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  • Bank of Finland (2015)
    Bank of Finland. Bulletin 5/2015
    Finland is a small open economy, where fluctuations in exports and imports have shaped the big picture of developments in the economy. A historical review of these developments suggests that the current situation provides no such conditions for rapid export growth supporting the economy as those seen in the earlier growth phases of economic history. Despite facing difficulties, the forest industry is still one of the pillars of Finnish exports alongside the machinery and metal industry.
  • Topi, Jukka (2015)
    Bank of Finland. Bulletin 2/2015
    Financial crises and other serious financial disruptions may be caused by several different types of risks. Macroprudential policy, designed to prevent such crises, needs a more diversified set of tools than are available in Finland at present. Although the Board of the Financial Supervisory Authority already has access to a number of macroprudential instruments, there is reason for the toolkit to be supplemented. There is a need for instruments to ensure capital adequacy in the Finnish banking sector and, if necessary, prevent the housing market overheating.
  • Kärkkäinen, Samu; Nyholm, Juho (2021)
    Bank of Finland. Bulletin 1/2021
    How would the economy react in the long term if the maximum size of housing loans granted by banks were tied to the customer's income instead of the value of the dwelling to be purchased? This question can be examined using the Bank of Finland's general equilibrium model. Based on analysis, the introduction of a maximum debt-to-income ratio, i.e. a debt-to-income cap, would have a moderate impact on long-term economic growth. A debt-to-income cap could, however, dampen economic fluctuations relative to the current loan-to-value cap.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The global economic crisis caused by the coronavirus pandemic intensified in March 2020. The health crisis and the lockdown measures necessary to contain the epidemic led to an exceptionally sudden and sharp decline in output worldwide in the first half of the year. In 2020 as a whole, the global economy is expected to contract by about 4–6%, and the euro area economy by about 8–10%. The euro area economy would seem to be diving a little deeper this year than the United States, but the pace of recovery is very uncertain for both. China saw the most difficult phase of the epidemic and thus the sharpest economic contraction in the first quarter of 2020. China’s recovery has been facilitated by the production and export of remote work equipment and protective equipment for the coronavirus disease. The pandemic shock has had a dampening effect on inflation. Unemployment is on the rise, but the euro area has avoided sudden mass unemployment through furloughs and government aid.
  • Saarenheimo, Tuomas (1996)
    Bank of Finland. Bulletin 70 ; 2 ; February
  • Tarkka, Juha (1989)
    Bank of Finland. Bulletin 63 ; 2 ; February
  • Koskinen, Jenni (2015)
    Bank of Finland. Bulletin 2/2015
    Finnish securities settlement and custody servicing is undergoing a major reform. The timetable is tight. The controlled execution of the projects, on time, is essential due to the systemic importance of the securities markets infrastructure and the competitiveness of the Finnish markets. The reform is based on the EU Regulation on central securities depositories, and the centralised platform for securities settlement, preparations for which have been headed by the ECB. These projects are considerable in terms of scale and are necessary for achieving sustainable cost and risk reductions.
  • Kurri, Samu (2007)
    Bank of Finland. Bulletin 81 ; 1
    Particularly since last year s reform of national accounts, it has been very difficult to estimate changes in the volume of industrial output.The present article introduces an alternative monthly indicator of industrial output calculated on the basis of publicly available material.The quarter-on-quarter changes derived with this indicator correspond on average more closely to the developments recorded in the national accounts than the volume index of industrial output calculated by Statistics Finland.The new indicator is available on the Bank of Finland website.
  • Juvonen, Petteri; Obstbaum, Meri (2017)
    Bank of Finland. Bulletin 5/2017
    According to a new structural unemployment indicator based on labour market flows developed by the Bank of Finland, unemployment is currently close to the structural level in Finland and cannot therefore be expected to decline very rapidly in the immediate years ahead. After the financial crisis, structural unemployment grew almost without a pause until very recently, since the flow out of unemployment dried up. This reflects the fact that, during the recession following the financial crisis, people who have lost their jobs have experienced difficulties in finding a new job, possibly because new jobs may have been created in sectors and/or geographical locations other than those where they disappeared. However, with the upturn in economic growth the probability of finding a job has begun to improve, which will with time also reduce structural unemployment.
