Browsing by Subject "subprime"

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  • Demyanyk, Yuliya; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 35/2009
    Published in Omega, Volume 38, Issue 5, October 2010, Pages 315-324
    In this article we provide a summary of empirical results obtained in several economics and operations research papers that attempt to explain, predict, or suggest remedies for financial crises or banking defaults, as well as outlines of the methodologies used. We analyze financial and economic circumstances associated with the US subprime mortgage crisis and the global financial turmoil that has led to severe crises in many countries. The intent of the article is to promote future empirical research that might help to prevent bank failures and financial crises.
  • Niinimäki, Juha-Pekka (2010)
    Bank of Finland Research Discussion Papers 22/2010
    This theoretical paper explores the effects of costly and non-costly collateral on moral hazard, when collateral value may fluctuate. Given that all collateral is costly, stochastic collateral will entail the same positive incentive effects as nonstochastic collateral, provided the variation in collateral value is modest. If it is large, the incentive effects are smaller under stochastic collateral. With non-costly collateral, stochastic collateral entails positive incentive effects or no effects, if the variation in collateral value is modest. If it is large, the incentive effects may be positive or negative. Thus, collateral can increase moral hazard. The findings are related to the topical subprime crisis and the fluctuating value of real estate collateral.?
  • Taipalus, Katja (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 4
    Markkinaturbulenssia koskeva uutisointi on tähän saakka keskittynyt pitkälti USAn subprime-asuntoluotoista syntyviin tappioihin. Turbulenssilla on potentiaalisesti hyvin laajoja vaikutuksia ns. strukturoitujen arvopaperien markkinoilla.
  • Vilmunen, Jouko (2009)
    EURO & TALOUS 3
    Viimeaikaisella Yhdysvaltojen asunto-markkinoiden myllerryksellä on ollut merkittäviä kansainvälisiä vaikutuksia rahoitusmarkkinoihin, makrotalouteen ja erityisesti asuntomarkkinoihin monissa maissa. Tässä artikkelissa selostetaan Suomen Pankin ja Société Universitaire Européenne de Recherches Financières'n (SUERF) järjestämän kansainvälisen tutkijakokouksen alustuksia ja puheenvuoroja, jotka käsittelivät asuntomarkkinoita talouden häiriötilanteiden näkökulmasta.
  • Taipalus, Katja (2007)
    Bank of Finland. Financial market report 4
    Reports on market turbulence have focused mainly on losses on US subprime mortgages. The turbulence has farreaching consequences in the markets for structured securities.
  • Haajanen, Jyrki (2007)
    Bank of Finland. Financial market report 3
    Recent disturbances in the financial markets have been the result of growing problems in the US subprime mortgage market. The problems have had a surprisingly heavy impact on the European money market. Events have highlighted the challenges in banks' risk transferring and innovative financial products.
  • Hasan, Iftekhar; Massoud, Nadia; Saunders, Anthony; Song, Keke (2015)
    Bank of Finland Research Discussion Papers 3/2015
    Published in Journal of Banking & Finance, Volume 54, May 2015: 87–103
    Tracing the SEC ban on the short selling of financial stocks in September 2008, this paper investigates whether such selling activity before the 2008 short ban reflected financial companies’ risk exposures in the subprime crisis. The evidence suggests that short sellers sold short stocks that had the greatest asset and insolvency risk exposures, and that the short selling of financial firms’ stocks was not significantly greater than that of non-financial firms. When the short ban was in effect, the market quality of financial stocks without subprime asset exposure had deteriorated to a larger degree than that of financial companies with subprime asset exposure. The findings imply that such a regulation may mute the market disciplining effects of investors and may also serve as a counterweight to any perceived macro or systemic risk reduction benefits resulting from such a ban. Keywords: short selling, subprime assets, financial crisis, short-sale ban, CDS spread
  • Haajanen, Jyrki (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Viimeaikaisten rahoitusmarkkinahäiriöiden takana on ollut USA:n ns. subprime-asuntoluottomarkkinoiden kasvaneet ongelmat. Ongelmat ovat heijastuneet Euroopan rahamarkkinoille yllättävän voimakkaasti. Tapahtumat ovat nostaneet esiin pankkien riskiensiirtoon ja uusiin innovatiivisiin rahoitustuotteisiin liittyviä haasteita