Browsing by Subject "IVY"

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  • Tekoniemi, Merja (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 2/1992
  • Tekoniemi, Merja (1998)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 3/1998
    Neuvostoliiton kaupan osuus Suomen ulkomaankaupasta supistui 1980-luvun puolivälistä alkaen.Vuoden 1990 lopulla clearing-järjestelmä lakkautettiin ja vuoden 1991 lopulla Neuvostoliitto hajosi.Näiden suurten muutosten seurauksena Suomen ja entisen Neuvostoliiton alueen ulkomaankauppavaihto supistui merkittävästi.Viime vuosina kauppa on kuitenkin elpynyt nopeasti. Etenkin vuonna 1997 kauppa kasvoi voimakkaasti - vienti IVY-maihin ja Baltiaan kasvoi 35 % ja tuonti sieltä 24 %.Vuodesta 1994 alkaen kauppa on pysynyt Suomelle ylijäämäisenä.Vaikka Venäjän osuus kaupasta on huomattava, Baltian ja erityisesti Viron merkitys kauppakumppanina on jatkuvasti kasvanut.Suomen vientiä IVY-maihin ja Baltiaan hallitsevat koneet ja kuljetusvälineet sekä elintarviketeollisuuden ja kemianteollisuuden tuotteet.Tuonti on pääosin energiaa. Asiasanat: ulkomaankauppa, Suomi, IVY, Venäjä, Baltia
  • Dabrowski, Marek (2013)
    BOFIT Discussion Papers 8/2013
    Achieving price stability has been a serious challenge for CIS countries. In the first half of the 1990s, they experienced very high inflation or hyperinflation, which had originated in the perestroika period and following the dissolution of the ruble area. After the introduction of new currencies and stabilization programs in the mid-1990s, inflation moderated to two-digit levels. However, for lack of sufficient fiscal policy support, this partial progress did not succeed in preventing the financial crisis of 1998/99. The economic boom of the 2000s allowed for a return to macroeconomic stability with stronger fiscal fundamentals, but nevertheless proved insufficient to withstand the shock from the global financial crisis of 2008/09. The paper analyses the evolution monetary policy regimes of in the CIS countries over the decade of the 2000s and early 2010s and is based on the publicly available cross-country statistics and other information provided by the IMF. The paper compares financial openness in these economies both de jure and de facto. These findings will be tested against the empirical data on exchange rate movements and changes in central banks' international reserves. The paper concludes with a discussion on practical choices which CIS countries have in respect of their future monetary policy regimes. Keywords: monetary policy, CIS, financial openness, inflation JEL: E42, E58, P24, P52
  • Sutela, Pekka (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1992
  • Tekoniemi, Merja (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1992
  • Rissanen, Raija; Harell, Timo; Määttä, Päivi; Saajasto, Tiina (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1992
  • Laurila, Juhani (1996)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1996
    This article draws a historical perspective on clearing systems and payment unions examining their manifestations from simple barter systems to EMU.The introduction of commensurability, transferability and convertibility and their cost-saving effects are explained in formal terms and by means of numerical illustration. The prerequisites for introducing convertibility through clearing unions are discussed generally and in terms of the CIS.Based on the experiences of the Interstate Bank and the Finnish-Soviet clearing system, the author concludes that an arrangement similar to the European Payment Union would not, for a number of reasons, provide a viable solution for CIS clearing arrangements.Rather, the rapidly developing commercial banking sector and multi-CIS financial-industrial groups potentially have the capability to adequately accommodate the problem as long as members pursue sound monetary and foreign exchange rate policies. Keywords: clearing, payment union, CIS
  • Sutyrin, Sergei F. (1996)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1996
    The article deals with current state and future possibilities of the development of economic cooperation within the framework of Cornmonwealth of Independent States (CIS).According to author's position, both the most probable and the most preferable scenario of the process under review would be gradual reintegration of the member-states national economies within the alliance.At the same time, author discusses several major obstacles which at the moment (as well as at least in the medium run) hinder reintegration movement. Key words:Commonwealth of Independent States (CIS), economic integration, Russia, foreign trade.
