Browsing by Subject "avoimuus"

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  • Finanssivalvonta; Markkina- ja menettelytapavalvonta, Sijoituspalvelut ja -tuotteet (2017)
    Finanssivalvonta lähetti 17.5.2016 aktiivista salkunhoitoa koskevan kyselyn niille rahastoyhtiöille, joilla on tuotevalikoimassa Suomeen rekisteröityjä osakerahastoja, joiden pääasiallinen sijoituskohde ovat suomalaiset osakkeet. Selvityksen kohderyhmä käsitti 15 rahastoyhtiötä. Selvityksen havaintoja arvioitaessa on tärkeää huomata, että kohderyhmään sisältyy erilaisella sijoituspolitiikalla toimivia rahastoja.
  • Mayes, David G. (2004)
    Suomen Pankin keskustelualoitteita 4/2004
    Published in Journal of Banking and Finance, Vol. 29, No. 1 (Special Issue), January 2005: 161-181
    In the light of the inequity of the way losses from bank insolvencies and their avoidance through intervention by the authorities have been distributed over creditors, depositors, owners and the population at large in transition and emerging economies, this paper explores a number of regulatory reforms that would alter the balance between seeking to avoid insolvency and lowering the costs of insolvency should it occur.In particular it considers whether a lex specialis for dealing with banks that are in trouble through prompt corrective action and if necessary resolving them if their net worth falls to zero, at little or no cost to the taxpayer can be applied in the institutional framework of transition and emerging economies. Key words: insolvency, banks, transition, emerging economies JEL classification numbers: K23, G21, O16, G28, E53
  • Hasan, Iftekhar; Mester, Loretta J. (2008)
    Bank of Finland Research Discussion Papers 29/2008
    Over the last decade, the legal and institutional frameworks governing central banks and financial market regulatory authorities throughout the world have undergone significant changes. This has created new interest in better understanding the roles played by organizational structures, accountability and transparency in increasing the efficiency and effectiveness of central banks in achieving their objectives and ultimately yielding better economic outcomes. Although much has been written pointing out the potential role institutional form can play in central bank performance, little empirical work has been done to investigate the hypothesis that institutional form is related to performance. This paper attempts to help fill this void
  • Goodell, John W.; Goyal, Abhinav; Hasan, Iftekhar (2020)
    Journal of International Financial Markets, Institutions and Money January
    Previous research finds market financing is favored over relationship financing in environments of better governance, since the transaction costs to investors of vetting asymmetric information are thereby reduced. For industries supplying public goods, for-profits rely on market financing, while nonprofits rely on relationships with donors. This suggests that for-profits will be more inclined than nonprofits to improve financial transparency. We examine the impact of for-profit versus nonprofit status on the financial transparency of firms engaged with supplying public goods. There are relatively few industries that have large number of both for-profit and nonprofit firms across countries. However, the microfinance industry provides the opportunity of a large number of both for-profit and nonprofit firms in relatively equal numbers, across a wide array of countries. Consistent with our prediction, we find that financial transparency is positively associated with a for-profit status. Results will be of broad interest both to scholars interested in the roles of transparency and transaction costs on market versus relational financing as well as to policy makers interested in the impact of for-profit on the supply of public goods, and on the microfinance industry in particular.
  • Honkapohja, Seppo; Mitra, Kaushik (2015)
    Bank of Finland Research Discussion Papers 9/2015
    Published in Manchester School, Volume 83, Issue Supplement S2, pages 27–59, September 2015
    We examine global dynamics under learning in New Keynesian models with price level targeting that is subject to the zero lower bound. The role of forward guidance is analyzed under transparency about the policy rule. Properties of transparent and non-transparent regimes are compared to each other and to the corresponding cases of inflation targeting. Robustness properties for different regimes are examined in terms of the domain of attraction of the targeted steady state and volatility of inflation, output and interest rate. We analyze the effect of higher inflation targets and large expectational shocks for the performance of these policy regimes.
  • Pääkkönen, Jenni (2008)
    Bofit. Focus/Opinion. Expert view 6/2008
  • (2002)
    Euroopan keskuspankki. Kuukausikatsaus 11 ; Marraskuu
    Tässä artikkelissa käsitellään avoimuuden merkitystä nykyaikaisen keskuspankkitoiminnan näkökulmasta.Siinä painotetaan, että yleisölle - eli suurelle yleisölle - tiedotusvälineille ja markkinaosapuolille suunnattu tehokas viestintä ja todellinen vuorovaikutus yleisön kanssa ovat tärkeitä rahapolitiikan uskottavuuden, ennustettavuuden ja tehokkuuden kannalta. Selittämällä rahapoliittista päätöksentekoa ja päätösten perusteita yleisölle keskuspankki lisää ymmärtämystä tehtäväänsä, rahapolitiikan strategiaansa ja päätöksiänsä kohtaan, ja tämä puolestaan parantaa markkinoiden ja suuren yleisön mahdollisuuksia ennakoida rahapolitiikan tulevaa suuntaa.Avoimuuden lisääminen paitsi auttaa keskuspankkia hoitamaan tehtäväänsä tehokkaasti myös edistää sen tilivelvollisuuden toteutumista.Keskuspankin tilivelvollisuutta tarkastellaan lähemmin tämän Kuukausikatsauksen artikkelissa "EKP:n tilivelvollisuus".
