Browsing by Subject "pankkiala"

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  • Ponomarenko, Alexey (2016)
    BOFIT Discussion Papers 4/2016
    Published in Journal of Financial Economic Policy, Volume 9, Issue 1, 2017, Pages 70-85
    This paper discusses the money creation mechanisms in emerging markets with special focus on external transactions. We argue that one should not rule out the possibility that fluctuations in the loans-to-deposits and non-core liabilities ratios are driven by the banks. We also argue that, under a flexible exchange rate regime in which the central bank is not trying to accumulate foreign reserves, external transactions are unlikely to contribute significantly to money growth. To make our argument, we analyze a historical episode of these flows in Korea and Russia and conduct a canonical correlation analysis for a cross-section of emerging market economies.
  • Mamonov, Mikhail; Vernikov, Andrei (2015)
    BOFIT Discussion Papers 22/2015
    Published in Economic Systems, Volume 41, Issue 2, June 2017, Pages 305–319 as Bank ownership and cost efficiency: New empirical evidence from Russia.
    This paper considers the comparative efficiency of public, private, and foreign banks in Rus-sia, a transition economy with several unusual features. We perform stochastic frontier anal-ysis (SFA) of Russian bank-level quarterly data over the period 2005–2013. The method of computation of comparative cost efficiency is amended to control for the effect of revalua-tion of foreign currency items in bank balance sheets. Public banks are split into core and other state-controlled banks. Employing the generalized method of moments, we estimate a set of distance functions that measure the observed differences in SFA scores of banks and bank clusters (heterogeneity in risk preference and asset structure) to explain changes in bank efficiency rankings. Our results for comparative Russian bank efficiency show higher efficiency scores, less volatility, and narrower spreads between the scores of different bank types than in previous studies. Foreign banks appear to be the least cost-efficient market participants, while core state banks on average are nearly as efficient as private domestic banks. We suggest that foreign banks gain cost-efficiency when they increase their loans-to-assets ratios above the sample median level. Core state banks, conversely, lead in terms of cost efficiency when their loans-to-assets ratio falls below the sample median level. The presented approach is potentially applicable to analysis of bank efficiency in other dollarized emerging markets.
  • Fang, Yiwei; Hasan, Iftekhar; Li, Lingxiang (2014)
    BOFIT Discussion Papers 19/2014
    ​The dynamic banking reforms of Central and Eastern Europe (CEE) following the collapse of the Soviet Union provide an ideal research setting for examining the causal effect of institutional development on financial reporting. Using five earnings quality measures, we consistently find that banking reform improves accounting quality and reduces earnings management incentives in the 16 transition countries considered. The results strongly hold in our within-country and difference-in-difference models, as well as in non-parametric analyses. We also find supporting evidence for the notion that excessive risk-taking of banks impairs earnings quality. As a result, banking reform improves earnings quality partially through its ability to curb risk-taking behavior. Publication keywords: earnings management, earnings quality, institutional development, bank risk-taking
  • Hasan, Iftekhar; Kobeissi, Nada; Wang, Haizhi; Zhou, Mingming (2015)
    BOFIT Discussion Papers 11/2015
    Published in Pacific Economic Review, Volume 20, Issue 3, pages 487–510, August 2015.
    This paper provides an empirical examination of the regional banking structures in China and their effects on entrepreneurial activity. Using a panel of 27 provinces and four directly controlled municipalities from 1997 through 2008, we find that the presence of large banking institutions negatively correlates with small business development in local markets and that this negative relation is driven mainly by participation of large banks in the short-term loan market. Rural banking institutions, in contrast, are found to promote regional entrepreneurial activity. Moreover, large state banks facilitate small business development in concentrated markets. When we interact measures of banking financing by state banks and rural banking institutions with a set of provincial level marketization indexes, we find that extensive marketization, factor market development, and sophistication of legal frameworks mitigate the negative effect of large state banks on small business development. In provinces with advanced market development, efficient factor markets, and favorable institutional settings, the positive effect of rural banking institutions on small business growth is even stronger. Finally, we present evidence that banks do a better job of promoting regional entrepreneurship when it occurs in conjunction with policies to foster innovation activity and assure protection of intellectual property rights.