  • Bank of Finland; Harell, Timo; Institute for Economies in Transition (BOFIT) (2004)
  • Bank of Finland; Harell, Timo; Institute for Economies in Transition (BOFIT) (2002)
  • Bank of Finland; Harell, Timo; Institute for Economies in Transition (BOFIT) (2003)
  • Rautava, Jouko (1994)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 4/1994
  • Mayes, David G.; Korhonen, Vesa (2007)
    BOFIT Discussion Papers 16/2007
    Published in International Economics, No 107, Issue 3, 2006
    We consider the likely economic impact and prospects for monetary integration among Belarus, Kazakhstan, the Russian Federation and Ukraine as part of the Single Economic Space they have agreed to set up. A monetary union among these countries poses three interesting issues for the structure and process of integration: they have already been members of a wider currency union that collapsed, so it is necessary to handle the problems of history; secondly the union would be of very unequal size with the Russian Federation outweighing the others taken together, so we must consider how the national interests would be balanced; lastly natural resources, particularly oil and gas pose problems for dependence and for the determination of the external exchange rate. JEL codes: F16, E63, E42 Key words: Monetary union, CIS, economic integration
  • Feldkircher, Martin; Korhonen, Iikka (2012)
    BOFIT Discussion Papers 20/2012
    Published in Pacific Economic Review, 19: 1 (2014), pp. 61–89 as The rise of China and its implications for the global economy: Evidence from a global vector autoregressive model
    This paper studies empirically the role of China in the world economy. We examine both the way the Chinese economy reacts to selected exogenous macroeconomic shocks and the repercussions for the world economy of a shock emanating from China. With regard to the latter, we focus on the responses of emerging markets, in particular those in Europe. Based on a global VAR (GVAR) model and a new data set that excels in country coverage and covers the most recent time period including the global financial crisis, our results are threefold: First, we show that a +1% shock to Chinese output translates to a permanent increase of 1.2% in Chinese real GDP and a 0.1% to 0.5% rise in output for most large economies. The countries of Central Eastern Europe (CEE) and the former Commonwealth of Independent States (CIS) also experience an output rise of 0.2%, while countries in South-Eastern Europe see a permanent 0.1% reduction in output. Secondly, to benchmark the shock to Chinese output, we examine the response to a +1% shock to US GDP. The results show that the US economy remains dominant in the world economy despite the rapid rise of China in recent years. In this vein, output rises in advanced economies by 1% to 1.4% and in the CIS and CEE regions by 1.5% and 0.7% respectively. By contrast China seems to be little affected by the US shock. Finally, we examine the effect of a +50% hike in oil prices on China and emerging economies. As one of the largest oil exporters, Russia's real output increases by about 6%. In contrast, the surge in oil prices puts a drag on Chinese output, amounting to 4.5% in the long-run. JEL Classification: C32, F44, E32, O54 Keywords: China, macroeconomic shocks, foreign shock, GVAR, great recession
  • Sutela, Pekka (1993)
    Suomen Pankki. A 86
    Sisällysluettelo: Preface 5 Overview 9 by Pekka Sutela The Collapse of the Soviet Fiscal System:What Should be Done? 25 by Sergei Alexashenko Russia's Financial and Banking System 49 by Terhi Kivilahti, Jukka Kero and Merja Tekoniemi Russian Privatization Policies 81 by Seija Lainela and Pekka Sutela Russian Trade Policies with the West: 1992 and Beyond 111 by Pekka Sutela and Jukka Kero The External Debt of the Soviet Union and Russia 143 by Juhani Laurila Distribution of Taxes and Transfers in the Former Soviet Union 171 by Sergei Alexashenko
  • Laurila, Juhani (2002)
    BOFIT Discussion Papers 10/2002
    This study compares transition processes in countries of Central and Eastern Europe, the former Soviet Union (FSU) and sub-Saharan Africa.By widening the scope from most- to least-developed transition economies, the study establishes the importance of a strong state with evolved institutional capacity to protect citizens, enforce property rights and generate social capital.The evidence presented further argues that enforceable, credible property rights with associated market discipline are among the best antidotes to corruption, shadow economies, criminal injustice and poverty.The presence of accountable institutions also influences economic growth and the ability of a country to attract trade and foreign direct investment.Consequently, when institutions of FSU and sub-Saharan countries develop to the point they become attractive to traders and investors from rich countries, their governments need to focus on abolition of barriers to trade, investment and capital.The author commends the recent reorientation of the international donor community towards encouraging recipient governments to commit credibly to increasing capacities of their state institutions with a view to supporting property-based rule of law and social order.Key words: sub-Saharan Africa, former Soviet Union, property rights, institutions, growth, international trade, development assistance
  • Sutela, Pekka (1993)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 5/1993
  • Rautava, Jouko (1993)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 3/1993
  • Tekoniemi, Merja (1994)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 11/1994
  • Rytilä, Tuula (1993)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 6/1993