Browsing by Subject "valuuttapolitiikka"

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  • Åkerholm, Johnny (1994)
    Bank of Finland. Bulletin 68 ; 3 ; March
  • Kalliala, Kaarlo J. (1925)
    Bank of Finland. Monthly Bulletin 5 ; 1 : January
  • Korhonen, Tapio (2001)
    Suomen Pankin keskustelualoitteita 25/2001
    This paper presents the salient aspects of Finland's monetary and exchange rate policies during the run-up to monetary union in the 1990s.In the course of slightly more than a decade, Finland's monetary and exchange rate policies were thoroughly revamped.The remnants of heavy regulation were removed and a market-based financial system was put in place.There were serious problems associated with the liberalisation process in the early part of the decade, the most noteworthy being an economic and banking crisis. Finland's financial system nonetheless developed rapidly and became a more integrated part of the global system.As regards exchange rate policy, almost all varieties of exchange rate regime were tried.A fixed rate regime based on a currency index fell apart in the early part of the decade and was replaced by a floating rate system.Later, in 1993, this was combined with an inflation-targeting monetary policy strategy.At the start of 1995 Finland joined the European Union, and in October 1996 the markka was joined to the EU's Exchange Rate Mechanism.The improvement in financial and price stability that followed the economic crisis facilitated the adjustment to the euro area's single currency and single monetary policy at the start of 1999, which was accomplished without serious problems.Key words: monetary policy, foreign exchange policy, EMU, euro, monetary policy arrangements
  • Åkerholm, Johnny (1987)
    Bank of Finland. Monthly Bulletin 61 ; 6-7 ; June-July
  • Koivu, Tuuli (2010)
    Bofit. Focus/Opinion. Expert view 5/2010
  • Norring, Anni (2015)
    Euro & talous. Blogi
    Kiinan talous on kehittynyt huimaa vauhtia parin viime vuosikymmenen aikana. Saattaa olla, että dollariin sidotun juanin politiikka alkaa tulla tiensä päähän.
  • Sydänmäki, Esko (1986)
    Suomen Pankki. A 65
    Selvityksessä tarkastellaan yli 40 vuoden jaksoa kansainvälisen valuuttajärjestelmän toiminnassa. Siinä kuvataan, millä tavoin Kansainvälisen valuuttarahaston jäsenmaat sopivat valuuttayhteistyön tavoitteista ja säännöistä sekä millä tavoin nämä säännöt suhtautuivat vallitseviin taloudellisiin oloihin. Kansainvälinen valuuttajärjestelmä rakentui pitkään tiukan lainomaisen sopimussäännöstön varaan. Näitä säännöksiä tukemaan luotiin suuret mittasuhteet saanut rahoitusyhteistyö, jota tarvittiin valuuttakurssisuhteiden puolustamisessa. Maailmantalouden muutokset sekä eri maita koskevat erityistekijät ovat ratkaisseet, missä määrin yhteisesti asetettuja tavoitteita on saatettu maittain toteuttaa.
  • Korhonen, Tapio (2004)
    BOFIT Online 2004/10
    Kiina on noussut nopeasti tärkeäksi tekijäksi maailmankaupassa ja maailman rahoitusmarkkinoilla.Maan nopea kasvu perustuu erittäin korkeaan säästämis- ja investointiasteeseen.Pankkisektori on hyvin suuri.Kiinan kehityksen arviointia vaikeuttaa se, että maan talous ja rahoitusjärjestelmä ovat hankalasti arvioitavassa muutoksen tilassa.Talousjärjestelmässä on yhä vahvoja suunnittelutalouden ja säännöstelyn jäänteitä, mutta toisaalta Kiinan viranomaiset ovat kehittäneet rahoitus- ja valuuttamarkkinoita vakaasti vapaiden markkinoiden suuntaan.Viime aikoina Kiinan rahoituskysymyksistä ovat olleet esillä erityisesti Kiinan kiinteän valuuttakurssin politiikka ja siihen liittyneet suuret valuuttainterventiot sekä maan pankkisektorin heikkoudet.Kiinan rahoitusjärjestelmän ongelmat ovat kuitenkin paljon laajemmat.Asiasanat: Kiina, rahoitusjärjestelmä, pankit, rahapolitiikka, valuuttapolitiikka.
