Browsing by Subject "central banks"

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  • Bank of Finland (2020)
    Bank of Finland. Bulletin 4/2020
    Monetary policy implementation in recent years has largely centred on asset purchase programmes and long-term refinancing operations. As a result, the balance sheets of the Eurosystem national central banks have grown significantly, while balance sheet risks related to monetary policy implementation have increased.
  • Grym, Aleksi; Heikkinen, Päivi; Kauko, Karlo; Takala, Kari (2017)
    BoF Economics Review 5/2017
    Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic money applicable to retail payments. Electronic central bank money would offer the public the possibility to hold central bank money in a potentially cashless future. In its present form, blockchain technology would probably not be a suitable solution, since it is unable to process a sufficiently large number of transactions. Electronic central bank money would potentially have significant implications for other areas of central bank policy, which should be meticulously analysed.
  • Grym, Aleksi (2020)
    BoF Economics Review 8/2020
    Central banks worldwide are currently exploring so called Central Bank Digital Currencies (CBDC). The Avant smart card system created by the Bank of Finland in the 1990’s can be considered the world’s first CBDC and the only one so far that has gone into production. Avant cards were based on smart card technology similar to that used in debit and credit cards today. Even though the system was initiated, developed, and for the first few years operated by the central bank, it was eventually spun off and sold to commercial banks. Once debit cards became less expensive and were upgraded to use smart card technology, Avant became obsolete and was shut down. The story of Avant can give us valuable insight contributing to the ongoing discussion regarding CBDC.
  • Nykänen, Marja (2019)
    Bank of Finland Bulletin. Blog
    Assessing, modelling and pricing of risks is among the core activities of financial sector companies. The realisation of risks is always subject to uncertainty: the longer the time horizon for risk realisation, the harder it is to identify the risks and estimate their impacts. Financial sector participants are used to living with this uncertainty. Assessing the risks and costs arising from climate change – its effects, mitigation and, in the worst case, failure to mitigate – presents a major challenge for financial sector participants. Central banks and supervisors are no exception in this respect.
  • Bank of Finland (2010)
    1/2010
    Editorial+Financial accelerator and investment in a small open economy in a currency union+Dynamic stochastic general equilibrium model for China