Refereed research

​

Esa Jokivuolle – Matti Viren
Cyclical default and recovery in stress testing loan losses
Journal of Financial Stability, Online
Doi 


Jukka Vauhkonen
The impact of Pillar 3 disclosure requirements on bank safety
Journal of Financial Services Research, Online
Doi
(BoF DP 29/2009)

Marko Melolinna
What explains risk premia in crude oil futures?
OPEC Energy Review,35 (4) December 2011: 287-307
Doi

Harry Leinonen
Debit card interchange fees generally lead to cash-promoting cross-subsidisation
European Competition Journal, Vol. 7 No 3, December 2011: 527-557
Doi 
(BoF 3/2011)

Tuuli Koivu
Monetary policy, asset prices and consumption in China
Economic Systems
Doi

Aaron Mehrotra – Jenni Pääkkönen  
Comparing China's GDP Statistics with Coincident Indicators
Journal of Comparative Economics, Volume 39, Issue 3, September 2011; 406-411 
Doi 
(BOFIT DP 1/2011)   

Aaron Mehrotra – José R. Sánchez-Fung
Assessing McCallum and Taylor rules in a cross-section of emerging market economies
Journal of International Financial Markets, Institutions and Money, 21(2), 2011: 207–228
(BOFIT DP 23/2009)  

Iikka Korhonen – Goel Rajeev
Exports and Cross-National Corruption: A Disaggregated Examination
Economic Systems, 35/1 2011: 109–124  
(BOFIT DP 5/2009)

Tuuli Juurikkala – Alexei Karas – Laura Solanko
The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia
Review of International Economics 19(1) 2011: 109–121

Christophe J. Godlewski – Zuzana Fungáčová –  Laurent Weill
Stock market reaction to debt financing arrangements in Russia
Comparative Economic Studies, 2011, 53, (679–693)   
Doi
(BOFIT DP 16/2010)

Zuzana Fungacova – Christophe J Godlewski –  Laurent Weill
Asymmetric Information and Loan Spreads in Russia: Evidence from Syndicated Loans
Eastern European Economics, Vol. 49, no. 1, January–February 2011: 13–30
(BOFIT DP 7/2009)

  

Juha Kilponen – Torsten Santavirta
New evidence on implicit contracts from linked employer-employee data
Scandinavian Journal of Economics, Special Issue 112, no. 4 (2010): 864–883 
(BoF DP 12/2010)

Kari Takala – Matti Viren
Is Cash Used only in the Shadow Economy?  
International Economic Journal 24:4, December 2010: 525–540
 
Juha-Pekka Niinimäki
Liquidity Creation without Bank Panics and Deposit Insurance
Journal of Institutional and Theoretical Economics, Vol. 166, No. 3, 521–547 

Efrem Castelnuovo – Salvatore Nisticò
Stock Market Conditions and Monetary Policy in a DSGE Model for the U.S.
Journal of Economic Dynamics and Control, Volume 34, Issue 9, September 2010: 1700–1731
(BoF DP 11/2010)

Harry Leinonen
Transparent price competition or two-sided subsidisation in card payments?
Is there a need for a more efficient business model for the card industry?
Payments Strategy & Systems, Vol 4 Number 2 , June 2010: 102–115

Timo Korkeamaki – Eva Liljeblom – Daniel Pasternacka
Tax reform and payout policy: Do shareholder clienteles or payout policy adjust?
Journal of Corporate Finance, Volume 16, Issue 4, September 2010: 572–587
Doi

Juha Kilponen – Matti Viren
Why do growth rates differ? Evidence from cross-country data on private sector production
Empirica, Volume 37, Number 3 / July, 2010: 311–328
(BoF DP 13/2008)

James Bullard – George W. Evans – Seppo Honkapohja
A Model of Near-Rational Exuberance
Macroeconomic Dynamics,  April 2010, 14, 2: 166–88 

Esa Jokivuolle – Samu Peura
Rating targeting and dynamic economic capital 
Journal of Risk,  Vol 12 No 4 2010
(BoF DP 27/2006) 
 
George W. Evans – Seppo Honkapohja –Noah Williams
Generalized stochastic gradient learning
International Economic Review,  Vol. 51, No. 1, February 2010: 237–262

Tuomas Takalo – Tanja Tanayama
Adverse Selection and Financing of Innovation: Is There a Need for R&D Subsidies
Journal of Technology Transfer,  Volume 35 Number 1 / February, 2010, 16–41
(BoF DP 19/2008)

Olli Castrén – Tuomas Takalo – Geoffrey Wood
Unemployment persistence and the sustainability of exchange rate pegs
Scottish Journal of Political Economy,  Vol. 57 No. 1, February 2010: 85–102
(BoF DP 22/2004)

Sungho Choi – Bill B Francis – Iftekhar Hasan
Cross-Border Bank M&As and Risk: Evidence from the Bond Market
Journal of Money, Credit and Banking, June 2010, v. 42, iss. 4: 615–45

Allen N. Berger – Iftekhar Hasan – Mingming Zhou
The effects of focus versus diversification on bank performance: Evidence from Chinese banks
Journal of Banking & Finance, Volume 34, Issue 7, July 2010: 1417–1435

Yuliya Demyanyka – Iftekhar Hasan
Financial crises and bank failures: A review of prediction methods
Omega, Volume 38, Issue 5, October 2010: 315–324
(Empirical Research in the EU Banking Sector and the Financial Crisis)
Abstract
(BoF DP 35/2009)