  • Hyytinen, Ari; Takalo, Tuomas (2000)
    Suomen Pankin keskustelualoitteita 10/2000
    Ilmestynyt myös European Finance Review 6 ; 3 ; 2002.
    Transparency regulation aims at reducing financial fragility by strengthening market discipline.There are however two elementary properties of banking that may render such regulation inefficient at best and detrimental at worst.First, an extensive financial safety net may eliminate the disciplinary effect of transparency regulation.Second, achieving transparency is costly for banks, as it dilutes their charter values, and hence it also reduces their private costs of risk-taking.We consider both the direct costs of complying with disclosure requirements and the indirect transparency costs stemming from imperfect property rights governing information and specify the conditions under which transparency regulation can (and cannot) reduce financial fragility. Key words: information disclosure, market discpline, bank transparency, deposit insurance, financial safety net
  • Leinonen, Harry (2009)
    Bank of Finland. Expository studies. A 113
    This publication consists of seven studies on retail payment issues presented as preliminary versions at the annual Bank of Finland Payment Habits Seminar in 2008. Interest in retail payment services has recently been growing at a fast pace among authorities and the general public. For this, there are several reasons: developments in technology, changes in the competitive framework and globalization. Authorities have become increasingly concerned about the efficiency and standardization issues of retail payments. A key topic of research appears to be the extent to which the payment habits of the general public can and should be switched to options that are more efficient for the society as a whole, as well as the means of achieving this. The current marketing setup seems to bias customers against change and to promote the use of legacy solutions and old habits instead of the modern solutions. However, recent trends for change seem to be pointing in new directions for the evolution of payment habits. Keywords: payment services, payment costs and pricing, card payments, electronic and mobile payments JEL classification numbers: G10, G18, F15, H4, L86, 033
  • Taipalus, Katja (2008)
    Bank of Finland. Financial market report 3
    Regulatory projects generated by the financial market crisis focus on enhancement of market operations, reporting transparency and accounting reform.
  • Tarkka, Juha (2008)
    EURO & TALOUS 3
    Hyvä viestintä tunnustetaan nykyisin tehokkaan ja uskottavan raha-politiikan tärkeäksi osaksi. Keskus-pankkien olisi siis harjoitettava informatiivista viestintää. Euro-järjestelmän jäsenyys aiheuttaa Suomen Pankille ja muillekin euro-alueen kansallisille keskuspankeille eräitä niiden viestintää koskevia erityishaasteita. Voiko kansallinen keskuspankki eurojärjestelmän jäsenenä kommentoida hyödyllisellä tavalla euroalueen rahapolitiikkaa, jota se itse on ollut valmistelemassa ja jonka toteutukseen se osallistuu? Toisin sanoen, missä mielessä kansallisella keskuspankilla pitäisi olla omaa viestintää rahapolitiikkaa sivuavissa kysymyksissä? Mikä on tällaisen viestinnän oikea muoto ja mikä sen suhde on EKP:n ja järjestelmän muiden kansallisten keskuspankkien rahapoliittiseen viestintään?
  • Rantala, Anssi (2008)
    EURO & TALOUS 3
    "Not only do expectations about policy matter, but, at least under current conditions, very little else matters." (Woodford 2003 s. 15.)
  • Korkeamäki, Timo; Rainio, Elina; Takalo, Tuomas (2010)
    Bank of Finland Research Discussion Papers 1/2010
    Published in Economics of Transition, Volume 21(3) 2013, 509-551 http://dx.doi.org/10.1111/ecot.12020
    A sweeping and protracted reform of corporate law took place in Finland in the 1970s. The reform brought significant improvements to investor protection and, similar to the US Sarbanes-Oxley Act, tightened disclosure rules at the cost of increasing the work load in corporate reporting. We find that the Finnish stock market generally reacts negatively to news of tightened disclosure rules and increased work loads, whereas news of delays in implementation of reform were largely positive. This raises the question of whether strengthening investor protection by requiring greater transparency necessarily promotes the development of financial markets. It also serves to remind that the implementation costs of reforms should not be overlooked.
  • Barnett, Alina; Ellison, Martin (2012)
    Bank of Finland Research Discussion Papers 10/2012
    Ilmestynyt myös Journal of Money, Credit and Banking 45 , 4 ; 2013.