  • Koivu, Tuuli (2010)
    Bofit. Focus/Opinion. Asiantuntijan näkemys 5/2010
  • Koivu, Tuuli; Korhonen, Tapio (2006)
    BOFIT Online 1/2006
    Maailman kasvaneet rahoitusepätasapainot ovat viime vuosina lisänneet keskustelua Kiinan valuuttakurssin tasosta.Keskustelu on ollut osin yksipuolista ja se on liian usein jäänyt kahdenvälisten kauppaepätasapainojen tarkasteluun.Kiinan kaltaisen maan nousu maailman suurimpien vientimaiden joukkoon on kuitenkin monien muiden tekijöiden kuin edullisen valuuttakurssin ansiota, eikä valuuttakurssin roolia epätasapainojen purkamisessakaan pidä liioitella.Epätasapainojen syitä mietittäessä merkittäviä ovat esimerkiksi erot maiden säästämisasteissa.Kiinassa kotitalouksien ja yritysten säästämisvimma on poikkeuksellisen korkea, ja pääomanliikkeiden ollessa vielä suurelta osin säänneltyjä säästöt johtavat korkeaan investointiasteeseen. Asiasanat: Kiina, Yhdysvallat, kansainvälinen talous, rahapolitiikka
  • Karhapää, Henna (2017)
    Euro & talous. Blogi
    Yhdysvaltojen tärkeimpien kauppakumppanien valuuttapolitiikasta tehdyssä arviossa määritetään maat, joiden nähdään manipuloivan valuuttaansa Yhdysvaltojen dollaria vastaan saadakseen viennilleen keinotekoisen kilpailuedun.
  • Castrén, Olli; Takalo, Tuomas; Wood, Geoffrey (2004)
    Suomen Pankin keskustelualoitteita 22/2004
    Published in Scottish Journal of Political Economy, Volume 57, No. 1, February 2010: 85-102
    It is commonly thought that an open economy can accommodate output shocks through either exchange rate or real sector adjustments.We formalise this notion by incorporating labour market rigidities into an 'escape clause' model of currency crises.We show that the absence of structural reform makes a currency peg more fragile and undermines the credibility of the monetary authority in a dynamic setting.The fragility is captured by a devaluation premium in expectations that increases the average inflation rate when the currency peg is more vulnerable to 'busts' than 'booms'.This interaction between macroeconomic and microeconomic rigidities suggests that a policy reform can only be consistent if it renders either exchange rates or labour markets flexible. Key words: exchange rate policy, labour market flexibility, structural reform JEL classification numbers: E42, F33, D84
  • Vilmunen, Jouko (1992)
    Suomen Pankki. B 45
    Sisällysluettelo: Acknowledgements 5 1 Introduction 9 2 Wage Indexation and Foreign Exchange Intervention in an Open Economy: the Gray-Fischer Approach 14 2.1 Introduction 14 2.2 The labour market model 15 2.2.1 Comments on the Gray-Fischer labour market model 16 2.3 A small open economy subject to wage rigidity and foreign exchange intervention 21 2.3.1 Exchange rate expectations 26 2.3.2 Full information output 28 2.3.3 Actual real wages and output 28 2.3.4 Optimal wage indexation and foreign exchange intervention from the point of view of macroeconomic stability 29 2.3.5 Optimality of a single instrument 34 2.3.5.1 Optimal wage indexation under a given exchange rate regime 34 2.3.4.2 Optimal degree of intervention given the degree of wage indexation 37 2.4 Introducing terms-of-trade changes 39 2.5 Wage rigidity, foreign exchange intervention and the degree of openness 45 2.5.1 A two-sector economy with wage indexation and foreign exchange intervention 46 2.5.2 Optimal degree of wage indexation and foreign exchange intervention and openness 52 2.5.3 Optimality of a single instrument 62 2.5.3.1 Optimal wage indexation under a given exchange rate regime 62 2.5.3.2 Optimal degree of intervention given the degree of wage indexation 67 2.6 Summary of chapter two and discussion 70 3 Bargaining, Trade Unions and Wage Formation in an Open Economy 78 3.1 Introduction 78 3.2 Bargaining between trade unions and firms 78 3.3 Indexed contract wages: an operationalization of the asymmetric Nash bargaining models 86 Appendix to chapter three 104 4 Exchange Rate Variability and Wage Formation 106 4.1 Introduction 106 4.2 A marcomodel of a small open economy with union-firm wage bargaining 108 4.3 Steady state effects of indexation and foreign exchange intervention 115 4.3.1 Steady state output under fixed and flexible exchange rates 116 4.3.1.1 Fixed exchange rates 117 4.3.1.2 Flexible exchange rates 119 4.3.2 Structural features of the labour markets 122 4.3.3 Variability versus level; policy makers' objectives and optimality of a single instrument 125 5 Summary and Discussion 143 References 154
  • (1925)
    Bank of Finland. Monthly Bulletin 5 ; 12 ; December
  • Åkerholm, Johnny (1994)
    MARKKA & TALOUS 1
  • Shen, Jian-Guang (2001)
    Suomen Pankki. E 21
