Bank of Finland
People: Finland names new head of statistics; RBI appoints executive director
Bank of Finland promotes head of macro-prudential analysis division to head of financial stability and statistics department; RBI gets new executive director; and more
Adaptive learning models offer route out of liquidity traps, paper argues
An adaptive learning-based macro model shows monetary easing policies can end a liquidity trap under certain conditions; empirical studies of easing differ widely on its effects
Liikanen discusses logic behind publishing ‘accounts’
Bank of Finland governor says it is important central banks exhibit a ‘high degree’ of transparency, noting the ECB decided to begin publishing accounts as policy became more unconventional
Finland governor donates month’s pay to help refugees
Erkki Liikanen will donate €10,000 to the Red Cross to help refugees; Mario Draghi says any European should be ‘horrified by the tragic loss of life happening on our doorstep’
Finnish deputy: international competition will change mortgage lending
Bank of Finland deputy argues conditions for international competition in mortgage lending are ‘improving’ and there is the potential for a ‘substantial impact’ in the eurozone
Liikanen sees potential for payments revolution
Bank of Finland governor says we are yet to witness the emergence of a ‘true future payment system’ but it nonetheless feels like ‘something fundamental has changed’
Bank of Finland launches second website with fresh design
Content from flagship publications will be published in a new format on a dedicated website, with a focus on the simple and clean presentation of text and graphs
Bank of Finland shuffles board responsibilities
Under new set-up, Erkki Liikanen is responsible for monetary policy preparation, domestic economic policy, financial market issues and external communications
Finnish paper explains why bank runs are sometimes partial
Discussion paper published by the Bank of Finland explains why bank runs in a situation where deposits are back with a government guarantee sometimes remain partial
Bank of Finland paper tests price-level based forward guidance
Seppo Honkapohja and Kaushik Mitra use ‘adaptive learning’ approach to show price-level targeting can outperform inflation targeting under some circumstances
Colombian paper analyses intraday liquidity needs
Intraday liquidity risks can be ‘mitigated or even eliminated’ if entities have higher opening balances than the balances required to opportunely liquidate all payment obligations, paper finds
Forward guidance can help QE succeed, Finnish research says
Article in Bank of Finland bulletin considers whether eurozone is at risk of Japanese-style deflation, finding the ECB’s asset purchases reduce the odds of this outcome
Finnish paper charts evolution of PBoC policy since 1999
Discussion paper asks whether China has shifted toward a ‘price-based policy’ and finds the PBoC has become more responsive to changes in economic conditions in recent years
Finnish paper: DSGE model with shadow banks sheds light on China
Bank of Finland discussion paper models Chinese monetary policy transmission using a DSGE model augmented with shadow banking and interest rate controls
Bank of Finland’s Honkapohja advocates ‘cautious and gradual’ approach to deregulation
Central bank board member offers lessons for China from Nordic experience with financial deregulation, and advocates a cautious approach over a ‘big bang’
People: Bank of Finland names administration head; NBU appoints new director for pension fund
Bank of Finland will have a new administration head from January 1; National Bank of Ukraine hires a securities expert to lead the corporate pension fund; and more
Bank of Finland paper sees inefficiencies driving China’s internet finance
Boom in internet finance presents stability risks and appears to be the result of inefficiencies in the existing financial system; authors recommend market-based reforms to redress the balance
Bank of Finland paper examines impact of Basel II on international bank lending
Research finds sovereign credit rating revisions have become more important since the implementation of Basel II capital rules
Finland paper: German minimum wage could be ‘too high’
Germany’s forthcoming minimum wage ‘could potentially be too high’ and lead to employment losses, especially in the east of the country, research finds
Financial liberalisation much more encompassing ‘than just technical lifting of controls'
Market participants face numerous unexpected challenges as they adapt to more liberal operational environments, says Bank of Finland board member at China financial liberalisation event
Liikanen: 'Unanimous' ECB will expand arsenal if necessary
Bank of Finland governor says a wider range of monetary policy instruments makes open decision-making increasingly important
Fin paper examines SME lending in post-transition economies
Researchers find that SMEs perform better in countries with a large number of cooperative banks, rather than those dominated by banks
Finnish paper says Sepa 'not enough’ on its own
Researchers argue that Sepa is an ‘important’ initiative but further measures will be needed to create an efficient payments system; call for ‘vigorous’ competition policies
Academics in charge make companies better off, Bank of Finland paper finds
Discussion paper finds that firms benefit from having academic directors, who are associated with improved acquisition performance and higher numbers of patents