  • Oinonen, Sami (2016)
    Bank of Finland. Bulletin 1/2016
    For the past three years or so, Japan has pursued an economic policy named after Prime Minister Abe as abenomics, with the intention of putting the country back on a path of sustainable economic growth via expansionary monetary and fiscal policy and structural reforms. These goals have not yet been achieved, but there has already been some progress. For the time being, economic growth has been sluggish, but the deflationary trend has been halted and structural reforms have moved forward. The preconditions for success of the programme are in place.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 2/2021
    Payments are changing. In the same way that technological progress influences so many of the day-to-day activities of households and businesses, it affects how we make payments. The coronavirus pandemic has irreversibly changed how we live during the past year and has accelerated many long-brewing developments. The future of payments may arrive sooner than anticipated just one year ago.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The worldwide economic crisis caused by the corona pandemic peaked in March 2020. In the early part of the year both output and consumption contracted suddenly and strongly; in other words, goods and services were both produced and consumed considerably less than before. The global economy is forecast to contract in the current year by around 4–6%, and the euro area economy by around 8–10%. Prior to the corona crisis, in 2019 the economy grew 2.9% globally, and 1.3% in the euro area. In the current year, the euro area economy would appear to be diving slightly deeper than the US economy, but the pace of recovery for both is very uncertain. Unemployment is growing, but in the euro area sudden mass unemployment has been avoided through the deployment of furloughs and various support measures.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 3/2020
    The Finnish economy is experiencing a sharp contraction on account of the coronavirus pandemic. Gross domestic product will decline by around 7% in 2020. In the next 2 years, the economy will grow around 3% per annum. The forecast contains an exceptionally large degree of uncertainty. The contraction in the economy in 2020 could be only 5% or as much as 11%, depending on how the epidemic progresses in Finland and around the world, and what success there is in bringing it under control. The degree of success in controlling the epidemic will also determine how quickly the economy will recover. It will probably not be possible to avoid permanent losses of output, but economic policy can be used to mitigate their scale.
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 3/2019
    Accessible summary.
    Finland’s economic growth will slow over the next three years. This is due to both international and domestic factors.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 1/2021
    The crisis caused by the COVID-19 pandemic swept the Finnish economy into a sudden recession in 2020, but the progress with vaccinations means we can already see light at the end of the tunnel. The negative economic impacts of the crisis have so far been less than feared, and the most recent economic forecasts are encouraging.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 2/2020
    The corona crisis has impacted negatively on the Finnish economy and on the country’s banks and their customers in a number of ways. The banks now need to deploy the financial buffers they have been accumulating since the global financial crisis just over a decade ago. By granting new loans and amortisation holidays, the banks can for their part help businesses and households survive the acute phase of the current crisis. At the same time, banks must prepare for an increase in loan losses from previously granted loans.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 3/2021
    The COVID-19 pandemic will ease due to the vaccination programme, and as a consequence the Finnish economy will start to grow at a brisk pace. As the COVID restrictions end and uncertainty decreases, households will be able to consume more freely. With economic growth also strong globally, this will give a fillip to Finland’s foreign trade. The pandemic is, however, not yet finally over. There is still the threat that it could worsen again, and this casts a shadow over both the growth outlook for Finland and that for the global economy as a whole. The Finnish economy will grow 2.9% in 2021 and 3.0% in 2022. The rapid growth will, however, be temporary, and the pace will slow to 1.3% already in 2023.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2019
    Economic growth has slowed in the euro area and in Finland’s other important export markets. As a consequence of the weaker trend in the international economy, Finland’s annual economic growth will slow temporarily in 2020 to under 1%. Both the euro area and the global economy will, however, begin to gradually recover and provide a pull for the Finnish economy, too. Finland’s GDP growth will therefore pick up a little, to 1.1% in 2021 and 1.3% in 2022.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 6/2020
    The economic recession caused by the pandemic has so far been milder in Finland than elsewhere in the euro area, but the coming winter will still be difficult. Vaccinations do, however, bring hope of an end to the crisis, both in Finland and around the world. COVID-19 will gradually be left behind in the course of 2021 due to the vaccines, and household consumption will drive growth of 2.2% in the Finnish economy. This will strengthen to 2.5% in 2022. At the end of the forecast period in 2023 the economy will be growing only slowly, as the conditions for growth in the Finnish economy in the long term are weak.