  • He, Qing; Huang, Jiyuan; Li, Dongxu; Lu, Liping (2016)
    BOFIT Discussion Papers 19/2016
    ​This paper examines the governance role of banks in replacement of underperforming CEOs in firms listed on Chinese stock exchanges. Under most circumstances, the findings suggest that the presence of outstanding loans does not increase the probability that a poorly performing CEO will be forced out and replaced. However, there is a positive and significant effect if the under-performing firm relies heavily on secured and short-term bank lending. Bank loans increase the likelihood of a forced CEO turnover in private firms, especially where joint-equity banks serve as the main lenders to the firm. There is no similar increase in the probability of a CEO turnover for state-owned firms or firms that borrow mainly from state-owned banks. Thus, where state ownership of banks and listed firms implies inefficiency or reluctance on monitoring borrower performance, there is an opportunity to improve loan contract arrangements to improve the mon-itoring role of lending banks.
  • Arponen, Annikki; Korhonen, Iikka; Nuutilainen, Riikka; Rautava, Jouko; Simola, Heli (2014)
    BOFIT Policy Brief 16/2014
    Joulukuussa järjestetyn BOFIT Kiina-tietoiskun viisi esitystä käsittelivät Kiinan taloutta ja yhteiskuntaa monesta eri näkökulmasta. Tähän julkaisuun on koottu esitysten keskeinen sisältö artikkeleina. Ensimmäinen artikkeli käsittelee Kiinan talouskehitystä aivan viime aikoina. Toisessa artikkelissa käydään läpi Kiinan toimia rahoitusmarkkinoiden vapauttamiseksi ja mm. talletussuojan käyttöönottoa. Kolmannen artikkelin aiheena on Kiinan poliittisen järjestelmän mahdollisuus uudistua. Neljäs ja viides artikkeli käsittelevät Kiinan taloudellista integraatiota muiden maiden kanssa. Neljännessä artikkelissa tarkastellaan Kiinan ja Venäjän välisiä taloussuhteita, ja viidennen artikkelin aiheina ovat Kiinan suorat ulkomaiset sijoitukset sekä maan toimeliaisuus uusien kehityspankkien perustamisessa. Hakusanat: Kiina, Venäjä, talouskehitys, talouspolitiikka, taloudellinen integraatio, talousuudistus, inflaatio, juan, pankit, kehityspankki. Kaikki esitykset ovat nähtävissä osoitteessa
  • Rautava, Jouko; Nuutilainen, Riikka; Norring, Anni; Korhonen, Iikka; Kallio, Jyrki (2015)
    BOFIT Policy Brief 11/2015
    Joulukuussa järjestetyn BOFIT Kiina-tietoiskun viisi esitystä käsittelivät Kiinan taloutta ja yhteiskuntaa monesta eri näkökulmasta. Tähän julkaisuun on koottu esitysten keskeinen sisältö artikkeleina. Ensimmäinen artikkeli käsittelee Kiinan talouskehitystä aivan viime aikoina. Toisessa artikkelissa käydään läpi Kiinan taloustilastoinnin ongelmia ja joitakin vaihtoehtoisia talousindikaattoreita. Kolmannen osan aiheena on mm. Kiinan ja Suomen välinen kauppa sekä sijoitukset. Neljännessä artikkelissa käydään läpi Kiinan rahoitusmarkkinoiden ja pääomaliikkeiden vapauttamista. Viides esitys käsittelee Kiinan kommunistisen puolueen roolia sisä- ja ulkopolitiikassa. Hakusanat: Kiina, talouskehitys, bruttokansantuote, vienti, tuonti, pankkijärjestelmä, sisäpolitiikka, ulkopolitiikka. Kaikki esitykset ovat nähtävissä osoitteessa:
  • Bonin, John P.; Louie, Dana (2015)
    BOFIT Discussion Papers 31/2015
    Our objective is to examine empirically the behavior of foreign banks regarding real loan growth during a financial crisis for a set of countries in which these banks dominate the banking sectors due primarily to having taken over large existing former state-owned banks. The eight countries are among the most developed in Emerging Europe, their banking sectors having been modernized by the beginning of the time period.We consider a data period that includes an initial credit boom (2004 – 2007) followed by the global financial crisis (2008 & 2009) and the onset of the Eurozone crisis (2010). Our main innovations with respect to the existing literature on banking during the financial crisis are to include explicit consideration of exchange rate dynamics and to separate