Bill B. Francis – Iftekhar Hasan – Kose John – Maya Waisman
The effect of state antitakeover laws on the firm's bondholders
Journal of Financial Economics,  Volume 96, Issue 1, April 2010: 127–154

Bill B Francis – Iftekhar Hasan – James R Lothian – Xian Sun
Signaling Hypothesis Revisited: Evidence from Foreign IPOs
Journal of Financial and Quantitative Analysis, 2010, 45:81–106
(BoF DP 10/2008)

Harry Leinonen
Fördelaktigare betalsystem genom transparent prissättning – Den nuvarande affärsmodellen leder till ineffektivitet
Ekonomiska Samfundets Tidskrift  63:1 (2010): 13–28

Paolo Zagaglia
The Sources of Volatility Transmission in the Euro Area Money Market: From Longer Maturities to the Overnight?
 Applied Economics Letters, May-June 2010, v. 17, iss. 7–9, pp. 865–68

Aaron Mehrotra – Tuomas Peltonen – Alvaro Santos Rivera
Modelling inflation in China - A regional perspective
China Economic Review, Volume 21, Issue 2, June 2010: 237–255

Jarko Fidrmuc – Iikka Korhonen
The impact of the global financial crisis on business cycles in Asian emerging economies
Journal of Asian Economics, Volume 21, Issue 3, June 2010: 293–303
Abstract

Iikka Korhonen – Svetlana Ledyaeva
Trade linkages and macroeconomic effects of the price of oil
Energy Economics, 2010, Vol. 32, 848–856

Iikka Korhonen – Aaron Mehrotra
Money demand in post-crisis Russia: De-dollarisation and re-monetisation
Emerging Markets Finance and Trade, 2010, Vol. 46/No. 2, 5–19
(BOFIT DP 14/2007)

Aaron Mehrotra –  José R. Sánchez-Fung
China's monetary policy and the exchange rate 
Comparative Economic Studies 2010, 52 (4): 497–514
(BOFIT DP 10/2010)​

Bill Francis – Iftekhar Hasan – Dona Siregar
The Choice of IPO versus M&A: Evidence from Banking Industry
Applied Financial Economics, November-December 2009, v. 19, iss. 24: 1987–2007

Peik Granlund
Supervisory approaches and financial market development: Some correlation-based evidence
Journal of Banking Regulation 2009, 11, 6–30
Abstract
(BoF DP 1/2008)

Samu Kurri
Price changes in Finland. Some evidence from the micro CPI data
Finnish Economic Papers Volume 22 Number 2, Autumn 2009:  47–62

George W.Evans – Seppo Honkapohja – Kaushik Mitra
Anticipated fiscal policy and adaptive learning
Journal of Monetary Economics, Volume 56 Issue 7, October 2009, Pages 930–953

Maritta Paloviita – Matti Viren
The role of expectations in the inflation process in the euro area
The Role of Expectations in Modelling and Monetary Policy Making, Routledge International Studies in Money and Banking,  
Chapter 8, 07 December 2009
(BoF DP 6/2005)

Maritta Paloviita
Estimating open economy Phillips curves for the euro area with directly measured expectations
New Zealand Economic Papers, Volume 43, Issue 3, December 2009: 233–254
(BoF DP 16/2008)

Maritta Paloviita – Matti Viren
The Role of Inflation Expectations in the EMU
Applied Economics Letters, Volume 16, Issue 16, November 2009: 1671–1675
Abstract 
(BoF DP 6/2005)

Heli Snellman – Matti Viren
ATM Networks and Cash Usage
Applied Financial Economics, 19, No. 10 (2009): 841–851
Abstract
(BoF DP 21/2006)

Ari Hyytinen – Tuomas Takalo
Consumer Awareness and the Use of Payment Media: Evidence from Young Finnish Consumers
Review of Network Economics, Volume 8, Issue 2, 2009: 164–188
(BoF DP 2/2008)

Klaus Kultti – Antti Miettunen – Tuomas Takalo – Juha Virrankoski
Who Searches?
Japanese Economic Review Vol. 60, Issue 2, pp. 152–171, June 2009
Abstract

Bob Hunt – Tuomas Takalo – Samuli Simojoki
Intellectual Property Rights and Standard Setting in Financial Services: The Case of the Single Euro Payments Area
Financial Innovation in Retail and Corporate Banking (L. Anderloni, D.T. Llewellyn, and R. Schmidt, eds) 2009: 170-198

David Mayes – Matti Viren
Changes in behaviour under EMU
Economic Modelling v. 26, iss. 4, pp. 751–59

Klaus Kultti – Paavo Miettinen
Stability of Constitutions
Journal of Public Economic Theory December 2009, v. 11, iss. 6, pp. 891–96

Karlo Kauko
Mixed duopoly of payment systems
International Research Journal of Finance and Economics, Issue 24, February 2009: 153–166
(BoF DP 11/2005)

Karlo Kauko
Managers and efficiency in banking
Journal of Banking and Finance, Volume 33, Issue 3, March 2009: 546–556
(BoF DP 11/2007)

Matti Viren
Does the value-added tax shift to consumption prices?
AUCO Czech Economic Review, Volume 3, Number 2, 2009: 123–142

K. C.; Fung – Iikka Korhonen – Ke Li – Francis Ng
China and Central and Eastern European Countries: Regional Networks, Global Supply Chain or International Competitors?
Journal of Economic Integration, September 2009, v. 24, iss. 3: 476–504

Juuso Kaaresvirta – Aaron Mehrotra
Business surveys and inflation forecasting in China
Economic Change and Restructuring,  Volume 42, Number 4 / November, 2009: 263–271
(BOFIT DP 22/2008)

