Macro stress testing with a macroeconomic credit risk model for Finland

In the discussion paper, we employ data on industry-specific corporate sector bankruptcies over the time period from 1986 to 2003 and estimate a macroeconomic credit risk model for the Finnish corporate sector. The sample period includes a severe recession with significantly higher-than-average default rates in the early 1990s. The results suggest a significant relationship between corporate sector default rates and key macroeconomic factors including GDP, interest rates and corporate indebtedness. The estimated model is employed to analyse corporate credit risks conditional on current macroeconomic conditions. Furthermore, the paper presents some examples of applying the model to macro stress testing, ie analysing the effects of various adverse macroeconomic events on the banks’ credit risks stemming from the corporate sector. The results of the stress tests suggest that Finnish corporate sector credit risks are fairly limited in the current macroeconomic environment.banking; credit risk; stress tests

Payment and Settlement Systems in Finland 1995

This paper is an overview of domestic payment and settlement systems in Finland. It contains an up-to-date description of institutional aspects of payment systems, payment media used by non-banks, interbank exchange and settlement circuits and securities settlement systems. At the end of the paper, annual statistics are presented on payment and settlement systems and on payment media for the years 1989–1994.clearing; settlement; payment media; Finland

Sijoittajanvastuu: EU säännöt ja niiden soveltuvuus Pohjoimaihin

The global financial crisis has led to extensive regulatory reforms around the globe. The bail-in rules introduced in the Bank Recovery and Resolution Directive are an essential part of the new bank crisis management landscape in Europe. The paper seeks to clarify their implications and applicability in three ways. First, we provide a concise overview of the issues involved based on recent – mainly theoretical – literature. Second, we describe the key features of the European resolution framework. Third, we discuss the implications of the bail-in approach for crisis management in the Nordic context.Peer reviewe

PENGARUH PEMBELAJARAN KOOPERATIF TIPE STUDENT TEAM ACHIEVEMENT DIVISIONS (STAD) BERBASIS MULTIMEDIA TERHADAP HASIL BELAJAR IPS SISWA SEKOLAH DASAR KELAS III DI KECAMATAN SAMBIT

Penelitian ini bertujuan untuk mengetahui pengaruh pembelajaran kooperatif tipe Student Team Achievement Division (STAD) berbasis multimedia terhadap hasil belajar IPS. Rancangan yang digunakan dalam penelitian ini adalah Quasi Eksperiment Desaign. Populasi dari penelitian ini adalah seluruh siswa kelas III SD di Kecamatan Sambit, pemilihan sampel dilakukan secara random, kelas III SDN Wilangan dijadikan kelas kontrol yang diberi perlakuan pembelajaran konvensional berbasis multimedia, sedangkan kelas III SDN Sambit 1 dijadikan kelas eksperimen yang diberi perlakuan pembelajaran STAD berbasis multimedia.. Hasil penelitian menunjukkan rata-rata hasil belajar kelas kontrol sebesar 12,14 dan untuk kelas eksperimen sebesar 14.17. Melalui pengujian hipotesis diperoleh nilai signifikansi sebesar 0,037 yang tidak lebih besar dari 0.05 taraf kesalahan yang bisa diterima. Sehingga dapat disimpulkan bahwa hasil penelitian menunjukkan terdapat perbedaan antara hasil belajar kelas kontrol dengan hasil belajar kelas eksperimen dan hasil penelitian ini mendukung argumen atau teori pembelajaran kooperatif yang dapat meningkatkan hasil belajar siswa

Human essential hypertension : no significant association of polygenic risk scores with antihypertensive drug responses

Polygenic risk scores (PRSs) for essential hypertension, calculated from>900 genomic loci, were recently found to explain a significant fraction of hypertension heritability and complications. To investigate whether variation of hypertension PRS also captures variation of antihypertensive drug responsiveness, we calculated two different PRSs for both systolic and diastolic blood pressure: one based on the top 793 independent hypertension-associated single nucleotide polymorphisms and another based on over 1 million genome-wide variants. Using our pharmacogenomic GENRES study comprising four different antihypertensive monotherapies (n similar to 200 for all drugs), we identified a weak, but (after Bonferroni correction) statistically nonsignificant association of higher genome-wide PRSs with weaker response to a diuretic. In addition, we noticed a correlation between high genome-wide PRS and electrocardiographic left ventricular hypertrophy. Finally, using data of the Finnish arm of the LIFE study (n=346), we found that PRSs for systolic blood pressure were slightly higher in patients with drug-resistant hypertension than in those with drug-controlled hypertension (p=0.03, not significant after Bonferroni correction). In conclusion, our results indicate that patients with elevated hypertension PRSs may be predisposed to difficult-to-control hypertension and complications thereof. No general association between a high PRS and less efficient drug responsiveness was noticed.Peer reviewe

Genome-wide association study of nocturnal blood pressure dipping in hypertensive patients

Abstract Background Reduced nocturnal fall (non-dipping) of blood pressure (BP) is a predictor of cardiovascular target organ damage. No genome-wide association studies (GWAS) on BP dipping have been previously reported. Methods To study genetic variation affecting BP dipping, we conducted a GWAS in Genetics of Drug Responsiveness in Essential Hypertension (GENRES) cohort (n = 204) using the mean night-to-day BP ratio from up to four ambulatory BP recordings conducted on placebo. Associations with P < 1 × 10− 5 were further tested in two independent cohorts: Haemodynamics in Primary and Secondary Hypertension (DYNAMIC) (n = 183) and Dietary, Lifestyle and Genetic determinants of Obesity and Metabolic Syndrome (DILGOM) (n = 180). We also tested the genome-wide significant single nucleotide polymorphism (SNP) for association with left ventricular hypertrophy in GENRES. Results In GENRES GWAS, rs4905794 near BCL11B achieved genome-wide significance (β = − 4.8%, P = 9.6 × 10− 9 for systolic and β = − 4.3%, P = 2.2 × 10− 6 for diastolic night-to-day BP ratio). Seven additional SNPs in five loci had P values < 1 × 10− 5. The association of rs4905794 did not significantly replicate, even though in DYNAMIC the effect was in the same direction (β = − 0.8%, P = 0.4 for systolic and β = − 1.6%, P = 0.13 for diastolic night-to-day BP ratio). In GENRES, the associations remained significant even during administration of four different antihypertensive drugs. In separate analysis in GENRES, rs4905794 was associated with echocardiographic left ventricular mass (β = − 7.6 g/m2, P = 0.02). Conclusions rs4905794 near BCL11B showed evidence for association with nocturnal BP dipping. It also associated with left ventricular mass in GENRES. Combined with earlier data, our results provide support to the idea that BCL11B could play a role in cardiovascular pathophysiology