Browsing by Subject "syklit"

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  • Freystätter, Hanna; Putkuri, Hanna; Vauhkonen, Jukka (2013)
    Bank of Finland. Bulletin. Monetary policy and the global economy 4
    Countercyclical macroprudential policy is to be strengthened in the euro area. The European Central Bank will be assuming new macroprudential powers, as single banking supervision commences in autumn 2014 and the countercyclical buffer requirement is due to be introduced in all euro area countries no later than the beginning of 2016. Even so, a significant part of euro area macroprudential policy will continue in the future to be the responsibility of national authorities. In the operating environment of the single monetary policy, euro area Member States will be able to support their own and the area s economic stability and to improve the financial system s resilience to crises through pursuing robust national macroprudential policies.
  • Freystätter, Hanna; Putkuri, Hanna; Vauhkonen, Jukka (2013)
    Euro & talous. Rahapolitiikka ja kansainvälinen talous 4
    Vastasyklistä makrovakauspolitiikkaa vahvistetaan euroalueella: Euroopan keskuspankki on saamassa uusia makrovakausvaltuuksia yhteisen pankkivalvonnan käynnistyessä syksyllä 2014 ja vastasyklinen pääomavaatimus on käytettävissä kaikissa euroalueen maissa viimeistään vuodesta 2016 alkaen. Merkittävä osa euroalueen makrovakauspolitiikasta on kuitenkin tulevaisuudessakin kansallisten viranomaisten vastuulla. Yhteisen rahapolitiikan toimintaympäristössä alueen maat voivat vahvalla kansallisella makrovakauspolitiikalla tukea oman sekä euroalueen talouden vakautta ja parantaa rahoitusjärjestelmän kriisinsietokykyä.
  • Bircan, Çağatay; Saka, Orkun (2019)
    BOFIT Discussion Papers 1/2019
    We use data on the universe of credit in Turkey to document a strong political lending cycle. State-owned banks systematically adjust their lending around local elections compared with private banks in the same province. There is considerable tactical redistribution: state-owned banks increase credit in politically competitive provinces which have an incumbent mayor aligned with the ruling party, but reduce it in similar provinces with an incumbent mayor from the opposition parties. This effect only exists in corporate lending as opposed to consumer loans, suggesting that tactical redistribution targets job creation to increase electoral success. Political lending influences real outcomes as credit-constrained opposition areas suffer drops in employment and firm sales. There is substantial misallocation of financial resources as credit constraints most affect provinces and industries with high initial efficiency.
  • Alpanda, Sami; Granziera, Eleonora; Zubairy, Sarah (2019)
    Bank of Finland Research Discussion Papers 16/2019
    Published in the European Economic Review 2021 ; 140 ; November.
    We investigate how the business, credit and interest rate cycles affect the monetary transmission mechanism, using state-dependent local projection methods and data from 18 advanced economies. We exploit the time-series variation within countries, as well as cross-sectional variation across countries, to investigate this issue. We find that the impact of monetary policy shocks on output and most other macroeconomic and financial variables is smaller during periods of economic downturns, high household debt, and high interest rates. We then build a small-scale theoretical model to rationalize these facts. The model highlights the presence of collateral and debt-service constraints on household borrowing and refinancing as a potential cause for state dependence in monetary policy with respect to the business, credit, and interest rate cycles.
  • Alpanda, Sami; Granziera, Eleonora; Zubairy, Sarah (2021)
    European Economic Review November
    Published in BoF DP 16/2019
    We study how phases of the business, credit and interest rate cycles affect the transmission of monetary policy using state-dependent local projection methods and data from 18 advanced economies. We find that the impact of monetary policy shocks on output and other macroeconomic and financial variables is weaker during periods of economic downturns, low household debt, and high interest rates. The business cycle state dependence tends to dominate the other documented state dependencies. We build a small-scale theoretical model to rationalize these facts. The model points to the presence of collateral and debt-service constraints on household borrowing and refinancing as potential drivers of state dependence of monetary policy with respect to the business, credit, and interest rate cycles. Our findings bear significant implications for the transmission of monetary policy, and highlight potentially important features to be considered in models used to inform monetary policy decisions.
  • Tiililä, Nea (2018)
    Finanssivalvonta. Blogi 11/2018
    ​Finanssivalvonnan blogi viime kesänä käsitteli lyhyesti kotitalouksien velkaantumista, ja sitä, miten liialliseen velkaantumiseen voidaan puuttua makrovakausvälineillä. Kysyntäperusteisten makrovakausvälineiden käytöllä on vaikutuksia sekä rahoitusjärjestelmän vakauteen että talouskasvuun. Tuossa blogitekstissä pohdittiin muun muassa velanoton vaikutuksia talouskasvuun: lyhyellä aikavälillä velanotto vahvistaa talouskasvua, mutta pitkällä aikavälillä vaikutus on negatiivinen, mikäli velkatasot nousevat tarpeeksi korkeiksi. Tässä blogissa tarkastellaan tarkemmin sitä, minkälaisia kysyntäperusteisia makrovakausvälineitä on käytössä Suomessa ja muissa ETA-maissa, sekä miten ne toimivat ja mikä niiden vaikutus on rahoitusjärjestelmän vakauteen.