Browsing by Subject "rahoitus"

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  • Andersen, Kaare Guttorm; Kauko, Karlo (1996)
    Suomen Pankin keskustelualoitteita 13/1996
    The possibilities to improve households' eligibility for long-term housing loans at fixed interest rates has been a current topic of public discussion.Yet, credit institutions have difficulties in granting such loans, unless they themselves can acquire fixed-rate funding.In many cases, the only feasible way for them to raise such funding is to issue bonds.In a number of countries, such arrangements are already in use. In this paper we present a cross-country study of housing finance by mortgagebacked bonds.The paper describes and analyses mortgage credit markets in Denmark, Sweden and the United States of America with respect to the institutional structure, loans and bonds characteristics, legal framework and the security underlying the system.We have found that all three markets differ and that these differences originate from the respective countries' national characteristics and financial histories.In Sweden and the United States in particular, the public sector has been involved in developing the system. Generally, long-term credit is offered in all three countries through relatively well-functioning, efficient markets. However, certain problems are common to all.First, the number of outstanding bond series is relatively large.Second, in many housing loans, the borrower has the option to repay the debt prematurely.In these cases, the credit institution may have to avoid maturity matching problems by issuing bonds with unknown maturity. We briefly review the history and present circumstances of Finnish bond issuing credit institutions to elucidate why such institutions play a marginal role.Long ago, bond-issuing mortgage institutions were an essential part of the Finnish financial market, but legislative obstacles to their operations almost killed the industry after World War II.The tax system favoured ordinary banks, and bond emissions were restricted by government regulations.Now, these legal obstacles have been abolished.In the light of both foreign and past domestic experience, such institutions have a market niche.Finally, we discuss some of the problems related to setting up a bond- financed mortgage credit market in Finland. Key words: Housing loans, bonds, mortgage banks
  • Vauhkonen, Jukka (2012)
    Bank of Finland. Financial market report 1
    The Ministry of Finance has set up a working group to consider how systemic risks threatening the stability of the financial system and the economy as a whole could be identified and prevented. The work is guided, for example, by the principles adopted in the Government programme and the recommendations issued by the European Systemic Risk Board on national macroprudential arrangements.
  • Takalo, Tuomas; Tanayama, Tanja (2008)
    Bank of Finland Research Discussion Papers 19/2008
    Published in Journal of Technology Transfer, Volume 35, Number 1, February 2010: 16-41
    We study the interaction between private and public funding of innovative projects in the presence of adverse-selection based financing constraints. Government programmes allocating direct subsidies are based on ex-ante screening of the subsidy applications. This selection scheme may yield valuable information to market-based financiers. We find that under certain conditions, public R&D subsidies can reduce the financing constraints of technology-based entrepreneurial firms. Firstly, the subsidy itself reduces the capital costs related to innovation projects by reducing the amount of market-based capital required. Secondly, the observation that an entrepreneur has received a subsidy for an innovation project provides an informative signal to market-based financiers. We also find that public screening works more efficiently if it is accompanied by subsidy allocation. Keywords: adverse selection, innovation finance, financial constraints, R&D subsidies, certification JEL classification numbers: D82, G28, H20, O30, O38
  • 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.
  • Willandt, O. W. (1935)
    Bank of Finland. Monthly Bulletin 15 ; 3 ; March
  • Vauhkonen, Jukka (2003)
    Suomen Pankin keskustelualoitteita 28/2003
    Many adverse selection models of standard one-period debt contracts are based on the following seemingly innocuous assumptions.First, entrepreneurs have private information about the quality of their return distributions.Second, return distributions are ordered by the monotone likelihood-ratio property.Third, financiers payoff functions are restricted to be monotonically non-decreasing in firm profits.Fourth, financial markets are competitive.We argue that debt is not an optimal contract in these models if there is only one (monopoly) financier rather than an infinite number of competitive financiers.
  • 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.
  • Herrala, Risto; Pylkkönen, Pertti (2003)
    EURO & TALOUS 2
    Pankkien asuntoluottokanta on kasvanut Suomessajo pitkään ja kotitalouksien velkaantuneisuusaste on noussut.Suomessa asuntoluotot sidotaan pääasiassa vuoden tai sitä lyhyempiin markkinakorkoihin.Tämä merkitsee lainanottajille suurta riskiä korkojen noustessa ja asuntojen hintojen laskiessa.Tällä hetkellä asuntoluottojen korko on Suomessa euroalueen alhaisimpia.
  • Putkuri, Hanna; Koskinen, Kimmo (2013)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Rahalaitosten asuntoyhteisöille myöntämien lainojen kanta on kasvanut merkittävästi viimeisen kymmenen vuoden aikana. Rahalaitokset myöntävät asuntoyhteisöille sekä vapaarahoitteisia että valtion takaamia tai tukemia lainoja. Valtion suoraan asuntoyhteisöille myöntämien lainojen kanta sitä vastoin supistuu vähitellen, kun uusia aravalainoja ei enää myönnetä.
