Browsing by Subject "luotonanto"

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  • Honkapohja, Seppo (2009)
    Meneillään oleva rahoituskriisi on nyt kestänyt runsaan vuoden. Sodanjälkeisenä aikana nykyinen kriisi on kehittyneiden talouksien 19:s ja tämän vuosisadan ensimmäinen. Tuoreessa tutkimuksessaan Carmen Reinhard ja Kenneth Rogoff (2008) ovat jaotelleet tämänhetkistä Yhdysvaltain subprime-kriisiä edeltäneet 18 kriisiä viiteen suureen ja pienempiin kriiseihin. Viiteen suureen sisältyvät Norjan, Suomen ja Ruotsin 1990-luvun alkuun ajoittuneet kriisit. Norjan kriisi alkoi jo 1980-luvun lopulla, mutta jatkui 1990-luvulle.
  • Koskela, Erkki; Stenbacka, Rune (2000)
    Suomen Pankin keskustelualoitteita 12/2000
    We address the question of how lending market competition, measured by the bargaining power of banks, affects the agency costs of debt finance.It is shown that intensified lending market competition will lead to lower lending rates and investment return distributions which are shifted towards lower, but less risky returns.Consequently, it follows that increased lending market competition will reduce the agency cost of debt financing.Hence, our analysis does not lend support to the commonly held view that there would be a trade-off between more intensive lending market competition and higher agency costs of debt finance.
  • Francis, Bill; Hasan, Iftekhar; Song, Liang (2012)
    Bank of Finland Research Discussion Papers 12/2012
    Published in Journal of Financial Research, Volume 35, Issue 3, October 2012: 343-374
    We investigate how borrowers corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and spread. Firm-level and country-level corporate governance are substitutes in writing and enforcing financial contracts. We also find that the distinctiveness of borrowers characteristics affect the relation between firm-level corporate governance and loan contracting terms. Our findings are robust, irrespective of types of regression methods and specifications. JEL Classification: G20, G30, G31, G34, G38.
  • Suomen Pankki; Finanssivalvonta (2017)
    Suomen Pankin ja Finanssivalvonnan makrovakausraportin erillisraportti
    1 Yhteenveto 3 2 Asuntoluotonannon haavoittuvuudet ja järjestelmäriski 4 3 Miksi järjestelmäriskit puoltavat riskipainojen korottamista? 8 4 Suomalaisten luottolaitosten asuntolainojen riskipainot 14 5 Arvioita riskipainojen riittävyydestä kriisitilanteissa 16 Liite. Riskipainojen vaikutus luottolaitosten vakavaraisuussuhteisiin ja -vaatimuksiin 19
  • Goderis, Benedikt; Marsh, Ian W.; Castello, Judit Vall; Wagner, Wolf (2007)
    Bank of Finland Research Discussion Papers 4/2007
    One of the most important recent innovations in financial markets has been the development of credit derivative products that allow banks to more actively manage their credit portfolios than ever before.We analyse the effect that access to these markets has had on the lending behaviour of a sample of banks, using a sample of banks that have not accessed these markets as a control group.We find that banks that adopt advanced credit risk management techniques (proxied by the issuance of at least one collateralized loan obligation) experience a permanent increase in their target loan levels of around 50%.Partial adjustment to this target, however, means that the impact on actual loan levels is spread over several years.Our findings confirm the general efficiency-enhancing implications of new risk management techniques in a world with frictions suggested in the theoretical literature. Keywords: credit derivatives, bank loans, moral hazard JEL classification numbers: G20, G21, G28
  • Vihriälä, Vesa (1996)
    Suomen Pankin keskustelualoitteita 9/1996
    The paper analyzes bank loan supply in a simple value maximizing partial equilibrium framework.The focus is on the role of bank capital, capital regulation and the pricing of bank liabilities.The model is constructed so as to resemble the situation of the Finnish local banks in the late 1980s and the early 1990s, particularly with regard to capital regulation which changed subtantially during this period.While equity capital is assumed exogenous, the bank may choose the amount of subordinated debt which also counts as regulatory capital.The model shows that bank characteristics matter for loan supply, when the bank is penalized for bank failure (capital insufficiency relative to a regulatory requirement).When this penalty is positive, fair or excessive pricing (lemons premium) of bank liabilities makes bank lending depend positively on bank capital but underpricing results in a negative relationship.A negative relationship may also emerge if the bank anticipates "perverse" bank support policies ie. that capital insufficiency will be rewarded with transfers from the authorities.Thus both a credit crunch due to lack of capital and "excessive" risky lending due to moral hazard can obtain in a single model, depending on the circumstances.The precise nature of capital regulation is not important, provided a failure to meet the requirement is sufficiently penalized.The model suggests that the mutually exclusive hypotheses of credit crunch excessive lending due to moral hazard can be tested not only by examining the relationship between bank lending on the one hand and bank equity and bank costs on the other hand, but also by examining the relationship of subordinated debt with bank lending and the capital ratio. Keywords: bank lending, capital, capital regulation, moral hazard, credit crunch
