Browsing by Author "Nyberg, Peter"

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  • Nyberg, Peter; Vaihekoski, Mika (2009)
    Bank of Finland Research Discussion Papers 21/2009
    This paper presents a new monthly value-weighted, all-share total return index for the Finnish stock market. The index covers the period from the establishment of the Helsinki Stock Exchange in October 1912 to the beginning of 1970, after which the WI index by Berglund et al (1983) and later in December 1990, the Exchange s own HEX index are available. When combined, these can be used to study the development of the Finnish equity market without a break from the beginning of the stock market until the present day. We also provide a detailed description of the construction methodology and a comparison between our index and those available earlier. The new index replaces the Unitas price index, which has been the only index available for long-term studies from 1928 onwards. The new index also provides an alternative to the book equity weighted Poutvaara (1996) price index for the period 1912 1929.
  • Nyberg, Peter (1978)
    Bank of Finland. Monthly Bulletin 52 ; 11 ; November
  • Nyberg, Peter (1994)
    Bank of Finland. Bulletin 68 ; 1 ; January
  • Nyberg, Peter; Vaihekoski, Mika (2011)
    Bank of Finland Research Discussion Papers 14/2011
    This paper gathers the longest available historical monthly return series for the Finnish equity, bond and money markets as well as inflation. The series are analysed to calculate the statistical characteristics of the returns investors would have received in these markets. We also survey existing literature concerning the history of these markets and review the main developments to facilitate future research on the long-term development of the Finnish markets. Using a new total return stock market index for Finland in an approach similar to Mehra and Prescott (2003), we find the equity premium for Finland to be 10.14 per cent from 1913 to 2009.
  • Nyberg, Peter; Vaihekoski, Mika (2014)
    Bank of Finland Research Discussion Papers 10/2014
    This paper continues the data collection procedure and analysis set forth in Nyberg and Vaihekoski (2009). A number of new time series that are commonly used in finance literature are collected, created, and analyzed for the first time. These series include, among others, monthly dividend yields and market capitalization values. The series are also compared with GDP to evaluate the overall role of the stock market in the Finnish economy. The value-weighted average dividend yield from 1912 to 1988 is 4.98%. The average stock market capitalization to GDP ratio is found to be 15.14%. JEL-classification: G10, G11, N24 Keywords: Stock market, financial history, dividend yield, capitalization values, trading turnover, Finland, Helsinki Stock Exchange, Nasdaq OMX
  • Nyberg, Peter (1980)
    Finlands Bank. B 34
    FÖRORD 5 1. INLEDNING 1. 1. Varför en utredning om emigration? 7 1. 2. Emigrationen i den ekonomisk-teoretiska diskussionen 8 1. 3. Arbetskraftsbegreppet 11 1. 4. Undersökningens uppläggning 13 2. EMIGRATIONENS ORSAKER 2. 1. Inledning 15 2. 2. Emigrantens beslutssituation 16 2. 3. Arbetskraftsutbud under osäkerhet 19 2. 4. Den makroekonomiska emigrationsfunktionen 27 2. 5. Inforrnationsspridningens roll i emigrationsprocessen 31 3. EMIGRATIONEN FRÅN FINLAND TILL SVERIGE 1962-1977 3. 1. Inledning 36 3. 2. Emigrationens institutionella bakgrund 37 3. 3. Uppställning av tilläggshypoteser 38 3. 4. Estimering av migrationsekvationerna 40 4. EMIGRATIONENS INVERKAN PÅ ARBETSMARKNADEN I HEMLANDET 4. 1. Inledning 49 4. 2. Emigrationens 50 4. 3. Emigrationens struktureffekt och inverkan på participationskvoten 55 4. 4. Emigration, arbetsmarknadens anpassningshastighet och lönenivån i hemlandet 57 4. 5. Sammanfattning 61 5. EN MODELL FÖR UTVÄRDERING AV EMIGRATIONENS EKONOMISKA EFFEKTER PÅ MEDELLÅNG SIKT 5. 1. Inledning 63 5. 2. Grundmodellen 65 5. 3. Autonom emigration i grundmodellen 74 5. 4. Emigration och befolkningsstrukturens förändring I grundmodellen 75 5. 5. Emigrationens efterfrågeeffekter i grundmodellen 77 Emigrationens inverkan på konsumtionskvoten 77 Emigrationens inverkan på företagsinvesteringarna 79 Emigrationens inverkan på de offentliga utgifterna 80 Sammanfattning 82 5. 6. Emigrationsinduoerad nedgång av arbetsmarknadens anpassningshastighet 82 6. EMIGRATIONENS EFFEKTER I EN UTVIDGAD GRUNDMODELL 6. 1. Inledning 84 6. 2. Modifikation av grundmodellen 84 Endogen produktivitetstillväxt 84 Endogent arbetskraftsutbud 91 Endogen emigration 92 Endogen emigration och produktivitetstillväxt 95 Emigration och differenser i reallön 97 Sammanfattning av grundmodellen och dess varianter 98 6. 3. Utrikeshandelns roll i grundmodellen 99 6. 4. Internationella kapitalrörelser och remitteringar 105 6. 5. Den icke-lineära investeringsfunktionen 109 7. SAMMANFATTNING SAMT KOMPLETTERANDE SYNPUNKTER 7. 1. Emigrationens roll i den ekonomiska utvecklingen – en sammanfattning 112 7. 2. Emigrationens effekter i Finland - en hypotetisk tillämpning av modellen 115 7. 3. Analysens relevans och frågor för framtida forskning 117 SUMMARY 121 LITTERATURFÖRTECKNING 132