    Disinflationary episodes are a valuable source of information for economic agents trying to learn about the economy. In this paper we are particularly interested in how policymakers can themselves learn by disinflating. The approach differs from the existing literature, which typically focuses on the learning of private agents during a disinflation. We build a model where both the policymaker and private agents learn, and ask what happens if the policymaker has to disinflate to satisfy a new central bank mandate specifying greater emphasis on inflation stabilisation. In this case, our results show that inflation may fall dramatically before it gradually rises to its new long run level. The potential for inflation to undershoot its long run level during a disinflationary episode suggests that caution should be exercised when assessing the success of any change in the policymaker's mandate. JEL classification: D83, E52, E58 Keywords: Disinflation, Escape Dynamics, Learning, Monetary Policy
  • Suvanto, Antti (2008)
    EURO & TALOUS 3
    Keskuspankit kommunikoivat myös muista asioista kuin raha-politiikasta. Rahaliiton ulkopuolella keskuspankin kommunikointi talousnäkymistä tai yleisestä talouspolitiikasta voi vaikuttaa korko-odotuksiin. Rahaliittoon kuuluvassa pienessä maassa näin ei ole. Keskuspankin toissijaisena tavoitteena on kuitenkin tukea yleisen talouspolitiikan tavoitteita, mihin hintavakauden ja rahoitus-markkinoiden vakauden ohella kuuluvat kestävä kasvu ja korkea työllisyys. Keskuspankilla ei ole omia välineitä suoraan vaikuttaa näiden tavoitteiden toteuttamiseen. Puhuminen on yksi keino vaikuttaa. Tärkeää on perustella puheenvuorot keskuspankin tavoitteista ja tehtävistä käsin sekä tuoda esiin se, millaiseen analyysiin ja asiantuntemukseen puheenvuorot perustuvat.
  • Dabrowski, Marek (2013)
    BOFIT Discussion Papers 8/2013
    Achieving price stability has been a serious challenge for CIS countries. In the first half of the 1990s, they experienced very high inflation or hyperinflation, which had originated in the perestroika period and following the dissolution of the ruble area. After the introduction of new currencies and stabilization programs in the mid-1990s, inflation moderated to two-digit levels. However, for lack of sufficient fiscal policy support, this partial progress did not succeed in preventing the financial crisis of 1998/99. The economic boom of the 2000s allowed for a return to macroeconomic stability with stronger fiscal fundamentals, but nevertheless proved insufficient to withstand the shock from the global financial crisis of 2008/09. The paper analyses the evolution monetary policy regimes of in the CIS countries over the decade of the 2000s and early 2010s and is based on the publicly available cross-country statistics and other information provided by the IMF. The paper compares financial openness in these economies both de jure and de facto. These findings will be tested against the empirical data on exchange rate movements and changes in central banks' international reserves. The paper concludes with a discussion on practical choices which CIS countries have in respect of their future monetary policy regimes. Keywords: monetary policy, CIS, financial openness, inflation JEL: E42, E58, P24, P52
  • Finansinspektionen (2017)
    Finansinspektionen skickade den 17 maj 2016 en förfrågan till de fondbolag, vilka i sitt produktutbud har aktiefonder som är registrerade i Finland och som huvudsakligen placerar i finländska aktier. Utredningens målgrupp omfattade 15 fondbolag. Vid bedömningen av observationerna av utredningen är det viktigt att märka att målgruppen innehåller fonder som har olika placeringspolicyn.
  • Moreno, Diego; Takalo, Tuomas (2012)
    Bank of Finland Research Discussion Papers 9/2012
    Published in Journal of Money, Credit and Banking 48 ; 1 ; February ; 203-231 ; http://dx.doi.org/10.1111/jmcb.12295
    Consider a competitive bank whose illiquid asset portfolio is funded by short-term debt that needs to be refinanced before the asset matures. In this setting, we show that maximal transparency is not socially optimal, and that the existence of social externalities of bank failures reduces further the optimal level of transparency. Moreover, asset risk taking decreases as the level of transparency decreases towards the socially optimal level. As for the sign of the impact of transparency on refinancing risk, it is negative given the asset´s risk, but it is ambiguous if we account for its indirect effect via risk taking.
  • Hyytinen, Ari; Takalo, Tuomas (2003)
    Suomen Pankin keskustelualoitteita 25/2003
    Published in Economic Notes, 33, 2004: 257-273
    The banking system is known to be vulnerable to self-fulfilling crises that are caused by depositors coordination failure.We show that transparency regulation may prevent certain types of systemic crises by eliminating the possibility of the coordination failure. Key words: bank transparency, financial stability, disclosure regulation JEL classification numbers: G21, G28
  • Taipalus, Katja (2008)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Rahoitusmarkkinoiden kriisin esiin nostamat sääntelyhankkeet keskittyvät markkinoiden toiminnan edistämiseen, raportoinnin läpinäkyvyyteen ja kirjanpitouudistuksiin.