Tuuli Koivu
Has the Chinese Economy become more sensitive to interest rates? Studying credit demand in China
China Economic Review Volume 20, Issue 3, September 2009: 455–470
(BOFIT DP 1/2008)

Aaron Mehrotra
The case for price level or inflation targeting—What happened to monetary policy effectiveness during the Japanese disinflation?
Japan and the World Economy, 21 (3), 2009, 280–291

Zuzana Fungacova – Laura Solanko
Risk-taking by Russian Banks: Do Location, Ownership and Size Matter?
HSE Economic Journal, Tom 13, Vol 1, 2009: 101–129

Tuuli Koivu – Aaron Mehrotra – Riikka Nuutilainen
An analysis of Chinese money and prices using a McCallum-type rule
Journal of Chinese Economic and Business Studies, 7 (2), 2009: 219–236
(BOFIT DP 15/2008)

Laura Solanko – Pekka Sutela 
Too much or too little Russian gas for Europe?  
Eurasian Geography and Economics, Vol. 50, No. 1, 2009: 58–74 

Tomasz Koźluk – Aaron Mehrotra
The impact of Chinese monetary policy shocks on East and South-East Asia
Economics of Transition, Vol. 17, Issue 1: 121–145
(BOFIT DP 5/2008)

Iikka Korhonen – Tuuli Juurikkala
Equilibrium exchange rates in oil-exporting countries
Journal of Economics and Finance, Volume 33, Number 1, January 2009

Mikael Bask – Jarko Fidrmuc
Fundamentals and Technical Trading: Behavior of Exchange Rates in the CEECs
Open Economies Review,  November 2009, v. 20, iss. 5, pp. 589-605
(BoF DP 10/2006)

Mikael Bask
Robust Taylor Rules under Heterogeneity in Currency Trade
International Economics and Economic Policy Volume 6, Number 3 / October, 2009: 283-313
(BoF DP 6/2007)

Bill Francis – Iftekhar Hasan – Haizhi Wang
Personal Bankruptcy Law and New Business Formation
Financial Review  November 2009, v. 44, iss. 4, pp. 647-63

Iftekhar Hasan – Michael Koetter – Michael Wedow
Regional growth and finance in Europe: Is there a quality effect of bank efficiency?
Journal of Banking & Finance, Volume 33, Issue 8, 2009: 1446–1453
(BoF DP 13/2009) 

Bill B. Francis – Iftekhar Hasan – Xian Sun
Political connections and the process of going public: Evidence from China
Journal of International Money and Finance, Volume 28, Issue 4, June 2009: 696–719
(BoF DP 7/2009) 

R. Ciciretti – I. Hasan – C. Zazzara
Do Internet Activities Add Value? Evidence from the Traditional Banks
Journal of Financial Services Research, Volume 35, Number 1, February 2009: 81–98

Allen N. Berger – Iftekhar Hasan – Mingming Zhou
Bank Ownership and Efficiency in China: What Will Happen in the World’s Largest Nation?
Journal of Banking & Finance, Volume 33, Issue 1, January 2009: 113–130
(BoF DP 16/2007)

Iftekhar Hasan – Paul Wachtel – Mingming Zhou
Institutional Development, Financial Deepening and Economic Growth: Evidence from China
Journal of Banking & Finance, Volume 33, Issue 1, January 2009: 157–170

Hilde C. Bjørnland – Kai Leitemo
Identifying the interdependence between U.S. Monetary policy and the stock market
Journal of Monetary Economics, Volume 56, Issue 2, March 2009: 275–282
(BoF DP 17/2005)

Mikael Bask
Announcement Effects on Exchange Rates
International Journal of Finance and Economics, Vol. 14, Iss. 1, January 2009: 64–84
(BoF DP 6/2006)

Mikael Bask
Instrument Rules in Monetary Policy under Heterogeneity in Currency Trade
Journal of Economics and Business, Vol. 61, Iss. 2, March–April 2009: 97–111
(BoF DP 22/2007)​

Patrick Crowley – Douglas Maraun – David Mayes
How fused is the euro area core? An evaluation of growth cycle co-movement and synchronization using wavelet analysis
Journal of Business Cycle Measurement and Analysis  No.:4, Volume:2008, Issue:1: 63–95
(BoF DP 18/2006)

Leonardo Becchetti – Iftekhar Hasan – Paul Wachtel
The Anticipated Effects of EU Enlargement: Exchange Rate Volatility, Institutions and Conditional Convergence
Transition Studies Review, 15, No. 3, 2008: 431–446

Olga Garanina
What beyond oil and gas? Russian trade specialisation in manufactures
Post-Communist Economies, Vol. 21, No. 1, March 2009: 1–29
(BOFIT DP 23/2008)

Laura Solanko
Unequal fortunes: a note on income convergence across Russian regions 
Post-Communist Economies, Vol. 20, Iss. 3, September 2008: 287–301

 
David  Mayes – Matti Viren
The Impact of Asset Prices and Their Information Value for Monetary Policy 
Journal of Economic Asymmetries, December 2008: 1–26

Paul Evans – Iftekhar Hasan – Ana Lozano-Vivas
Deregulation and Convergence of Banking: The EU Experience
Finnish Economic Papers, Vol. 21, No. 2, Autumn 2008: 104–117

George W. Evans – Eran Guse – Seppo Honkapohja
Liquidity traps, learning and stagnation
European Economic Review, Volume 52, Issue 8, November 2008: 1438–1463

