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Economic prof studies Finnish banking systems
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 Dr. Patrick Crowley, with the Bank of Finland in the background. |
Dr. Patrick Crowley will likely remember certain aspects of his 10 month stay in Finland more than others, such as getting frostbite in below freezing temperatures while dog-sledding and viewing the Northern Lights in one of the best places in the world to experience them, Lapland, Finland (also known as the home of Santa Claus).
But Crowley, associate professor of economics, is most proud of his research work at the Bank of Finland. Last June he was chosen by the Helsinki Bank to participate in a 10 month work abroad program for university educators. Crowley took a year’s leave of absence from the University and returned for the beginning of the fall semester.
“The Bank of Finland, which is part of the European System of Central Banks (ESCB), has programs that bring external scholars from around the world into their research department. It was quite an honor to be selected,” Crowley noted.
“I was working alongside other staffers in the research department at the Bank of Finland and able to complete some incredible research,” Crowley said of his adventure in one of the fastest growing countries in Europe. “I also traveled through Europe giving guest lecture presentations regarding my research, while representing both the University and the Bank of Finland.”
 Dogsledding in below freezing temperatres was part of Crowley's Finland experience. |
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Crowley says one of the most fascinating aspects of working for the Bank of Finland is its affiliation with the European Central Bank (ECB). The ECB was set up in 1998 to implement a new, single monetary policy for participating European Union (EU) member states. Finland is one of 12 participating member states which have replaced their old currency with the euro. “The ECB and the National Central Banks (NCB) of participating EU member states form the European System of Central Banks,” he explained. The central bank’s main function is deciding on monetary policy, much like the U.S. Federal Reserve System.
Crowley’s research focused on examining different cycles in economic growth, with specific interest in Europe. He is looking forward to applying these ideas to his research.
Crowley noted Finland’s well-known specialization in technology. “Every Finn has a cell phone and they are nearly all Nokia phones, since the company’s corporate headquarters is in Finland.” he recalled.
Also, they are much more advanced in some aspects of banking. For example, banks in Finland have not used paper checks in over 10 years. When he opened his bank account and was not given temporary checks, Crowley checked with the teller, who told him they didn’t use them anymore. They exclusively use the Internet or electronic banking centers to pay bills and keep track of their accounts.
Crowley was surprised to find such a relaxed work environment in Finland, with casual dress the general rule. Another surprise: workers in Finland receive five weeks of vacation a year to start, and with seniority, up to two or three months.
“Probably the hardest thing for me to adjust to was the weather,” lamented Crowley. “During the depths of winter, you only have around four hours of good daylight. And during the summer, it stays completely daylight until around one in the morning. Even then, it never gets completely dark, with about three or four hours of twilight. Then it’s time for the sun again!”
But for all of the social and environmental adjustments, he feels privileged to have seen firsthand the inner sanctum of a national central bank. “It is quite rare that someone like me, an academic, can get an inside view like this,” Crowley noted. “My students will definitely benefit greatly from my experiences, since now I can explain things not only from a textbook, but I can add my personal account as well.”
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