Browsing by Subject "Liettua"

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  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2000)
    1/2000
    Opinion (p.4): Baltic privatisation compared by Seija Lainela
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2001)
    1/2001
    Focus (p.4): Dollarization in Lithuania by Igor Vetlov
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (1999)
    2/1999
    Opinion (p.4): The Russian crisis and the Baltic financial sectors by Rupinder Singh
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2000)
    2/2000
    Focus (p.4): Baltic energy resources by Seija Lainela
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2001)
    2/2001
    Focus (p.4): How indebted are the Baltic countries? by likka Korhonen
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (1999)
    3/1999
    Opinion (p.4): The widening of Baltic public deficits by likka Korhonen
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2000)
    3/2000
    Focus (p.4): Privatisation bogs down by likka Korhonen
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2001)
    3/2001
    Focus (p.4): FDI quest by Tuuli Juurikkala
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (1999)
    4/1999
    Opinion (p.4): EU accession and Baltic transition by Seija Lainela
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2000)
    4/2000
    Focus (p.4): Winners and losers, Latvia during the transition by Franziska Gassmann
  • Bank of Finland; Institute for Economies in Transition (BOFIT) (2001)
    4/2001
    Focus (p.4): Financial supervision in the Baltic countries by Jaana Rantama
  • Taro, Lauri (1999)
    BOFIT Online 9/1999
    Russian August 1998 economic crisis effected Baltic countries more than was expected.Estonia, Latvia and Lithuania have sunk into recession.Russia remained a key trading partner and a sizeable market for all three Baltic republics exporters also after the declaration of independence despite the sometimes tense political situation.Current year s figures show a heavy decline in Baltic s exports to Russia and also decline in the growth of these economies.Growth forecasts for each Baltic country have been revised down.Food and beverage as well as processing industries as a whole have suffered the most.The decline of purchasing power in Russia due to the rouble devaluation and the weaknesses in the Russian economy will restrain Baltic countries exports to Russia for years to come. Keywords: Baltic countries, foreign trade, Russia
  • Korhonen, Iikka; Kuus, Toivo; Zirnask, Villu (2000)
    BOFIT Online 2000/5
    Securities markets are important for economic growth, providing a channel for savings flows from sectors of the economy with surpluses to sectors where the investment opportunities exceed current resources.This study describes the emergence and evolution of securities markets in three small transition economies: Estonia, Latvia, and Lithuania.While these markets are still in early stages of development, much of the requisite institutional and regulatory framework are already in place.The equity market has developed most rapidly in Estonia.In Latvia and Lithuania, the financing needs of the central government have prompted development of treasury-bill markets.Work on integrating the equity markets is underway, part of a general trend toward integration of the securities markets in the three Baltic states.
  • Koivu, Tuuli (2002)
    BOFIT Online 2002:11
    The financial sectors in the Baltic countries have developed quite rapidly over recent years and there are currently no immediate threats to their stability.However, the Baltic financial sectors are still below the level of development of the financial sectors in EU countries.The difference is remarkable both in the level of financing but also in the variety of instruments available in the markets.Even the banking sectors, which dominate the financing in the Baltic countries, are relatively small.The Baltic security markets are lagging behind the other EU accession countries and the development of that sector has been stagnant even during the recent period of growth. Key words: financial systems, banking, Estonia, Latvia, Lithuania
  • Äimä, Kustaa (1998)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 4/1998
    The aim of this article is to establish the level of independence that each of the Estonian, Latvian and Lithuanian central banks enjoy according to law and in practice.The rationale behind this is the well-known both empirically and theoretically verified relationship between central bank independence (CBI) and inflation rate arising from the increased monetary policy credibility that is possible to obtain by strengthening the position of the central bank (CB).In this paper two different indices of central bank independence are used to measure the level of legal CBI of the Baltic central banks, namely Grilli - Masciandro - Tabellini (1991) and Cukierman (1992).Ex-post turnover rates of central bank governors are then calculated as an indicator of actual CBI or more precisely the lack of it. The main findings of the study are firstly the results of the indexation process.It is safe to say that the Baltic central banks have been endowned with highly independent legal positions. Furthermore, there are no truly significant variations between the three countries in this respect.Secondly, a quite different picture arises when actual CBI is studied.The calculated turnover rate of the Lithuanian CB governors is far higher than the comparabale figure for Estonia and especially Latvia.Even though the time frame used in this study is rather short for obvious reasons the Lithuanian rate has to be taken as a sign of non- satisfactory level of autonomy of the CB.Apart from measuring the level of CBI this paper concentrates on the credibility of monetary and exchange rate policies pursued in the Baltic countries in recent years.It is argued that the reasons for the lower than desired credibility of the Lithuanian monetary system compared to Latvia or Estonia are the low level of actual CBI and the political nature and instability of monetary decision making in the country. Keywords: Baltic countries, central bank independence, policy credibility
  • Dale, Rasa (1997)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 3/1997
    This paper discusses currency boards, beginning with their history. Included in the paper is a discussion of how a currency board works and the advantages and disadvantages of the currency board, particularly when compared to a more traditional central banking style.The Estonian and Lithuanian currency boards are described and discussed as particular cases of currency board institutions.