B. Francis – I. Hasan – D. Hunter
Can hedging tell the full story? Reconciling differences in United States aggregate- and industry-level exchange rate risk premium
Journal of Financial Economics, Volume 90, Issue 2, November 2008: 169–196
(BoF DP 14/2008) 

Pierre Siklos – Martin Bohl
Policy Words and Policy Deeds: The ECB and the Euro
International Journal of Finance and Economics, Volume 13 Issue 3, 2008: 247–265
(BoF DP 2/2006, partly) 

Iftekhar Hasan – Haizhi Wang
The US Bankruptcy Law and Private Equity Financing: Empirical Evidence
Small Business Economics,  Vol. 31, No. 1, June 2008: 5–19

David Mayes – Peik Granlund 
Polar Approaches to Regulating Cross-Border Banking: Nordic and Antipodean Routes to Financial Stability 
European Business Organization Law Review, Vol. 9, Issue 1, 2008: 63–95

Maritta Paloviita
Comparing alternative Phillips curve specifiacations: European results with survey-based expectations
Applied Economics, Volume 40, Issue 17, September 2008: 2259–2270
(BoF DP 22/2005)

David G. Mayes – María J. Nieto – Larry Wall
Multiple safety net regulators and agency problems in the EU: Is Prompt Corrective Action partly the solution?
Journal of Financial Stability, Volume 4, Issue 3, September 2008: 232–257
(BoF DP 7/2007)

Terhi Jokipii – Alistair Milne
Cyclical Behaviour of European Bank Capital Buffers
Journal of Banking and Finance, 30th Anniversary Issue, Volume 32, Issue 8, August 2008: 1440–1451
(BoF DP 17/2006)

Bill B Francis – Iftekhar Hasan – Xian Sun
Financial market integration and the value of global diversification:
evidence for US acquirers in cross-border mergers and acquisitions
Journal of Banking & Finance, Vol. 32, Issue 8, August 2008: 1522–1540
(BoF DP 24/2006)

Ari Hyytinen – Mika Pajarinen
Opacity of young businesses:Evidence from rating disagreements
Journal of Banking & Finance, Vol 32, Issue 7, July 2008: 1234–41

James Bullard – George W Evans – Seppo Honkapohja
Monetary Policy, Judgment, and Near-Rational Exuberance  
American Economic Review, Volume 98, No. 3, 2008: 1163–77   

József Molnár – Gábor Virág
Revenue Maximizing Auctions with Market Interaction and Signalling
Economics Letters, Volume 99, Issue 2, May 2008: 360–363

Ari Hyytinen  – Tuomas Takalo
Investor Protection and Business Creation
International Review Of Law And Economics, 28, 2008: 113–122
(BoF DP 17/2003)

Juha Kilponen  – Kai Leitemo 
Model Uncertainty and Delegation: A Case for Friedman's k-Percent Money Growth Rule?
Journal of Money, Credit and Banking, Volume 40, Issue 2–3, March/April 2008: 547–556
(BoF DP 4/2006)

Yehning Chen – Iftekhar Hasan
Why do bank runs look like panic? A new explanation
Journal of Money, Credit and Banking, Volume 40, Issue 2–3, March/April 2008: 535–546
(BoF DP 19/2006)

Ari Hyytinen  – Petri Rouvinen
The labour market consequences of self-employment spells: European evidence
Labour Economics, Volume 15, Issue 2, April 2008: 246–271

Stanislav Anatolyev
A 10-year retrospective on the determinants of Russian stock returns
Research in International Business and Finance, Vol. 22, Issue 1, January 2008: 56–67
(BOFIT DP 9/2005)

Aaron Mehrotra  
Demand for Money in Transition: Evidence from China's Disinflation
International Advances in Economic Research, Vol. 14 (1), 2008: 36–47
(BOFIT DP 10/2006)

Klaus Kultti –Tuomas Takalo
Optimal Fragmentation of Intellectual Property Rights
International Journal of Industrial Organization, Volume 26, Issue 1, January 2008: 137–149

Juha-Pekka Niinimäki – Tuomas Takalo
Benchmarking and Comparing Entrepreneurs with Incomplete Information
Finnish Economic Papers, Vol. 20, No. 2, 2007: 91–107
(BoF DP 1/2006)

Tuomas Takalo – Klaus Kultti – Juuso Toikka
Secrecy vs. Patenting
RAND Journal of Economics, Supplementary Appendix, Vol 38, No. 1, Spring 2007: 22–42

Maritta Paloviita – David Mayes
Asymmetry and Inflation Dynamics in Different Specifications of the Phillips Curve for the Euro Area
Current Politics and Economics of Europe,  Volume 19, Issue 3/4, 2007

Matti Virén
The Slowdown of Inflation Expectations in Europe: An Empirical Investigation
Current Politics and Economics of Europe, Volume 19, Issue 3/4, 2007

Alistair Milne
Standards and Competition in Post-trade Securities Processing
Journal of Financial Transformation, No. 20, September 2007: 143–54
(BoF DP 23/2005)

Kari Takala – Matti Virén 
Impact of ATMs on the Use of Cash
Communications & Strategies, 66:2, 2007: 47–59

Alistair Milne
Governance and Innovation in UK Retail Payments
Communications & Strategies, 66:2, 2007: 63–77

Martin Bohl – Pierre Siklos – Thomas Werner
Do central banks react to the stock market? The case of the Bundesbank
Journal of Banking & Finance, 31, 3, 2007: 719–733
(BoF DP 2/2006, partly) 

Pertti Haaparanta – Jukka Pirttilä
Reforms and Confidence
Journal of Development Economics, Vol. 84, 2007: 534–550
(BOFIT DP 1/2005)