foreign banks into two categories, namely, subsidiaries of the Big 6 European MNBs and all other foreign-controlled banks. Our results show that bank lending was impacted adversely by the crisis but that the two types of foreign banks behaved differently. The Big 6 banks remained committed to the region in that their lending behavior was not different from that of domestic banks corroborating the notion that these countries are a “second home market” for these banks. Contrariwise, the other foreign banks were primarily responsible for fueling the credit boom prior to the crisis but then “cut and ran” by decreasing their lending appreciably during the crisis. Our results also indicate different bank behavior in countries with flexible exchange rate regimes from those in the Eurozone. Hence, we conclude that both innovations matter in empirical work on bank behavior during a crisis in the region and may, by extension, be relevant to other small countries in which banking sectors are dominated by foreign financial institutions.
  • Wirman, Joni (2020)
    Euro & talous. Blogi
    Digipankit, eli ensisijaisesti digitaalisissa kanavissa toimivat pankit, alkoivat 2010-luvulla kasvattaa rooliaan Suomen kulutus- ja yrityslainamarkkinoilla. Vaikka digipankit ovat vielä suhteessa koko Suomen pankkisektoriin pieniä toimijoita, on niiden kasvuvauhti nopea. Kehityksen nopeus huomioon ottaen on mahdollista, että tietyissä tuotesegmenteissä niistä kehittyy vielä varteenotettavia haastajia perinteisille konttoripankeille. Erityisesti kulutusluotoissa digipankkien rooli on noussut merkittävästi: tällä hetkellä pankkisektorin kulutusluottokannan kasvusta suuri osuus tulee digipankeista. Kulutusluotot muodostavat kotimaassa toimivien digipankkien kokonaisliiketoiminnasta myös merkittävän osan.
  • Koskinen, Kimmo; Manninen, Otso (2019)
    Euro & talous 2/2019
    IT-investoinnit parantavat pankkien kannattavuutta pitkällä aikavälillä, mutta heikentävät sitä lyhyellä tähtäimellä.
  • Xu, Bing; Wang, Honglin; Rixtel, Adrian van (2016)
    BOFIT Discussion Papers 5/2016
    ​This paper investigates if relationship lending and bank market concentration permit informational rent extraction through collateral. We use equity IPOs as informational shocks that erode rent seeking opportunities. Using unique loan data from China, we find collateral incidence increases with relationship intensity and bank market concentration for pre-IPO loans, while these effects are moderated post-IPO. We further discover after an IPO, rent extraction is moderated for safe firms but intensified for risky firms. These results are not driven by differences or changes in financial risks. Ours is the first investigation on collateral determinants for China with loan-level data.
  • Fungáčová, Zuzana; Shamshur, Anastasiya; Weill, Laurent (2016)
    BOFIT Discussion Papers 6/2016
    Published in Journal of Banking and Finance, 83, October, 2017, 104–120
    Despite the extensive debate on the effects of bank competition, only a handful of single-country studies deal with the impact of bank competition on the cost of credit. We contribute to the literature by investigating the impact of bank competition on the cost of credit in a cross-country setting. Using a panel of firms from 20 European countries covering the period 2001–2011, we consider a broad set of measures of bank competition, including two structural measures (Herfindahl-Hirschman index and CR5), and two non-structural indicators (Lerner index and H-statistic). We find that bank competition increases the cost of credit and observe that the positive influence of bank competition is stronger for smaller companies. Our findings accord with the information hypothesis, whereby a lack of competition incentivizes banks to invest in soft information and conversely increased competition raises the cost of credit. This positive impact of bank competition is however influenced by the institutional and economic framework, as well as by the crisis.