  • Malkamäki, Markku; Nyberg, Peter (1994)
    MARKKA & TALOUS 3
  • Nyberg, Peter (1997)
    MARKKA & TALOUS 3
  • Nyberg, Peter (1987)
    Bank of Finland. Monthly Bulletin 61 ; 8 ; August
  • Nyberg, Peter; Vihriälä, Vesa (1993)
    Bank of Finland. Bulletin 67 ; 4 ; April
  • Nyberg, Peter (1997)
    Suomen Pankin keskustelualoitteita 1/1997
    Systemic bank problems arise for a large number of causes and in spite of both active banking supervision and market discipline. Once a problem has emerged, swift action is needed to limit further losses, avoid financial destabilization, and regain efficient markets.The restructuring exercise is essentially microeconomic in nature, but has strong links to the development of the whole economy.Particularly important is to improve risk management in banks and support only viable banks with fit and proper governance. Government bank support is ultimately constrained by the need to safeguard government creditworthiness, and bank creditors may therefore have to carry substantial parts of the loss.Monetary policy should aim for a low and stable rate of inflation without sudden changes in interest or exchange rates, but lending of last resort should remain available at government risk.Bank restructuring is complicated by the need to simultaneously restructure important bank customers. Key words: banking crisis, bank restructuring, financial stability, government support, macro-economic policy
  • Nyberg, Peter; Vihriälä, Vesa (1993)
    MARKKA & TALOUS no 1-2
  • Jonsson, Kerstin; Nyberg, Peter; Peura, Tapio (1975)
    Bank of Finland. Monthly Bulletin 49 ; 4 ; April
  • Peura, Tapio; Nyberg, Peter (1978)
    Bank of Finland. Monthly Bulletin 52 ; 4 ; April
  • Pyyhtiä, Ilmo; Nyberg, Peter (1982)
    Bank of Finland. Monthly Bulletin 56 ; 3 ; March
  • Nyberg, Peter (1992)
    Bank of Finland. Bulletin 66 ; 2 ; February
  • Nyberg, Peter; Vihriälä, Vesa (1993)
    Bank of Finland Research Discussion Papers 8/1993
    The paper gives a brief description of the evolution of the Finnish banking crisis and its handling. 1n the first section, the salient features of the Finnish banking system are described. We then briefly discuss the liberalization process, macroeconomic and regulatory policies, and the subsequent credit boom and its development into a recession of unprecedented depth. Next, we document the impact on bank profitablity of the drastic changes in macroeconomic conditions. The collapse and rescue of Skopbank are summarized. 1n section 2 we describe the public safety net, starting with the pre-crisis arrangements. This is followed by an exposition of the new measures taken in 1992, with the emphasis on the establishment of the Government Guarantee Fund, its organization, powers and principles of operation. Section 3 gives an account of the support measures taken by the Goverment Guarantee Fund in the course of 1992 and in earIy 1993. Section 4 describes the reform of the bank support arrangements in the earIy months of 1993. Finally, in section 5, we discuss the banks' current economic environment and their prospects in the near future. We also take up some of the major issues of principle relating to the rationalization of the banking sector.
  • Nyberg, Peter; Vihriälä, Vesa (1994)
    Bank of Finland Research Discussion Papers 7/1994
    The paper is an update through early 1994 of a similarly titled paper (Bank of Finland Discussion Papers 8/93). It gives a brief description of the evolution of the Finnish banking crisis and its handling. In the first section, the salient features of the Finnish banking system are described. We then briefly discuss the liberalization process, macroeconomic and regulatory policies, and the subsequent credit boom and its development into a recession of unprecedented depth. Next, we document the impact on bank profitablity of the drastic changes in macroeconomic conditions. The collapse and rescue of, Skopbank are summarized. In section 2 we describe the public safety net, starting with the pre-crisis arrangements. This is followed by an exposition in section 3 of the, new measures taken in 1992 and 1993, with the emphasis on the establishment of the Government Guarantee Fund, its organization, powers and principles of operation. Section 4 gives an account of the support measures taken by the Goverment Guarantee Fund in the course of 1992 and the whole of 1993. Finally, in section 5, we discuss the banks' current economic environment and their prospects in the near future, now also brought forward into early 1994. The paper includes references to recent articles and discussion papers dealing with important aspects of the current banking crisis. The list of references is by no means exhaustive, and it is designed mainly to help foreign readers to find supplementary material. Therefore only those papers in Finnish or Swedish which have to do most with the current crisis are included.
  • Nyberg, Peter (1990)
    Bank of Finland. Bulletin 64 ; 10 ; October
  • Nyberg, Peter (1992)
    Bank of Finland. Bulletin 66 ; 11 ; November