  • Hainz, Christa; Weill, Laurent; Godlewski, Christophe J. (2008)
    Bank of Finland Research Discussion Papers 27/2008
    Published in Journal of Financial Services Research, Volume 44, Issue 2, October 2013: 131-148
    We investigate the impact of bank competition on the use of collateral in loan contracts. We develop a theoretical model incorporating information asymmetries in a spatial competition framework where banks choose between screening the borrower and asking for collateral. We show that presence of collateral is more likely when bank competition is low. We then test this prediction empirically on a sample of bank loans from 70 countries. We estimate logit models where the presence of collateral is regressed on bank competition, measured by the Lerner index. Our empirical tests corroborate the theoretical predictions that bank competition reduces the use of collateral. These findings survive several robustness checks.
  • Deli, Yota; Delis, Manthos D.; Hasan, Iftekhar; Liu, Liuling (2016)
    Bank of Finland Research Discussion Papers 23/2016
    Formal enforcement actions issued against banks for violations of laws and regulations related to safety and soundness can theoretically have both positive and negative effects on the terms of lending. Using hand-collected data on such enforcement actions issued against U.S. banks, we show that they have a strong negative effect on price terms (loan spreads and fees) for corporate loans and a positive one on non-price terms (loan maturity, size, covenants, and collateral). The results also indicate that in the absence of enforcement actions, the cost of borrowing during the subprime crisis would have been much higher, while punished banks intensify use of collateral.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 2/2020
    Editorial: Regulation has strengthened the financial system’s resilience 3 Financial stability assessment: Pandemic demonstrates necessity of risk buffers 6 Coronavirus shock will further weaken bank profitability in the euro area 19 Banks must be able to finance firms and withstand loan losses amid the coronavirus pandemic 24 Nordic countries are vulnerable to housing market risks aggravated by the coronavirus pandemic 35
  • Hasan, Iftekhar; Jackowicz, Krzysztof; Kowalewski, Oskar; Kozłowski, Łukasz (2014)
    Bank of Finland Research Discussion Papers 22/2014
    Published as "Do local banking market structures matter for SME financing and performance? New evidence from an emerging economy" in Journal of Banking and Finance, 79, June 2017: 142-158
    In this paper, by employing a novel approach, we study the relationship between bank type and small-business lending in a post-transition country. Using a unique dataset on bank branches and firm-level data, we find that local cooperative banks lend more to small businesses than do large domestic banks and foreign-owned banks, even when controlling for the financial situation of the cooperative banks. Additionally, our results suggest that cooperative banks provide loans to small businesses at lower costs than foreign-owned banks or large domestic banks. Finally, we show that small and medium-sized firms perform better in counties with a large number of cooperative banks than in counties dominated by foreign-owned banks or large domestic banks. Our results are important from a policy perspective, as they show that foreign bank entry and industry consolidation may raise valid concerns for small firms in developing countries. Keywords: small-business lending, cooperative banks, foreign banks, post-transition countries
  • Noth, Felix; Busch, Matias Ossandon (2017)
    BOFIT Discussion Papers 11/2017
    This paper estimates the effect of a foreign funding shock to banks in Brazil after the collapse of Lehman Brothers in September 2008. Our robust results show that bank-specic shocks to Brazilian parent banks negatively affected lending by their individual branches and trigger real economic consequences in Brazilian municipalities: More affected regions face restrictions in aggregated credit and show weaker labor market performance in the aftermath which documents the transmission mechanism of the global financial crisis to local labor markets in emerging countries. The results represent relevant information for regulators concerned with the real effects of cross-border liquidity shocks.