Martin Ellison – Lucio Sarno – Jouko Vilmunen 
Caution or Activism? Monetary Policy Strategies in an Open Economy 
Macroeconomic Dynamics,  Vol. 11, No. 4, September 2007: 519–41
(BoF DP 3/2004)

Alistair Milne
The industrial organization of post-trade clearing and settlement
Journal of Banking & Finance, Vol. 31, Issue 10, October 2007: 2945–2961

Iftekhar Hasan – Cristiano Zazzara 
Pricing Risky Bank Loans in the New Basel 2 Environment
Journal of Banking Regulation, 7, 243-267 (11 September 2006
(BoF DP 3/2006)

David Mayes 
Financial stability in a world of cross-border banking: Nordic and Antipodean solutions to the problem of responsibility without power
Journal of Banking Regulation, 8, 2006: 20–39

David Mayes – Matti Virén
The Relation between Inflation and Regional Unemployment and Sectoral Income Growth Dispersion: Evidence from EU Countries 
Journal of Economic Asymmetries, 3, 2006: 83–102

Aaron Mehrotra – Timo Välilä
Public Investment in Europe: Evolution and Determinants in perspective
Fiscal studies, 27; 4, 2006: 443–471

John. P. Bonin – Iftekhar Hasan – Paul Wachtel
Privatization matters: Bank Efficiency in transition countries
Journal of Banking and Finance, Vol. 29, 2005: 2155–2178
(BOFIT DP 8/2004)

Esa Jokivuolle – Markku Lanne
Trading Nokia: The roles of the Helsinki vs the New York stock exchanges
The Finnish Journal of Business Economics, 3/2005: 361–374
(BoF DP 26/2004) 

Maritta Paloviita – David Mayes 
The use of real-time information in Phillips-curve relationships for the euro area
The North American Journal of Economics and Finance, Volume 16, Issue 3, December 2005: 415–434
(BoF DP 16/2004)

Byung-Yeon Kim – Iikka Korhonen 
Equilibrium exchange rates in transition countries: Evidence from dynamic heterogeneous panel models
Economic Systems, Vol. 29, No. 2, 2005: 144–162
(BOFIT DP 15/2002)

Martin Ellison – Jouko Vilmunen 
A simple approach to identifying the incentives for policy experimentation
Economics Letters, Volume 86, Issue 2, February 2005: 167–172

Juha Kilponen – Pekka Sinko
Taxation and centralised wage setting: The case of endogenous labour supply
Scottish Journal of Political Economy, Vol. 52, No. 4, September 2005: 587–606

Ari Hyytinen – Tuomas Takalo 
Corporate Law and Small Business Finance: Mandatory v. Enabling Rules
European Business Organization Law Review (EBOR), Volume 6, Issue 03, September 2005: 449–466

Matti Virén 
Suicide and business cycles: new empirical evidence
Applied Economics Letters, 12, No 14, 2005: 887–891

David Mayes – Matti Virén 
Monetary Policy Problems for Currency Unions: Asymmetry and the Problem of Aggregation in the Euro Area
Economic Modelling, Vol. 22, No 2, March 2005: 219–51

David Mayes 
Who Pays for Bank Insolvency in Transition and Emerging Economies?
Journal of Banking and Finance, Vol. 29, No. 1 (Special Issue), January 2005: 161–81

Ville Mälkönen
Capital adequacy regulation and financial conglomerates
Journal of International Banking Regulation, Vol. 6, No. 1, 2004:1–20
(BoF DP 10/2004)

Jaakko Kiander – Juha Kilponen – Jouko Vilmunen 
Labor Taxation, Public Finance, and Wage Determination: Evidence from OECD Countries
European Journal of Political Economy, Vol. 20, No. 4, 2004: 983–999

Samu Peura – Esa Jokivuolle 
Simulation based stress tests of banks' regulatory capital
Journal of Banking and Finance, Vol. 28, No. 8, 2004: 1801–1824
(BoF DP 4/2003)

Abdur Chowdhury 
Private savings in transition economies; Are there terms of trade shocks
Comparative Economic Studies, Vol. 46, No. 4, 2004: 487–514
(BOFIT DP 3/2003)

Jarko Fidrmuc – Iikka Korhonen 
The euro goes East; Implications of the 2000–2002 economic slowdown for synchronisation of business cycles between the euro area and CEECs
Comparative Economic Studies, Vol. 46, No. 1, 2004: 45–62
(BOFIT DP 6/2003)

Byung-Yeon Kim  – Jukka Pirttilä 
Money, barter and inflation in Russia
Journal of Comparative Economics, Vol. 32, No. 2, 2004: 297–314
(BOFIT DP 15/2001)

Eugene Nivorozhkin 
The dynamics of capital structure in transition economies
Economics of Planning, Vol. 37, No. 1, 2004: 25–45
(BOFIT DP 2/2003)

Jukka Pirttilä 
Is international labour mobility a threat to the welfare state; Evidence from Finland in the 1990s
Finnish Economic Papers, Vol. 17, No. 1, 2004: 18–34

Jukka Pirttilä – Matti Tuomala
Poverty alleviation and tax policy
European Economic Review, Vol. 48, No. 5, 2004: 1075–1090

Jouko Rautava 
The role of oil prices and the real exchange rate in Russia's economy; a cointegration approach
Journal of Comparative Economics, Vol. 32, No. 2, 2004: 315–327
(BOFIT DP 3/2002)

Michele Bagella – Leonardo Becchetti – Iftekhar Hasan 
The anticipated and concurring effects of the EMU: exchange rate volatility, institutions and growth
Journal of International Money and Finance, Vol. 23, Issues 7–8, 2004: 1053–1080

