Suomen Pankin Julkaisuarkisto
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Finlands Banks pensionsfond : Årsberättelse 2017
No full text1 Finlands Banks pensionsfond 5
2 Pensionsåtagande och utbetalda pensioner 7
3 Bokslut 8
3.1 Balansräkning 8
3.2 Resultaträkning 9
3.3 Noter till bokslutet 11
4 Finansiering av pensionerna 13
4.1 Sammanslagning av pensionsfondens tillgångar med Finlands Banks finansiella tillgångar 13
4.2 Täckning av pensionsåtagandet 13
4.3 Pensionsfondens placeringsverksamhet 1–3/2017 1
Talouskatsaus 4/2018
No full textRaha- ja reaalitalouden kehitys 2
Yhteenveto 2
1 Ulkoinen ympäristö 5
2 Rahoitusmarkkinoiden kehitys 12
3 Talouskehitys euroalueella 17
4 Hinnat ja kustannukset 22
5 Rahan määrä ja luotonanto 27
6 Julkisen talouden kehitys 34
Kehikot 37
1 Likviditeettitilanne ja rahapoliittiset operaatiot 31.1.–2.5.2018 37
2 Viimeaikainen tuotannon kasvun hidastuminen euroalueella liittyy sekä
syklisiin että satunnaistekijöihin 42
3 Miten valuuttakurssimuutosten välittymistä inflaatioon seurataan 46
4 Väestön ikääntymistä koskeva vuoden 2018 raportti:
Väestön ikääntyminen asettaa finanssipolitiikalle ankaria haasteita 51
5 Vuoden 2018 talouspolitiikan eurooppalaisen ohjausjakson
maakohtaiset finanssipolitiikkasuositukset 56
Artikkelit (Saatavissa englanninkielisinä EKP:n verkkopalvelusta
http://www.ecb.europa.eu/pub/economic-bulletin/articles/html/index.en.html)
1 Foreign direct investment and its drivers: a global and EU perspective
2 Measuring and interpreting the cost of equity in the euro area
3 Measures of underlying inflation for the euro area
Tilastot (vain englanniksi) S
Talouskatsaus 6/2018
No full textRaha- ja reaalitalouden kehitys 2
Yhteenveto 2
1 Ulkoinen ympäristö 5
2 Rahoitusmarkkinoiden kehitys 12
3 Talouskehitys euroalueella 17
4 Hinnat ja kustannukset 21
5 Rahan määrä ja luotonanto 26
6 Julkisen talouden kehitys 33
Kehikot 36
1 Protektionismin lisääntymisen makrotaloudelliset vaikutukset 36
2 Likviditeettitilanne ja rahapoliittiset operaatiot 3.5.–31.7.2018 40
3 Öljyn hinta, ulkomaankaupan vaihtosuhde ja yksityinen kulutus 46
4 Rahoitussektorin tukitoimien vaikutukset julkiseen talouteen: tilanne
kymmenen vuotta finanssikriisin puhkeamisen jälkeen 49
Artikkelit
(Saatavissa englanninkielisinä EKP:n verkkopalvelusta
http://www.ecb.europa.eu/pub/economic-bulletin/articles/html/index.en.html)
1 The global financial cycle: implications for the global economy and the euro
area
2 Interpreting recent developments in market-based indicators of longer-term
inflation expectations
3 Trends and developments in the use of euro cash over the past ten years
Tilastot (vain englanniksi) S
The great illusion of digital currencies
No full textThis paper is an analysis of digital currencies, including cryptocurrencies, and their potential as monetary instruments. The analysis shows that the concept of a digital currency is a fallacy. Currency, in the form of coins and banknotes, can be viewed as a physical representation of a monetary unit of account. Currency cannot be digitised, as this would inevitably mean creating a financial record keeping system based on accounts. Cryptocurrencies are not currencies at all but accounting systems for non-existent assets. Central bank digital currency would practically mean bank accounts at the central bank. Whether the general public should have access to such accounts, and whether monetary transactions should be allowed to be made anonymously or privately, are questions of policy and unrelated to cryptocurrencies or their underlying technology
Suomen Pankin eläkerahaston vuosikertomus 2017
No full text1 Suomen Pankin eläkerahasto 5
2 Eläkevastuu ja maksetut eläkkeet 7
3 Tilinpäätös 8
3.1 Tase 8
3.2 Tuloslaskelma 9
3.3 Suomen Pankin eläkerahaston tilinpäätöksen kommentit 11
4 Eläkkeiden rahoittaminen 13
4.1 Eläkerahaston varallisuuden siirto osaksi Suomen Pankin rahoitusvarallisuutta 13
4.2 Eläkevastuun kattaminen 13
4.3 Eläkerahaston sijoitustoiminta 1–3/2017 1
Secrecy, information shocks, and corporate investment: Evidence from European Union countries
No full textThis study examines how national culture affects corporate investment. We argue that national culture affects corporate investment efficiency through the level of secrecy that national culture exhibits. Using a sample of firms from eight culturally-diverse European Union countries, we find that the level of secrecy that national culture exhibits is negatively related to corporate investment efficiency after controlling for a number of firm- and country-level factors. We also find that the negative relation between national culture and corporate investment efficiency is mitigated by an exogenous shock to the information asymmetry problem between managers and investors. Our study highlights the importance of the cultural value of secrecy/transparency as a determinant of investment efficiency at the firm-level.Published in Bank of Finland Research Discussion Papers 19/2017.http://urn.fi/URN:NBN:fi:bof-20170809148
Determinants of Bank Closures : Do Levels or Changes of CAMEL Variables Matter?
No full textThis study examines the role of levels and changes in bank balance sheet variables in explaining bank closure. Using a unique set of monthly bank-level panel data from Russia, we estimate determinants of bank license withdrawals during 2013M7-2017M7. We make two key findings. First, changes in CAMEL indicators are always significantly correlated with probability of bank closure, and the magnitude of parameter estimates decreases with the lag length. Second, while the one-month lagged levels of capital, earnings, and liquidity are significantly associated with the probability of bank closure in the subsequent month, the level of liquidity is the only significant indicator for longer lags. Our key contribution that changes in CAMEL variables matter more than levels is robust to various robustness checks
Should banks diversify or focus? Know thyself : The role of abilities
No full textThe paper investigates whether diversification/focus across assets, industries and borrowers affects bank performance when banks’ abilities (screening and monitoring) are considered. The initial results show that diversification (focus) at the asset, industry and borrower levels is expected to decrease (increase) returns. However, once banks’ screening and monitoring abilities are controlled for, the effect of diversification/focus either gets weaker or disappears. Further, in some cases, these abilities enhance banks’ long-run performance, but in others they prove to be costly, at least, in the short run. Thus, the level of monitoring and screening abilities should be taken into consideration in understanding, planning and implementing diversification/focus strategies