Suomen Pankin Julkaisuarkisto
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Non-linearity in the finance-growth nexus : Evidence from Indonesia
No full textThis paper investigates the finance-growth nexus where bank credit is decomposed into investment, consumption, and working capital credit. From a panel dataset of provinces in Indonesia, it documents that higher financial development measured by financial deepening and financial intermediation exhibits an inverted U-shaped relationship with economic growth. This non-linear effect of financial deepening is driven by both investment credit and consumption credit. These results suggest that too much investment credit and, to a lesser extent, consumption credit are detrimental to economic growth. Ultimately, only financial intermediation associated with working capital credit has a positive and monotonic impact on economic growth
Henkilöstötilinpäätös 2016
No full textJohdanto 3
Henkilöstömäärä ja -rakenne 4
Ikärakenne 4
Sukupuolijakauma 5
Palvelussuhteen kesto 5
Rekrytoinnit ja henkilöstön vaihtuvuus 7
Työnantajakuva 7
Rekrytoinnit 8
Liikkuvuus 8
Määräaikaiset tehtävänimitykset 9
Lähtövaihtuvuus 9
Työaika ja työpanos 10
Henkilötyövuodet 10
Lisä- ja ylityöt 11
Vuosiloma 11
Palkkaus ja palkinta 12
Vuoden 2016 palkantarkistukset ja palkinta 12
Palkkakehitys 12
Osaamisen kehittäminen 15
Koulutusrakenne 15
Koulutuspanostukset 17
Suoriutumisen johtaminen 18
Esimiestyön kehittäminen 18
Tutkimustoiminta vahvistaa ekonomistiosaamista 18
Toimintatapojen kehittäminen 19
Smart Working 19
Ideapankki 19
Työhyvinvointi 20
Työkyvyn ylläpito ja sairauspoissaolot 20
Työsuojelu- ja yhteistoiminta 20
Tasa-arvo 22
Rekrytoinnit 22
Palkkaus ja työuralla eteneminen 22
Kansainvälinen yhteistyö 22
Sisäiset työryhmät ja yhteistoimintaedustus 22
Työ- ja perhe-elämän yhteensovittaminen 22
Suomen Pankin eläkelaitos 23
Tunnuslukuyhteenveto 24
Käsitteet ja määritelmät 2
Suomen Pankin eläkerahaston vuosikertomus 2016
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 12
4 Eläkerahaston rahoitusriskien hallinta ja sijoitustoiminta 14
4.1 Sijoitustoiminnan tavoitteet ja niistä johdettu sijoituspolitiikka 14
4.2 Eläkerahaston varallisuus ja sijoitustoiminta vuonna 2016 15
4.3 Sijoitustoiminnan toteuttaminen 16
4.4 Sijoitustoiminnan riskienhallinta 1
Do managerial risk-taking incentives influence firms' exchange rate exposure?
No full textThere is scant evidence on how risk-taking incentives impact specific firm risks. This has implications for board oversight of managerial risk taking, firms' development of comparative advantage in taking particular risks, and compensation design. We examine this question for exchange rate risk. Using multiple identification strategies, we find that vega increases exchange rate exposure for purely domestic and globally engaged firms. Vega's impact increases with international operations, declines post-SOX, and is robust to firm-level governance. Our results suggest that evidence that exposure reduces firm value can be viewed, in part, as a wealth transfer from shareholders and debt-holders to managers.BoF DP 16/201
Disaster risk and preference shifts in a New Keynesian model
No full textIn RBC models, disaster risk shocks reproduce countercyclical risk premia but generate an increase in consumption along the recession and asset price fall, through their effects on agents’ preferences (Gourio, 2012). This paper offers a solution to this puzzle by developing a New Keynesian model with such a small but time-varying probability of “disaster”. We show that price stickiness, combined with an EIS smaller than unity, restores procyclical consumption and wages, while preserving countercyclical risk premia, in response to disaster risk shocks. The mechanism then provides a rationale for discount factor first- and second-moment (“uncertainty”) shocks.CEPII Working Paper N°2015-16, September 201
Anchoring of inflation expectations in the euro area : recent evidence based on survey data
No full textThis article analyses the anchoring of inflation expectations of professional forecasters and consumers in the euro area. We study anchoring, defined as the central bank's ability to manage expectations, by paying special attention to the impact of the ECB inflation target and ECB inflation projections on inflation expectations. Our analysis indicates that in the post-crisis period longer-term inflation expectations have become somewhat more sensitive to shorter-term ones and to actual HICP inflation. We also find that the ECB inflation projections have recently become more important for short- and medium-term expectations of professional forecasters and at the same time the role of the ECB inflation target for those expectations has diminished. Overall, our analysis suggests that in recent years inflation expectations in the euro area have shown some signs of de-anchoring.ECB Working Paper 1945/201
Social Capital and Debt Contracting : Evidence from Bank Loans and Public Bonds
No full textWe find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax avoidance. We identify the causal relation using companies with a social-capital-changing headquarters relocation. We also find that high-social-capital firms face loosened nonprice loan terms, incur lower at-issue bond spreads, and prefer public bonds over bank loans. We conclude that debt holders perceive social capital as providing environmental pressure that constrains opportunistic firm behaviors in debt contracting.Published in BoF DP 21/2015
The Impacts of Intellectual Property Rights Protection on Cross-Border M&As
No full textWe investigate the impacts of improved intellectual property rights (IPR) protection on cross-border M&A performance. Using multiple measures of IPR protection and based on generalized difference-in-differences estimates, we find that countries with better IPR protection attract significantly more hi-tech cross-border M&A activity, particularly in developing economies. Moreover, acquirers pay higher premiums for companies in countries with better IPR protection, and there is a significantly higher acquirer announcement effect associated with these hi-tech transactions.BoF DP 17/201
Enforceability of noncompetition agreements and firm innovation: does state regulation matter?
No full textIn this study, we examine how noncompetition agreements and the mobility of human capital – a core asset of any firm – affect innovations of publicly traded firms in the United States. We find that firms in states with stricter noncompetition enforcement have fewer patent applications. We also examine patent forward citations and find that tougher enforcement of such contracts is associated with less innovative patents. Notably, we find that stronger enforcement of noncompetition agreements impedes innovation for firms facing intense industry labor mobility. High-powered, equity-based compensation positively moderates the relationship between noncompetition enforcement and innovation, but only for the quality of innovation
Highways and Spatial Location within Cities : Evidence from India
No full textWe investigate the impact of the Golden Quadrilateral (GQ) highway project on the spatial organization and efficiency of manufacturing activity. The GQ project upgraded the quality and width of 3,633 miles of roads in India. We use a difference-in-difference estimation strategy to compare non-nodal districts based upon their distance from the highway system. For the organized portion of the manufacturing sector, we find that GQ led to improvements in both urban and rural areas of nonnodal districts located 0–10 km from GQ. These higher entry rates and increases in plant productivity are not present in districts 10–50 km away. The entry effects are stronger in rural areas of districts, but the differences between urban and rural areas are modest relative to the overall effect. For the unorganized sector, we do not find material effects from the GQ upgrades in either setting. These findings suggest that in the time frames that we can consider—the first five to seven years during and after upgrades—the economic effects of major highway projects contribute modestly to the migration of the organized sector out of Indian cities but are unrelated to the increased urbanization of the unorganized sector