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Discussion Papers

Research reports that are completed at the Bank of Finland are published at first as discussion papers. The series distributes information on the key research areas and results that are topical from the viewpoint of the Bank's strategic aims. The aim of the series is also to inspire discussion among experts.

Discussion papers are published in English, and they include an abstract in Finnish. They are published online in PDF format. Discussion papers may also be subscribed to electronically, in which case the subscriber receives an alert via email immediately after a new discussion paper has been released online.

The series has been published since 1988. The discussion papers that have been published after 1996 are available on the Bank of Finland website, and previous publications will be added to this site in PDF format.

Previously published discussion papers may be obtained in PDF format by email from the Bank of Finland (research@bof.fi). Copies can also be borrowed from the Bank of Finland library.

 

2008

30/2008
Alistair Milne – Geoffrey Wood: Shattered on the Rock? British financial stability from 1866 to 2007
2008. 68 pages.

29/2008
Iftekhar Hasan – Loretta J Mester: Central bank institutional structure and effective central banking: cross-country empirical evidence
2008. 38 pages.

28/2008
Jukka Lassila – Tarmo Valkonen: Population ageing and fiscal sustainability in Finland: a stochastic analysis
2008. 71 pages.

27/2008
Christa Hainz – Laurent Weill – Christophe J Godlewski: Bank competition and collateral: theory and evidence
2008. 37 pages.

26/2008
Fabrizio Spargoli – Paolo Zagaglia: The co-movements along the forward curve of natural gas futures: a structural view
2008. 32 pages.

25/2008
Massimiliano Marzo – Silvia Romagnoli – Paolo Zagaglia: A continuous-time model of the term structure of interest rates with fiscal-monetary policy interactions
2008. 35 pages.

24/2008
Massimiliano Marzo – Paolo Zagaglia: Determinacy of interest rate rules with bond transaction services in a cashless economy
2008. 36 pages.

23/2008
Paolo Zagaglia: Money-market segmentation in the euro area: what has changed during the turmoil?
2008. 33 pages.

22/2008
Kari Kemppainen: Integrating European retail payment systems: some economics of SEPA
2008. 43 pages.

21/2008
Helvi Kinnunen: Government funds and demographic transition – alleviating ageing costs in a small open economy
2008. 39 pages.

20/2008
Efrem Castelnuovo – Luciano Greco – Davide Raggi: Estimating regime-switching Taylor rules with trend inflation
2008. 40 pages.

19/2008
Tuomas Takalo – Tanja Tanayama: Adverse selection and financing of innovation: is there a need for R&D subsidies?
2008. 41 pages.

18/2008
Mika Vaihekoski: History of finance research and education in Finland: the first thirty years
2008. 41 pages.

17/2008
Esa Jokivuolle – Kimmo Virolainen – Oskari Vähämaa: Macro-model-based stress testing of Basel II capital requirements
2008. 27 pages.

16/2008
Maritta Paloviita: Estimating open economy Phillips curves for the euro area with directly measured expectations
2008. 37 pages.

15/2008
Leonardo Becchetti – Annalisa Castelli – Iftekhar Hasan: Investment-cash flow sensitivities, credit rationing and financing constraints
2008. 64 pages.

14/2008
Bill B Francis – Iftekhar Hasan – Delroy M Hunter: Does hedging tell the full story? Reconciling differences in US aggregate and industry-level exchange rate risk premia
2008. 58 pages.

13/2008
Juha Kilponen – Matti Viren: Why do growth rates differ? Evidence from cross-country data on private sector production
2008. 29 pages.

12/2008
Jukka Topi: Bank runs, liquidity and credit risk
2008. 31 pages.

11/2008
Kari Takala – Matti Viren: Efficiency and costs of payments: some new evidence from Finland
2008. 50 pages.

10/2008
Bill B Francis – Iftekhar Hasan – James R Lothian – Xian Sun: The signalling hypothesis revisited: Evidence from foreign IPOs
2008. 42 pages.

9/2008
Marko Melolinna: Using financial markets information to identify oil supply shocks in a restricted VAR
2008. 35 pages.

8/2008
Essi Eerola – Niku Määttänen: On the importance of borrowing constraints for house price dynamics
2008. 40 pages.

7/2008
Tuomas Takalo – Tanja Tanayama – Otto Toivanen: Evaluating innovation policy: a structural treatment effect model of R&D subsidies
2008. 59 pages.

6/2008
Mikael Juselius: Cointegration implications of linear rational expectation models
2008. 25 pages.

5/2008
Heli Huhtala: Along but beyond mean-variance: Utility maximization in a semimartingale model
2008. 29 pages.

4/2008
József Molnár: Market power and merger simulation in retail banking
2008. 26 pages.

3/2008
Patrick M Crowley: One Money, Several Cycles? Evaluation of European business cycles using model-based cluster analysis
2008. 47 pages.

2/2008
Ari Hyytinen – Tuomas Takalo: Consumer awareness and the use of payment media: evidence from young Finnish consumers
2008. 34 pages.

1/2008
Peik Granlund: Regulatory choices in global financial markets – restoring the role of aggregate utility in the shaping of market supervision
2008. 36 pages.