Finland
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
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
Draghi wants shared sovereignty over structural reforms
ECB president fleshes out vision for ‘common governance’ of product and labour market reforms in the eurozone; advocates adopting an ‘institution-based approach’ to common governance
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’
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
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
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
Nouy says SSM will bring ‘positive effects’ for Nordic banks
Supervisors from Nordic countries consider how their relationship will change when the SSM becomes operational; Denmark and Sweden are unlikely to opt in
Banks switch strategies way ahead of new regulation, paper finds
ECB working paper studying a set of Finnish banks finds they anticipated Basel II by up to seven years, shifting their credit portfolios in preparation for the new regulatory environment
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’
Chinese labour costs set to play significant inflation role
Researchers suggest that increases in labour costs do not pass ‘fully’ through to prices in China; warn this could change on the back of ‘recent sizeable growth’ in nominal wages
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
Four more countries have ‘systemically important' financial sectors, says IMF
New methodology qualifying countries for IMF's financial sector assessment programme means Denmark, Norway, Poland and Finland will now undergo regular check-ups
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
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 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
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