Allen Berger – Iftekhar Hasan – Leora Klapper
Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance
Journal of Financial Services Research, Vol. 25, No. 2–3, 2004: 169–202

Iftekhar Hasan  – James R. Lothian – Juha Tarkka 
Overview of the special issue on banking, development and structural change
Journal of International Money and Finance, Vol. 23, Issue 3, 2004: 305–310

Iftekhar Hasan – Heiko Schmiedel 
Networks and equity market integration: European evidence
International Review of Financial Analysis, Vol. 13, Issue 5, 2004: 601–619

Iftekhar Hasan  – Larry D. Wall
Determinants of the Loan Loss Allowance: Some Cross-Country Comparisons
Financial Review, Vol. 39, No. 1, 2004: 129–152

Ari Hyytinen – Tuomas Takalo 
Preventing systemic crises through bank transparency
Economic Notes, 33, 2004: 257–273

Karlo Kauko 
The Links between Securities Settlement Systems: An Oligopoly Theoretic Approach
International Review of Financial Analysis, Vol. 13, Issue 5, 2004: 585–500
(BoF DP 27/2002)

David Mayes 
Who Pays for Bank Insolvency?
Journal of International Money and Finance, Vol. 23 (3), 2004: 515–551

David Mayes  – Matti Virén 
Pressures on the Stability and Growth Pact from asymmetry in Policy
Journal of European Public Policy, Volume 11, Number 5, October 2004: 781–797

Nico Valckx 
The Decomposition of US and Euro Area Stock and Bond Returns and Their Sensitivity to Economic State Variables
European Journal of Finance, Vol. 10, No. 2, 2004: 149–173

Matti Virén 
Government Size and Output Volatility: Is There a Relationship
International Economics, Vol. 57, No. 3, 2004: 349–352
(BoF DP 8/2005)

Mika Pösö – Livio Stracca
What is the Role of the Monetary Base in Monetary Policy Today?
Kredit und Kapital, Vol. 37, No. 2, 2004: 169–201

Harry Leinonen
Network-Based Payments and E-Settlement
Journal of Financial Transformation,  No. 12, December 2004: 125–30

Jukka Topi – Jouko Vilmunen 
Transmission of monetary policy shocks in Finland: Evidence from bank-level data on loans
Monetary Policy Transmission in the Euro Area, I. Angeloni – A. Kashyap – B. Mojon (eds.), 2004: 372–380

Abdur Chowdhury 
Information technology and productivity payoff in the banking industry; Evidence from the emerging markets
Journal of International Development, Vol. 15, 6, 2003: 693–708

Abdur Chowdhury 
Banking reform in Russia; Winds of change
Journal of Policy Reform, Vol. 6, No. 2, 2003: 89–103

Abdur Chowdhury  – Iikka Korhonen 
Economic policies in transition
Economics of Planning, Vol. 36, No. 2, 2003: 77–79

Michael Ehrmann – Martin Ellison  – Natacha Valla
Regime-dependent impulse response functions in a Markov-switching vector autoregression model
Economics Letters, Vol. 78, No. 3, 2003: 295–299

Iftekhar Hasan  – Markku Malkamäki – Heiko Schmiedel 
Technology, automation, and productivity of stock exchanges: International evidence
Journal of Banking and Finance, Vol. 27, No. 9, 2003: 1743–1773
(BoF DP 4/2002)

Esa Jokivuolle – Samu Peura
Incorporating collateral value uncertainty in loss given default estimates and loan-to value ratios
European Financial Management, Vol. 9, Issue 3, 2003: 299–314

Tuomas Komulainen – Johanna Lukkarila 
What drives financial crises in emerging markets
Emerging Markets Review, Vol. 4, No. 3, 2003: 248–272
(BOFIT DP 5/2003)

Iikka Korhonen 
Some empirical tests on the integration of economic activity between the euro area and the accession countries; A note
Economics of Transition, Vol. 11, No. 1, 2003: 177–196

Jarko Fidrmuc – Iikka Korhonen 
Similarity of supply and demand shocks between the euro area and the CEECs
Economic Systems, Vol. 27, No. 3, 2003: 313–334

Tapio Korhonen 
Finnish monetary and foreign exchange policy on the way towards the euro
Finance a úvér – Czech Journal of Economics and Finance, 53, 2003: 430–448

Erkki Koskela  – Markku Ollikainen
A behavioral and welfare analysis of progressive forest taxation
Canadian Journal of Forest Research, 33 (12), 2003: 2352–2361

Erkki Koskela  – Markku Ollikainen
Optimal forest taxation under private and social amenity valuation
Forest Science, 49 (4), 2003: 596–607

Markku Lanne 
Testing the expectations hypothesis of the term structure of interest rates in the presence of a potential regime shift
Manchester School, 71, 2003: 54–77

Juhani Laurila 
Transit transport between the European Union and Russia in light of Russian geopolitics and economics
Emerging Markets Finance & Trade, Vol. 39, No. 5, 2003: 27–57

David Mayes 
Contracts and competition in the regulation of European stock exchanges
Journal of Financial Regulation and Compliance, Vol. 11 (2), 2003: 121–137

David Mayes 
How to bring about a robust exit for an insolvent bank
Central Banking, Vol. 14 (1), 2003: 70–74

Alexander Muravyev 
Gosudarstvennyje pakety aktsij v rossijskih kompanijah
Voprosy ekonomiki, Vol. 5, 2003: 101–120