  • Vesala, Timo (2004)
    Suomen Pankin keskustelualoitteita 14/2004
    Published in Scandinavian Journal of Economics, Volume 109, Issue 3, September 2007, pp. 469-485
    The paper constructs a search-theoretic model of credit markets with a bilateral trading mechanism that enables the manageable introduction of asymmetric information.Borrowers success probabilities are unobservable to financiers, but the degree of risk in observable projects can be used as a sorting device.We find that the efficiency of a perfect Bayesian equilibrium depends negatively/ positively on the credit market tightness /liquidity. In general equilibrium, where the underlying market conditions are endogenously determined, steady states with greater credit market tightness are always associated with increasingly excessive investment in risky projects.Since tighter market conditions also imply less intense competition among financiers, the commonly asserted trade-off between competition and efficiency does not emerge.Tighter monetary policy is shown to worsen the adverse effect of informational frictions on efficiency. Key words: credit market, asymmetric information, search, risk taking
  • Putkuri, Hanna (2004)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Toukokuussa Euroopan unioniin liittyneiden Baltian maiden rahoitusjärjestelmät ovat hyvin pankkikeskeiset. Vanhoihin jäsenmaihin verrattuna rahoituksen välitys on vielä suhteellisen kehittymätöntä ja viime vuosien voimakkaasta kasvusta huolimatta maiden pankkisektorit ovat yhä pienet suhteessa talouksien kokoon. Pääomamarkkinat ovat kehityksensä alkuvaiheessa ja niiden merkitys rahoituksen hankinnassa on vielä vähäinen
  • Hasan, Iftekhar; Kobeissi, Nada; Wang, Haizhi; Zhou, Mingming (2017)
    International Review of Economics & Finance November
    We investigate the effects of bank financing on regional entrepreneurial activities in China. We present contrasting findings on the role of quantity vs. quality of bank financing on small business formation in China: while we document a consistent, significantly positive relationship between the quality of bank financing and new venture formation, we find that the quantity of supplied credit is insignificant. We report that formal institutions are positively correlated to regional entrepreneurial activities, and informal institutions substitute formal institutions. Our findings also reveal that the institutional environment tends to supplement bank financing in promoting regional entrepreneurial activities.
  • 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
  • Castelli, Annalisa; Dwyer, Gerald P.; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 36/2009
    Published in European Financial Management, Volume 18, Issue 1, January 2012: 28–67
    We examine the connection between the number of bank relationships and firms performance using a unique data set on Italian small firms for which banks are a major source of financing. Our evidence indicates that return on equity and return on assets decrease as the number of bank relationships increases, the effects being stronger for small firms than for large firms. We also find that the ratio of interest expense to assets increases as the number of relationships increases. Particularly for small firms, these results are consistent with finding that suggest that having fewer bank relationships reduces the information asymmetries and agency problems and outweighs the hold-up problems.
  • Kinnunen, Helvi; Vihriälä, Vesa (1999)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 13/1999
    The paper examines the role of bank relationships in business closures during the Finnish economic crisis of the early 1990s.We utilise a unique panel data set of 474 small and medium-sized firms, for which we have standard accounting information and for which we can in addition identify whether the firm had a lending relationship with the most troubled part of the banking system, namely the Savings Bank of Finland and Skopbank.By estimating a logit model we find that, even accounting for the effects of liquidity, profitability, indebtedness, age and size, firms that had a lending relationship with the savings banks concerned were more likely to close in 1992 than other firms that year or the same firms in other years.Thus being a loan customer of these banks entailed greater risk for firms than having a lending relationship with other intermediaries only in 1992, which was the year the banking sector came to a head.The result lends support to the hypothesis that financial factors affect real outcomes not only through firm and household balance sheets but also through bank behaviour.
  • 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.
  • 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.
  • Savolainen, Eero (2013)
    Bank of Finland. Financial market report 2
    Corporate finance in Finland and elsewhere in the euro area is highly bankcentred. In Finland, particularly large non-financial corporations have recently acquired financing via bond issues, and growth in the stock of bank loans to nonfinancial corporations has come to a halt. Financing conditions of small and medium-sized enterprises have weakened to some extent, but are better than in the euro area on average.
  • 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.
  • Hasan, Iftekhar; Wu, Qiang; Zhang, Hao; Hoi, Chun-Keung (Stan) (2014)
    Bank of Finland Research Discussion Papers 3/2014
    Published in Journal of Financial Economics, 113 (2014) 109-130
    We find that firms with greater tax avoidance incur higher spreads when obtaining bank loans. This finding is robust in a battery of sensitivity analyses and in two quasi-experimental settings including the implementation of Financial Accounting Standards Board Interpretation No. 48 and the revelation of past tax sheltering activity. Firms with greater tax avoidance also incur more stringent non-price loan terms, incur higher at-issue bond spreads, and prefer bank loans over public bonds when obtaining debt financing. Overall, these findings indicate that banks perceive tax avoidance as engendering significant risks. JEL Classification: G21; H26 Keywords: Tax avoidance; Cost of bank loans; Information risk; Agency risk; Audit risk; FIN 48