  • Bonin, John; Hasan, Iftekhar; Wachtel, Paul (2014)
    BOFIT Discussion Papers 8/2014
    Katso myös DP 12/2008.
    Modern banking institutions were virtually non-existent in the planned economies of cen-tral Europe and the former Soviet Union. In the early transition period, banking sectors be-gan to develop during several years of macroeconomic decline and turbulence accompa-nied by repeated bank crises. However, governments in many transition countries learned from these tumultuous experiences and eventually dealt successfully with the accumulated bad loans and lack of strong bank regulation. In addition, rapid progress in bank privatiza-tion and consolidation took place in the late 1990s and early 2000s, usually with the par-ticipation of foreign banks. By the mid 2000s the banking sectors in many transition coun-tries were dominated by foreign owners and were able to provide a wide range of services. Credit growth resumed, sometimes too rapidly, particularly in the form of lending to households. The global financial crisis put transition banking to test. Countries that had expanded credit rapidly were vulnerable to the macroeconomic shock and there was con-siderable concern that foreign owners would reduce their funding to transition country sub-sidiaries. However, the banking sectors turned out to be resilient, a strong indication of the rapid progress in institutional development and regulatory capabilities in the transition countries. Keywords: transition banking, bank privatization, foreign banks, bank regulation, credit growth JEL codes: G21, P27, O57
  • Bonin, John; Hasan, Iftekhar; Wachtel, Paul (2008)
    BOFIT Discussion Papers 12/2008
    Katso myös DP 8/2014.
    Modern banking institutions were virtually non-existent in the planned economies of cen-tral Europe and the former Soviet Union. In the early transition period, banking sectors began to develop during several years of macroeconomic decline and turbulence accompa-nied by repeated bank crises. However, governments in many transition countries learned from these tumultuous experiences and eventually dealt successfully with the accumulated bad loans and lack of strong bank regulation. In addition, rapid progress in bank privatiza-tion and consolidation took place in the late 1990s and early 2000s, usually with the partic-ipation of foreign banks. By 2005, the banking sectors in many transition countries had developed sufficiently to provide a wide range of services with solid bank performance. Recently, banks have switched their focus from lending to enterprises in a somewhat un-derdeveloped institutional environment to new collateralized lending to households, which accounts for much of the recent growth of credit in many transition countries. Keywords: transition banking, bank privatization, foreign banks, bank regulation, credit growth. JEL codes: G21, P30, P34, P52
  • Takala, Kari; Virén, Matti (1995)
    Suomen Pankin keskustelualoitteita 28/1995
    This paper deals with Finnish bankruptcies.It shows that bankruptcies are strongly related to the business cycle and that they are perhaps even more strongly related to indebtedness, real interest rates and asset prices.The importance of these financial factors probably increased when the financial markets were liberalized in the early 1980s. Although there is a lot of seasonal and cyclical variation in bankruptcies the long run level (especially when adjusted to the number of firms) is almost constant representing some sort of "a natural rate of bankruptcies".What makes bankruptcies so important is the fact that they directly affect production, employment and credit expansion.The credit crunch effect in particular is scrutinized in the paper.
  • Miettinen, Paavo; Saada, Adam; Tiililä, Nea; Vauhkonen, Jukka (2020)
    Bank of Finland. Bulletin 2/2020
    Stricter capital requirements since the global financial crisis have improved the ability of banks to lend and absorb losses in a crisis situation like the coronavirus pandemic. A robust lending capacity is now needed to finance fundamentally sound Finnish companies with liquidity needs. It must be ensured that banks are well-capitalised to withstand future loan losses.