Juha-Pekka Niinimäki 
Maturity transformation without maturity mismatch and bank panics
Journal of Institutional and Theoretical Economics, Vol. 159, No. 3, 2003: 511–522

Pekka Sutela 
Novyje vetri na Baltike
Sovremennaja Jevropa (Contemporary Europe), 1, 2003: 85–93

Ari Hyytinen – Iikka Kuosa – Tuomas Takalo 
Law or finance: evidence from Finland
European Journal of Law and Economics, 16, 2003: 59–89
(BoF DP 8/2002)

Jan Winiecki 
The role of the new, entrepreneurial private sector in transition and economic performance in light of the successes in Poland,
the Czech Republic, and Hungary
Problems of Economic Transition, Vol. 45, No. 11, 2003: 6–38

Ari Hyytinen – Tuomas Takalo 
Enhancing bank transparency: A re-assessment
European Finance Review, Vol. 6, 3, 2002: 429–445

A. Anari – J. Kolari – S. Pynnönen – A. Suvanto 
Further evidence on the credit view: the case of Finland
Applied Economics, 34, 2002: 267–278

Angela Huang – Dimitri Magaritis – David G. Mayes 
Monetary Policy Rules in Practice: Evidence from New Zealand
Multinational Finance Journal, Vol. 5 (3), 2002: 175–200

Esa Jokivuolle 
Financial Markets: Shock Absorbers or Shock Creators
The Finnish Journal of Business Economics (Liiketaloudellinen aikakauskirja), 2, 2002: 181–186

Klaus Kultti – Tuomas Takalo 
Hold-ups and Asymmetric Information in a Technology Transfer: The Micronas Case
Journal of Technology Transfer, 27, 2002: 233–243

Tuomas Komulainen – Jukka Pirttilä 
Fiscal explanations for inflation: Any evidence from transition economies
Economics of Planning, Vol. 35, No. 3, 2002: 239–316

David G. Mayes 
Social exclusion and macro-economic policy in Europe: a problem of dynamic and spatial change
Journal of European Social Policy, Vol. 12 (3), 2002: 195–209

David G. Mayes – Matti Virén 
Asymmetry and the Problem of Aggreation in the Euro Area
Empirica, 29, 2002: 47–73

David G. Mayes  – Matti Virén 
Financial Condition Indexes
Economia Internazionale, 4, 2002, 30 p.

Juha-Pekka Niinimäki 
Do time deposits prevent bank runs?
Journal of International Financial Markets, Institutions and Money, Vol. 12, No. 1, 2002: 19–31

Jukka Pirttilä 
Specific versus ad valorem Taxation and Externalities
Journal of Economics (Zeitschrift für Nationalökonomie), Vol. 76, No. 2, 2002: 177–187

Jukka Pirttilä – Matti Tuomala
Publicly provided private goods and redistribution: A general equilibrium analysis
Scandinavian Journal of Economics, Vol. 104, No. 1, 2002: 173–188

Oz Shy 
A quick-and-easy method for estimating switching costs
International Journal of Industrial Organization, Vol. 20, No. 1, 2002: 71–87

Pekka Sutela 
How to escape the trap of resource-based development; Contrasting experiences
Ekonomitsheski Zhurnal Vysshei Shkoly Ekonomiki (HSE Economic Journal), 3, 2002: 315–323

Antti Suvanto – David G. Mayes 
Beyond the Fringe: Finland and the Choice of Currency
Journal of Public Policy, 22, 2002: 4364

Juha Tarkka 
The Effects of EMU on the Finnish Economy: Some Early Conjectures
The Economic and Social Review, Vol. 33, No. 2, 2002: 161–177

Juha Tarkka 
Pricing of transaction services; The distortionary effects of taxation
Research in banking and finance, Vol. 2, 2002: 107–121

Juha Tarkka – Oz Shy 
The Market for Electronic Cash Cards
Journal of Money, Credit, Banking, Vol. 34, No. 2, 2002: 299–314
(BOF DP 21/1998)

Iftekhar Hasan  – Markku Malkamäki 
Are Expansions Cost Effective for Stock Exchanges? A Global Perspective
Journal of Banking and Finance, Vol. 24, No. 12, December 2001: 2339–66

Jussi Snellman – Jukka Vesala – David Humphrey
Substitution of Noncash Payment Instruments for Cash in Europe
Journal of Financial Services Research, Vol. 19, No. 2/3, 2001: 131–145

Esa Jokivuolle – Samu Peura
Regulatory Capital Volatility
Risk, Vol. 14, No 5, 2001: 95–98

Jaakko Kiander – Matti Virén 
Measuring Labour Market Flexibility on the OECD Countries
Empirica, 2, 2001: 187–201

Iikka Korhonen 
Progress in economic transition in the Baltic States
Post-Soviet Geography and Economics, Vol. 42, No 6, 2001: 440–463

Juhani Laurila – Rupinder Singh 
Sequential Reform Strategy; The case of Azerbaijan
Russian and East European Finance and Trade, Vol. 37, No 3, 2001: 25–76

Jukka Pirttilä 
Fiscal Policy and Structural Reforms in Transition Economies
The Economics of Transition, Vol. 9, No 1, 2001: 29–52

Jukka Pirttilä – Matti Tuomala
On Optimal Non-Linear Taxation and Public Good Provision in an Overlapping Generations Economy
Journal of Public Economics, Vol. 79, 2001: 485–501

Antti Ripatti – Pentti Saikkonen 
Vector Autoregressive Processes with Nonlinear Time Trends in Cointegrating Relations
Macroeconomic Dynamics, Vol. 5, Nro 4, 2001: 577–597

