This paper aims to contribute to the literature on the determinants of bank-specific insolvency risk.,By applying a dynamic two-step System GMM estimator on a novel, representative panel of 339 Finnish unlisted cooperative and savings banks over the period 2002-2018.,This study contributes to the literature on the determinants of bank-specific insolvency risk by applying a dynamic two-step System GMM estimator on a novel, representative panel of 339 Finnish unlisted cooperative and savings banks over the period 2002-2018. The key findings suggest that Finnish banks have become less fragile under the renewed EU banking regulation. In particular, the CRD IV has affected banks’ equity levels. This study also captures the detrimental effect of cost inefficiency as well as a positive relationship between the income diversification and insolvency risk. A negative relationship between the GDP growth rate and the insolvency risk is also reported although results suggest that the effect is not immediate.,This result is discussed together with other macroeconomic factors. The consequent conclusion underlines the fundamental significance of overall macroeconomic dynamics. From the perspective of regulatory harmonization, more research is needed to address the level of homogeneity of macroeconomic dynamics between different geographical and cultural regions.

中文翻译：

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银行破产风险的决定因素：芬兰的证据

本文旨在为有关银行特定破产风险决定因素的文献做出贡献。通过在2002-2018年期间，在339家芬兰非上市合作银行和储蓄银行的新颖，代表性面板上应用动态两步系统GMM估计器。 ，这项研究通过在2002年至2018年期间对339家芬兰非上市合作银行和储蓄银行进行新颖，有代表性的评估，将动态两步系统GMM估算器应用于银行特定破产风险决定因素的文献。关键发现表明，在新的欧盟银行业监管制度下，芬兰银行的脆弱性有所减轻。CRD IV特别影响了银行的股权水平。这项研究还捕获了成本低效的不利影响，以及收入多样化和破产风险之间的正相关关系。尽管结果表明这种效果不是立竿见影的，但国内生产总值增长率与破产风险之间也存在负相关关系。该结果与其他宏观经济因素一起进行了讨论。由此得出的结论强调了总体宏观经济动态的根本意义。从监管协调的角度来看，需要进行更多的研究来解决不同地理和文化区域之间宏观经济动态的同质化水平。