    This study extends the standard currency crisis theory (especially the second-generation models) by adding and emphasizing strategic interactions of agents in anticipating currency crises.The models in this study have a fairly elaborate and extensive micro-based structure, covering the household, firm, bank and central bank. Domestic interest rates are determined in a Stackelberg game where the bank is the leader and the firm the follower.The central bank's exchange rate decision is a function of private sector expectations on the exchange rate and international interest rates. Under certain world interest rates the pegged exchange rate can be sustained, as domestic fundamentals are compatible with the external monetary environment.Under other world interest rates, varying expectations on exchange rates can result in more than one equilibrium exchange rate.In addition, the higher the world interest rate, the higher the equilibrium devaluation rate. In the latter part of the study, the wage rate is endogenously determined in a bargaining framework and fiscal policy in the form of infrastructure investment is introduced.The interaction between fiscal policy and the wage bargaining process is incorporated into the basic model framework.The trade union's bargaining power and marginal labor disutility, as well as fiscal expenditure can also play a role in the exchange rate policy.The different time sequence of actions of the trade union and business sector makes a difference in the equilibrium exchange rates.Under certain conditions, the interaction between trade union and fiscal authority can break the 'wage-devaluation' spiral.Key words: currency crisis, banking sector, Stackelberg game, wage bargaining, the Finnish crisis.
  • Koivu, Tuuli (2012)
    Suomen Pankki. E 46
    China's economic development has been exceptionally robust since the end of the 1970s, and the country has already emerged as the second biggest economy in the world. In this study, we seek to illuminate the role of the monetary policy in this successful economic performance and as a part of the extensive economic reforms of the last two decades. The five empirical essays seek to discover which monetary policy tools are the most used and most effective for guiding China's economic development. In addition, we explore which monetary policy transmission channels are functioning and to what extent monetary policy impacts inflation and real economic developments in China. The results indicate that the conduct of monetary policy in China differs substantially from what is typical for an advanced market economy, where an independent central bank often aims to hit an inflation target by simply controlling the target interest rate. First, China's monetary policy toolkit is highly diverse. Besides a collection of administrated interest rates, it contains quantitative policy tools and direct guidelines. Second, China's central bank is not independent in its decision-making. For these reasons, it is exceptionally challenging to measure the monetary policy stance or to distinguish monetary policy from other macroeconomic policies in China's case. This has been taken into account in this study by using a variety of monetary-policy indicators. Our results suggest that China's monetary-policy implementation and its transmission to the real economy still rely heavily on quantitative policy tools and direct guidelines; interest rates play a much smaller role, in terms of both usage and effectiveness. Overall, our findings suggest that the direct link between monetary policy and real economic performance is weak in China. On the other hand, this study clearly shows that monetary policy has played a key role in price developments, which tells us that monetary policy has been an important factor in China's economic success. Key words: China, monetary policy, economic growth, inflation, exchange rates JEL classification: E50, P30
  • Hämäläinen, Sirkka (1992)
    Bank of Finland. Bulletin 66 ; 11 ; November
  • Heinonen, Kerstin (1980)
    Bank of Finland. Monthly Bulletin 54 ; 5 ; May
  • Chen, Yu-Fu; Funke, Michael; Glanemann, Nicole (2010)
    BOFIT Discussion Papers 6/2010
    Published in Studies in Nonlinear Dynamics and Econometrics, 2013; 17(4): 373-393
    This paper provides a modelling framework for evaluating the exchange rate dynamics of a target zone regime with undisclosed bands. We generalize the literature to allow for asymmetric one-sided regimes. Market participants' beliefs concerning an undisclosed band change as they learn more about central bank intervention policy. We apply the model to Hong Kong's one-sided currency board mechanism. In autumn 2003, the Hong Kong dollar appreciated from close to 7.80 per US dollar to 7.70, as investors feared that the currency board would be abandoned. In the wake of this appreciation, the monetary authorities finally revamped the regime as a symmetric two-sided system with a narrow exchange rate band. Keywords: Currency Board Arrangement, Target Zone Model, Hong Kong JEL-Classification: C61, E42, F31, F32