  • Korhonen, Iikka (1999)
    BOFIT Discussion Papers 6/1999
    Published in Post-Communist Economies vol 12, no 1 (2000), pp. 25-46
    Sisällysluettelo: Abstract 5 1 Introduction 6 2 Currency board as an exchange rate arrangement 7 3 A short history of currency board arrangements 10 4 Currency boards in the Baltic countries 12 4.1 Monetary reforms in Estonia and Lithuania 12 4.1.1 Estonia 15 4.1.2 Lithuania 17 4.2 The rnacroeconomic effects of the Baltic currency boards 18 4.2.1 Inflation 20 4.2.2 Output 23 4.3 The Baltic currency boards and financial systems 25 4.4 Assessing the Baltic currency boards 27 5 Concluding remarks 32 References 34 Notes 37 Annex 39
  • Koivu, Tuuli (2001)
    BOFIT Online 2001/8
    AbstractA deteriorating demographic situation, rising unemployment, difficulties in taxes, and a growing informal sector have created substantial difficulties during recent years for the pay-asyou-go (PAYG) pension systems in Baltic countries.For the purpose of guaranteeing solid pension systems, all three Baltic countries are implementing "three-pillar" systems, which supporters claim will be more robust to demographic changes.Latvia leads the Baltics in pension reform, having all pillars of the system working. Nevertheless, Baltic pension reform remains a politically thorny issue.This fact may delay plans to have three-pillar systems operational in all three countries by the beginning of 2003.Keywords: Estonia, Latvia, Lithuania, Pension systems, Social security
  • Korhonen, Iikka (1996)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 5/1996
    This study assesses the causes of dollarization in Lithuania. Dollarization is defined here as the use of foreign currency both as a medium of exchange and store of value. The study observes that, as the theory suggests, the degree of dollarization (measured as the ratio of foreign currency deposits to M2) depends on the interest rate differential,.However, exchange rate movements do not offer any additional explanatory power to dollarization.In all likelihood, this depends on the currency board system currently in place in Lithuania.Devaluation expectations are probably embodied to a large extent in the interest rate differential.Degree of dollarization exhibits also some inertia.
  • Vetlov, Igor (2001)
    BOFIT Discussion Papers 1/2001
    The paper analyses the factors driving dollarization in Lithuania during the period from December 1992 to August 2000.Starting with a brief overview of the major economic and political developments in Lithuania, the study attempts to model the process of dollarization by applying rigorous time series analysis.In particular, it investigates the long- and short-run properties of the relationship between the dollarization ratio and interest rates paid on domestic and foreign currency deposits.The study identifies a relatively stable cointegrating relationship between variables, whereby the dollarization ratio is negatively related to the interest rate spread.In the constructed vector error correction model, the deviations from the long-run relationship are found be significant for the dynamics of all three variables. Overall, the model explains the development of dollarization rather well.Simple specification of the model is possible when interest rates reflect the major economic and political events relevant to the process of dollarization. Key words: dollarization, transition economy, currency board, unit roots, cointegration, vector error-correction