  • Delis, Manthos D.; Hasan, Iftekhar; Mylonidis, Nikolaos (2020)
    Applied Economics 11 ; March
    Using country-level panel data over 1995–2013 on within-country income inequality and foreign bank presence, this paper establishes a positive relation between the two, running from higher foreign bank presence to income inequality. Given that foreign bank participation increased by 62% over the period 1995 to 2013, our baseline results imply a 5.8% increase in the Gini coefficient on average over this period, ceteris paribus. These results are robust to the inclusion of country and year fixed effects and to the use of restrictions on foreign bank entry in the host countries as an instrumental variable. We show that this positive effect is channelled through the lack of greenfield entry and the associated lower levels of competition.
  • Funke, Michael; Mihaylovski, Petar; Zhu, Haibin (2015)
    BOFIT Discussion Papers 9/2015
    The paper sheds light on the interplay between monetary policy, the commercial banking sector and the shadow banking sector in mainland China by means of a nonlinear stochastic general equilibrium (DSGE) model with occasionally binding constraints. In particular, we analyze the impacts of interest rate liberalization on monetary policy transmission as well as the dynamics of the parallel shadow banking sector. Comparison of various interest rate liberalization scenarios reveals that monetary policy results in increased feed-through to the lending and investment under complete liberalization. Furthermore, tighter regulation of interest rates in the commercial banking sector in China leads to an increase in loans provided by the shadow banking sector.
  • Pulli, Markku (1992)
    Suomen Pankki. B = Bank of Finland. B 47
    Acknowledgements 5 1 Introduction 9 2 An Overview of the Theory of Banks' Demand for Reserves 16 2.1 The market for reserves 16 2.1.1 Determination of the short-term interest rate 16 2.1.2 The overnight market interest rate, the call money facility and monetary policy 20 2.2 Studies on the borrowing function 23 2.3 Liquidity management theory 27 2.4 The theoretical framework of the study 30 3 The Market for Overnight Funds and the Call Money Facility in Finland 33 3.1 Evolution and current structure of the call money facility 33 3.1.1 Historical background 33 3.1.2 The structure of the call money facility 37 3.2 The overnight market: some 'stylized facts' 39 4 A Stochastic Asset Allocation Model of the Overnight Market 43 4.1 The basic model 45 4.2 Effects of risk aversion 52 4.3 Quantitative quotas on borrowing 56 4.4 Time-dependent costs of borrowing 59 5 Endogenous Variance: Effects of Liquidity Control 63 5.1 Introduction 63 5.2 The model 64 5.3 Comparative statics 66 5.4 Solution of the model 69 5.5 Concluding remarks 72 6 Empirical Application of the Model with Constant Variance 74 6.1 Data and organization of the empirical study 74 6.2 A model with constant variance 77 6.3 Changes in the standard deviation of borrowing 85 7 Estimation of the Reserve Model with Time-Dependent Conditional Variance 88 7.1 A nonlinear GARCH-in mean model 88 7.2 Empirical results from GARCH(1,1)-in mean 93 7.3 Specification of the variance equation 101 7.4 Alternative distributional assumptions 108 7.5 Estimation results from the modified GARCH-in mean model 110 7.6 Concluding remarks 115 8 Summary and Conclusions 117 Appendix 1: Risk premium 124 Appendix 2: Comparative statics of the liquidity control model 126 Appendix 3: Additional estimation results from applications with constant conditional variance 129 Appendix 4: Maximum likelihood estimation of a nonlinear GARCH-in mean model 132 Appendix 5: Estimating of GARCH-in mean model with Student's t distribution 135 Appendix 6: Modelling the residuals as an AR(1) process 137 Bibliography 140
  • Ahoniemi, Katja; Koskinen, Kimmo (2021)
    Euro & talous 1/2021
    Euroopan pankkien luottoriskit ovat kasvaneet koronapandemian takia. Vaikka pandemian negatiivisia vaikutuksia talouteen on vaimennettu erilaisilla viranomaistoimenpiteillä, liittyy kriisin kehitykseen edelleen paljon epävarmuutta. Pankkien riskinsietokyky on keskimäärin vahvempi kuin edellisissä kriiseissä. Pankkisektorin tilaa arvioidaan keväällä 2021 stressitestien avulla. Jos pankkien järjestämättömät lainakannat alkavat kasvaa, se voi vaikeuttaa pankkien mahdollisuuksia jatkaa reaalitalouden luotottamista. Euroopan komissio onkin ehdottanut useita keinoja järjestämättömien lainojen vähentämiseksi.
