Bank of Finland
Finland paper: Loans-to-deposits among best indicators of banking crises
Paper examines banking crises in 11 EU countries between 1980-2013; growth rates and trend deviations of loan stock variables also yield 'useful' signals of impending crises
Broader interpretation of CB mandates could allow for international co-ordination
International monetary policy co-ordination might not be off the table, Finnish board member says, but adds not all emerging countries were hit by taper talk in the same way
Finland deputy: Banking union may 'exacerbate conflict' for national supervisors
Banking union is envisaged to lessen the role that national interest plays in bank supervision, but Pentti Hakkarainenin warns of potential short-term setbacks
People: RBI executive director retires; top law award for Zambian deputy
G Gopalakrishna retires after 33 years with the RBI; Zambia's Tukiya Kankasa-Mabula recognised for legal achievements; and more
Finland's 'deep structural crisis' must be addressed, Liikanen warns
‘Decisive action’ is required to tackle a ‘deep structural crisis’, now that attention has shifted from problems in the eurozone, Liikanen writes in the Bank of Finland's 2013 annual report
Finnish paper finds forecast errors correlate with subjective uncertainty, not 'disagreement'
Paper analyses forecasts in the ECB's Survey of Professional Forecasters and the US Survey of Professional Forecasters to find the best predictor of errors
Sepa obstacles have 'not evaporated completely’, warns Finland paper
Bank of Finland researcher finds the advent of the Single Euro Payments Area has not removed all of the barriers to ‘a true domestic products and services market’
Bank of Finland paper backs nominal GDP as policy target
Research finds that price level or nominal GDP targeting is ‘on the whole’ better than inflation targeting as long as private agents adapt their expectations accordingly
Real exchange rates determined by 'cointegrated' factors, Bofit paper finds
Evidence suggests sectoral total factor productivity differentials, real interest rate differentials and real gold prices explain movements in bilateral US real exchange rates between 1970-2006
Russian interbank market lacks discipline, Bofit paper finds
Investigation into levels of market discipline in the Russian interbank market finds some discipline was present during the financial crisis, but even then it was insufficient to curb risk-taking
Liikanen calls for ‘precise’ communication at point of exit
Bank of Finland governor Erkki Liikanen emphasises the importance of central banks providing detailed and accurate communication as they approach the ‘turning point’ of monetary policy
Finnish deputy outlines credibility triad
Pentti Hakkarainen says a central bank’s financial position, legal independence and communications all influence the credibility, and therefore efficacy, of its monetary policy
Finland joins Riksbank in greater gold transparency
Bank of Finland joins Riksbank in revealing where it stores its gold; both banks cite geographical diversification as a motivation, but say it still makes sense to keep most in London
Bank of Finland paper quantifies Basel II shortcomings
Researchers evalute the extent to which the low level of loss-absorbing capital prescribed by Basel II increased the risk of unexpected loan losses taking out a bank
Bank of Finland deputy urges banks to meet mobile and internet payments demand
Pentti Hakkarainen says banking sector has not met Finnish population’s demand for mobile, internet or real-time payments; says banks risks losing their data advantage over other institutions
Bank of Finland publishes research overview
Newsletter highlights research on bank-sovereign feedback loops, information costs and their effect on investment and financial liberalisation in China
Bank of Finland deputy calls on Denmark and Sweden to join the SSM
Pentti Hakkarainen says a strong Nordic dimension in the European banking union would benefit all countries involved; Sweden focused on domestic supervision for time being
Financial contagion function of reputation rather than size of banks
Bank clustering and large in-coming interbank loan more important than leverage ratios, while central bank intervention reduce contagion only slightly, Bank of Finland discussion paper finds
Segmented structure of Russian interbank market leads to volatile interest rates
Liquidity-absorbing and liquidity-provision operations are conducted by the biggest banks, reducing credit risk but also restraining market development, according to Bank of Finland discussion paper
People: Bank of Finland appoints head of monetary policy; Cleveland branch gets new vice-president
Tuomas Välimäki is Bank of Finland's new head of monetary policy and research; Guhan Venkatu takes over from Robert Schaub as president of Cleveland Fed's Pittsburgh branch; and more
Bofit paper says depositor sensitivity to market rumours increased in crisis
Bank of Finland discussion paper analyses market discipline in Central European countries; finds depositors were increasingly influenced by market rumours during the financial crisis
Book notes: Bank of Finland 200 Years: Parliament’s Bank part II
An account of the central bank's dramatic history from December 1939 to the present day
Bank of England deputy tackles macro-prudential effects on banking
Paul Tucker tells Helsinki conference that banks' ‘core comparative advantage' would survive the removal of the ‘too-big-to-fail' subsidy
Finland economist provides euro crisis ‘view from the north'
Banking union will be key to avoiding a repeat of the eurozone sovereign debt crisis, writes Bank of Finland economist; dealing with the ‘legacy' of weak balance sheets is a ‘key open issue'