  • Newton, David P.; Ongena, Steven; Xie, Ru; Zhao, Binru (2022)
    BOFIT Discussion Papers 5/2022
    Is bank- versus market-based financing different in its attitudes towards Environmental, Social, and Governance (ESG) risk? Using a novel sample covering 3,783 U.S. public firms from 2007 to 2020, we study how firm-level ESG risk affects its financing outcomes. We find that companies with higher ESG risk borrow less from banks than from markets, potentially to avoid bank monitoring and scrutiny. The Social and Governance components, in particular, matter. Furthermore, firms suffering higher numbers of negative ESG reputation shocks are less likely to continue to rely on bank credit in response to lenders' threats to end the lending arrangements. Finally, our results indicate that firms' ESG risk reduces after borrowing from banks but increases after bond issuance, suggesting that banks are more effective than public bond markets in shaping borrowers' ESG performance.
  • Hasan, Iftekhar; Sudipto, Sarkar (2002)
    Suomen Pankin keskustelualoitteita 15/2002
    Interest rate risk is a major concern for banks because of the nominal nature of their assets and the asset-liability maturity mismatch.This paper proposes a new way to derive a bank's interest rate sensitivity, by examining separately the effects of interest rate changes on existing loans (loans-in-place) and potential loans (loans-in-process).A potential loan is shown to be equivalent to an American option to lend, and is valued using option theory.An increase in interest rates usually has a negative effect on existing loans.However, if both deposit and lending rates rise by the same amount, the value of a potential loan generally increases. Hence a bank's lending slack (ratio of loans-in-process to loans-in-place) will determine its overall interest rate risk. Empirical evidence indicates that low-slack banks indeed have significantly more interest rate risk than high-slack banks.The model also makes predictions regarding the effect of deposit and lending rate parameters on bank credit availability.Empirical tests with quarterly data are generally supportive of these predictions. Key words: interest rate risk, option to lend, bank's lending capacity, maturity intermediation
  • Pylkkönen, Pertti (2015)
    Bank of Finland. Bulletin 2/2015
    The financial difficulties of small and medium-sized enterprises in the euro area are gradually easing. Finance surveys indicate that access to finance has continued to be unconstrained in Finland, but the terms and conditions of loans are tightening. Collateral requirements are increasing, as is the use of various loan covenants in corporate finance.
  • Korhonen, Iikka; Korhonen, Vesa; Lainela, Seija; Simola, Heli; Solanko, Laura (2014)
    BOFIT Policy Brief 7/2014
    Kesäkuussa järjestetyn BOFIT Venäjä-tietoiskun viisi esitystä käsitteli Venäjän hidastuvaa talouskasvua monesta eri näkökulmasta. Tähän julkaisuun on koottu esitysten keskeinen sisältö artikkeleina. Ensimmäinen artikkeli keskittyy Venäjän talouskehitykseen aivan viime aikoina. Toinen artikkeli käsittelee Venäjän rahoitus- ja pankkimarkkinoiden kehitystä mm. yritysten rahoituksen saatavuuden näkökulmasta, kun taas kolmannen artikkelin aihe on Ukrainan vaikea taloustilanne. Neljäs ja viiden artikkeli käsittelevät Venäjän taloudellista integraatiota muiden maiden kanssa. Neljäs artikkeli tarkastelee syntymässä olevaa Euraasian liittoa, ja viidennen artikkelin aiheena on Venäjän asema kansainvälisissä tuotantoketjuissa. Hakusanat: Venäjä, Ukraina, talouskehitys, talouspolitiikka, lainananto, taloudellinen integraatio. Kaikki esitykset ovat nähtävissä osoitteessa
  • Kaaresvirta, Juuso; Laakkonen, Helinä (2021)
    BOFIT Policy Brief 5/2021
    China became the world’s largest lender to emerging and developing economies over the past decade. At the same time, concerns on the debt sustainability of many of these countries have grown. Some countries have found themselves struggling to repay their loans and China has had to renegotiate debt restructurings bilaterally. As covid-19 pandemic hit many of the borrowers hard in 2020, China committed with all other G20 countries to the Debt Service Suspension Initiative (DSSI) to temporarily suspend official bilateral debt payment of 73 beneficiary countries. While China’s overseas lending remain opaque, there is little evidence that China intentionally practices “debt-trap diplomacy.”