Pekka Sutela 
Geld, Banken und Staat in Sozialismus und transformation. Vom Zusammenbruch der Sowjetunion zur Finanz-krise
in der Russischen Federation
Economic Systems, Vol. 25, No 2, 2001: 170–171

Juha Tarkka 
Pricing of Transaction Services: The Distortionary Effects of Taxation
Research in Banking and Finance, Vol. 2, 2001: 107–122

Nico Valckx 
Modeling Asset Premiums and the Riskfree Rate in General Equilibrium CCAPM
Review of Quantitative Finance and Accounting, Vol. 17, 2001: 107–126

Matti Virén 
The Okun Curve is Non-Linear
Economic Letters, Vol. 70, No. 2, 2001: 253–257

Matti Virén 
Modelling crime and punishment
Applied Economics, Volume 33, Number 14, 15 November 2001: 1869–1879

Juha Kilponen – David Mayes – Jouko Vilmunen 
Labour Market Flexibility in the Euro Area
European Business Journal, Vol. 12, Issue 2, 2000: 100–110

Nigel Grimwade – David Mayes 
Trends in EU-East Asian Trade and Their Implications for Europe’s ASEM Programme
Journal of Economic Integration, 15 (3), 2000: 355–396

Erkki Koskela  – Rune Stenbacka
Is There a Tradeoff between Bank Competition and Financial Fragility?
Journal of Banking and Finance, 24, 12, 2000: 1853–1873

Erkki Koskela – Matti Virén 
Is There a Laffer Curve between Aggregate Output and Public Sector Employment
Empirical Economics, 25, 2000: 605–621

Jukka Pirttilä 
A Many -Person Corlett-Hague Tax Rule with Externalities
Oxford Economic Papers, 52, 2000: 595–605

Matti Virén 
Analysing Long Memory and Asymmetries
European Journal of Finance, Vol. 6, No, 2, June 2000: 240–258

Matti Virén 
Measuring Effectiveness of Fiscal Policy in OECD Countries
Applied Economics Letters, 7, 2000: 29–34

David Mayes – Matti Virén 
The Exchange Rate and Monetary Conditions in the Euro Area
Weltwirtschaftliches Archiv, 136, 2, 2000: 199–231

Mika Kortelainen – Hanna-Leena Männistö – Mika Tujula – Alpo Willman
The BOF5 Macroeconomic Model of Finland, Structure and Dynamic Microfoundations
Economic Modelling, 17, 2000: 275–303

Iikka Korhonen 
Currency Boards in the Baltic Countries: What Have We Learned?
Post-communist Economies, Vol. 12, No. 1, 2000: 25–46

Erkki Koskela – Matti Virén 
Bank mergers and the fragility of loan markets
Finnish Economic Papers, 13 (1) 2000: 3–18

Iain Begg – David Mayes 
Decentralised Industrial Policy
European Planning Studies, Vol. 8, No. 2, 2000: 149–156

David Mayes – Jukka Vesala 
On the Problems of Home Country Control
Current Economics and Politics of Europe, Vol. 10 (1), 2000: 1–25

Seija Lainela 
Baltic Accession to the European Union
Journal of Baltic Studies, Vol. XXXI, No. 2, 2000: 204–216

1999

Matti Virén 
Testing the “Natural Rate of Suicide” Hypothesis
International Journal of Social Economics, 26,1999: 1428–1440

Juhana Hukkinen – Matti Virén 
Assessing the Forecasting Performance of a Macroeconomic Model
Journal of Policy Modelling, 21 (6),1999: 753–768

Matti Virén  – Juhana Hukkinen 
How to Evaluate the Forecasting Performance of a Macroeconomic Model?
Macromodels, 25,1999: 27–50

Pekka Sutela 
The Economics and Politics of Integration – A Finnish Perspective
Journal of Comparative Economics, 27, 1999: 782–784

Laura Solanko – Merja Tekoniemi 
Novgorod and Pskov
Russian and East European Finance and Trade, Vol. 35, No. 2, 1999: 42–58

Ritva Luukkonen – Antti Ripatti – Pentti Saikkonen
Testing for a Valid Normalization of Cointegrating Vectors in Vector Autoregressive Processes
Journal of Business & Economic Statistics, 7 (2), 1999: 195–205

Risto Herrala 
Banking Crises vs. Depositor Crises: The Era of the Finnish Markka
Scandinavian Economic History Review, 2, 1999: 5–22

Pekka Ilmakunnas – Jukka Topi 
Microeconomic and Macroeconomic Influences on Entry and Exit of Firms
Review of Industrial Organization, 15, 1999: 283–301

Tuomas Komulainen 
Currency Crisis Theories – Some Explanations for the Russian Case
Ekonomitsheski Zhurnal Vysshei Shkoly Ekonomiki, Vol. 3, No. 1, 1999: 3–27

Hanna Pesonen – Iikka Korhonen 
The Short and Variable Lags of Russian Monetary Policy
Russian and East European Finance and Trade, Vol. 35, No. 2, 1999: 59–72

Jukka Pirttilä 
Earmarking of Environmental Taxes and Pareto-Efficient Taxation
Finanzarchiv, Vol. 56, No. 2, 1999: 202–217

Jukka Pirttilä – Ronnie Schöb
Redistribution and Internalization: The Many-Person Ramsey Tax
Public Finance Review, Vol. 27, No. 5, 1999: 541–560 

1998

1997

David Mayes
The New Zealand "experiment": Using economic theory to drive policy
Policy Options, Vol 18, No 7, 1997: 34–36

1996

1995