on contagion in the interbank money market shows that in 2010 contagion negatively affected 40% of European banks on average. A bank's central position in the interbank network is particularly important in explaining the level of contagion, while a bank's size is a considerably less significant explanatory factor.
  • Mörttinen, Leena (2002)
    Suomen Pankin keskustelualoitteita 12/2002
    This paper contributes to the discussion on the measurement of banking sector output.It is also a prelude to discussion on possible causes of productivity change in banking.We demonstrate how the banking sector's service production can be measured using aggregate financial statement and payment transactions data.We compute banking sector labour productivity Tornqvist indices for six countries (Finland, Sweden, United Kingdom, Germany, France and Italy) over a period varying from 11 to 20 years.According to the results, Finnish banking sector productivity has improved via a substantial reduction size of labour force, whereas output growth has been rather modest.Although in most of the other countries the restructuring process has been less intense, most of the sectors studied have improved in terms of overall output and labour productivity, especially since the mid-1990s. Key words: banks, service production, productivity JEL classification numbers: D24, G21