  • Ahoniemi, Katja; Koskinen, Kimmo (2021)
    Bank of Finland. Bulletin 1/2021
    The COVID-19 pandemic has led to an increase in the credit risk faced by European banks. Although the pandemic’s negative impact on the economy has been eased thanks to various support measures, there is still much uncertainty attached to how the crisis will play out. Banks in general are showing stronger resilience to risk than they did in previous crises. The state of the banking sector will be assessed in spring 2021 by means of stress tests. If the stock of non-performing loans increases, it could be difficult for banks to continue supplying credit to the real economy. The European Commission has proposed an action plan to reduce the number of non-performing loans.
  • Puntila, Markku (1969)
    Suomen Pankin taloustieteellisen tutkimuslaitoksen julkaisuja. B 29
    Esipuhe 7 1. JOHDANTO 9 1. 1. Tutkimuksen tavoitteet 9 1. 2. Tutkimuksen puitteet 9 2. KESKUSPANKIN RAHOITUSVARANNOT 14 2. 1. Rahoitusvarantojen ryhmittely 14 2. 2. Liikkeessä oleva setelistö 16 2. 3. Keskuspankin nettosaatava ulkomailta 25 2. 4. Keskuspankin nettosaatava pankeilta 32 2. 5. Keskuspankin nettosaatava valtiolta 35 2. 6. Keskuspankin luotot yleisölle 37 2. 7. Keskuspankin taseen muut erät, netto 39 2. 8. Keskuspankin nettotaseen loppusumma 41 3. PANKKIEN RAHOITUSVARANNOT 42 3. 1. Rahoitusvarantojen ryhmittely 42 3. 2. Yleisön talletukset pankeissa 44 3. 2. 1. Yleisön käteistalletukset 44 3. 2. 2. Yleisön aikatalletukset 49 3. 2. 3. Yleisön kokonaistalletukset 54 3. 3. Pankkien nettovelka keskuspankille 57 3. 4. Pankkien nettovelka ulkomaille 60 3. 5. Pankkien luotot yleisölle 62 3. 6. Pankkien nettosaatava valtiolta 68 3. 7. Pankkien taseiden muut erät, netto 70 3. 8. Pankkien nettotaseen loppusumma 71 4. PANKKIJÄRJESTELMÄN RAIIOITUSVARANNOISTA KASVUPROSESSISSA 73 4. 1. Rahoitusvarantojen vaikutus kokonaisvaihdon arvon kasvuun 74 4. 2. Rahoitusvarantojen pitkän ajan kasvutasapaino 78 4. 3. Rahoitusvarantojen lyhyen ajan vaihtelut 85 4. 4. Yhteenveto 88 SYMBOLILUETTELO 90 LÄHDELUETTELO 92 LIITE 1. Rahoitusmarkkinoiden kireydestä 94 LIITE 2. Hintatason muutoksista 99 LIITE 3. Käytetyt perussarjat 101 LIITE 4. Selittävien muuttujien korrelaatiomatriisi 105 Contents 107 List of Symbols 109 Summary 111
  • Finanssivalvonta; Finansinspektionen; Financial Supervisory Authority (2020)
    Valvottavien taloudellinen tila ja riskit 15.9.2020
  • Finanssivalvonta; Finansinspektionen; Financial Supervisory Authority (2021)
    Valvottavien taloudellinen tila ja riskit 30.6.2021