Browsing by Subject "EU"

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  • Sipilä, Kari T. (1996)
    Suomen Pankin keskustelualoitteita 1/1996
    The study assesses data communication requirements within the EU as it concerns Member State officials, EU bodies and the Community.A survey of current projects and their backgrounds is given.In addition the division of responsibilities among various bodies of the Commission are discussed. Given the EU's need for some sort of integration of data transfer services is self evident, the study investigates what possible challenges lie ahead as EU integration processes continue and its already large communications requirements continue to grow.For example, while the Commission as well as its empowered bodies have recognized the need for a unified communications architecture, the political will to implement such as system has been lacking.The report recommends the creation of a unified, universal communications architecture, that not only can handle all current types of data transfer, but anticipates growth as well. Key words: The European Union, A Data communication, The Authorities
  • Crowley, Patrick M.; Schultz, Aaron (2010)
    Bank of Finland Research Discussion Papers 16/2010
    Convergence and synchronisation of business and growth cycles are important issues in the efficient formulation of euro area economic policies, and in particular European Central Bank (ECB) monetary policy. Although several studies in the economics literature address the issue of synchronicity of growth within the euro area, this is the first to address the issue using cross recurrence analysis. The main findings are that member state growth rates had largely converged before the introduction of the euro, but there is a wide degree of different synchronisation behaviours which appear to be non-linear in nature. Many of the euro area member states display what is termed here intermittency in synchronization, although this is not consistent across countries or members of the euro area. These differences in synchronization behaviors could introduce further challenges in managing the country-specific effects of the common monetary policy in the euro area. Keywords: Euro area, business cycles, growth cycles, recurrence plots, nonstationarity, complex systems, surrogate analysis. JEL classification numbers: C65, E32, F15 Note: A previous shortened version of the second part of this paper was previously published as Crowley (2008).
  • Koivuniemi, Emilia (2006)
    Bank of Finland. Financial market report 4
    The European Commission wants to support market participants' efforts to ensure increased efficiency of securities clearing and settlement. The Commission, together with market participants, have thus prepared a Code of Conduct, which is already being implemented.
  • Vauhkonen, Jukka (2012)
    Bank of Finland. Financial market report 1
    The Ministry of Finance has set up a working group to consider how systemic risks threatening the stability of the financial system and the economy as a whole could be identified and prevented. The work is guided, for example, by the principles adopted in the Government programme and the recommendations issued by the European Systemic Risk Board on national macroprudential arrangements.
  • Kaitila, Ville (2001)
    BOFIT Discussion Papers 3/2001
    We analyse trade between Central and Eastern European (CEE) countries and the European Union during 1993-1998 using three methods.First, we calculate the share of intra-industry trade to determine the extent to which two countries trade in similar products.Second, we calculate similarity indices to determine the extent to which the structure of the exports of two countries is similar to a third country.Third, we calculate the revealed comparative advantage of CEE countries in the EU internal market and analyse the results in a two-dimensional space showing relative labour-skills and capital-intensity.We also depict how the factor intensity of comparative advantage has changed since 1993.With this last approach, we find that the comparative advantage of various CEE countries have developed in quite different directions. Some countries have evolved comparative advantage in industries requiring much skilled labour, while others have moved in the opposite direction.This differentiation is also reflected in degrees of capital intensity.A few CEE countries have not shifted in this two-dimensional space. Key words: EU, eastern enlargement, comparative advantage, factor intensity
  • Saarenheimo, Tuomas (2005)
    Bank of Finland Research Discussion Papers 2/2005
    The median age of the global population is presently increasing by nearly three months every year.Over the next couple of decades, almost every country in the world is set to experience an unprecedented increase in the share of elderly population.This development has the potential to fundamentally affect the functioning of economic and financial systems globally.This study concentrates on the effects of ageing on the evolution of global interest rates and financial flows.The study uses a 73-cohort general equilibrium overlapping generations model of five major economic areas (USA, EU-15, Japan, China, and India).Utilising actual population data and UN population projections, the model yields predictions for major economic and financial variables up to 2050.The model predicts a decline in global equilibrium real interest rates over the next two decades, but the size of the decline depends crucially on the future evolution of public pension benefits.If the present generosity of pension systems is maintained - leading to a steep increase in the cost of the pension systems - the maximum decline of interest rates is projected to be about 70 basis points from present levels.If pension benefits are reduced to offset the increasing cost pressures, the decline in global equilibrium interest rates can be much larger, while increases in the retirement age work in the opposite direction.The results do not anticipate a 'financial market meltdown' - a collapse in asset prices associated with the retirement of the baby-boomers - predicted by some.On the contrary, bond prices should fare fairly well over the next three decades.The main reason for this is that increasing life expectancy at retirement creates a need for higher retirement saving - in the future, people will want to retire wealthier than they do today.This trend more than offsets the negative effect of the retirement of baby-boomers on asset demand.Key words: Ageing, real interest rates, financial flows, public pension systems JEL classification numbers: J11, E44
  • Vajanne, Laura (2007)
    Bank of Finland. Financial market report 1
    Findings of a European Commission study show that in the European retail banking market, several barriers to competition exist, which raise retail banking costs to companies and consumers. High profitability of banking, concentrated markets and evidence of entry barriers give reason to suspect that in some EU countries, banks are able maintain a fairly high level of fees charged to consumers and small firms.
  • Vuorikallio, Mika (2007)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Arvopaperikaupan selvitystoiminnan tehostamista koskevan toimintasäännöstön (Code of Conduct) täytäntöönpano on edennyt toiseen vaiheeseen
  • Korhonen, Kari (2004)
    EURO & TALOUS 4
    Euroopan unionissa panostetaan siihen, että arvopaperikauppojen selvitys- ja toimitusprosessit toimisivat tulevaisuudessa nykyistä kitkattomammin ja että ulkomaisten arvopapereiden hankintakustannukset pienenisivät.Tämä edellyttää suuria rakennemuutoksia näihin prosesseihin ja sääntelyn modernisoimista. Miksi arvopaperikaupan selvitysja toimitusprosessit ovat tärkeitä?
  • Jokivuolle, Esa; Pylkkönen, Pertti; Vauhkonen, Jukka (2004)
    Suomen Pankki. Rahoitusmarkkinaraportti 2
    Suurin osa EU:n rahoituspalvelujen yhdentymisen toimintasuunnitelmasta on toteutunut, mutta tärkeitä hankkeita on myös edelleen kesken. Toimenpiteiden kansallinen implementointi on osin vasta alussa. Komissio päättää toimintasuunnitelman jatkotoimista vuonna 2005. Tämän artikkelin yhteydessä olevassa kehikossa esitellään lisäksi globaalin rahoitus-järjestelmän kannalta keskeisen elimen, Financial Stability Forumin, toimintaa.
  • Korhonen, Iikka; Randveer, Mare (2000)
    BOFIT Online 1/2000
    This paper assesses the impacts of Economic and Monetary Union and the euro on developments within the eight most advanced accession candidates in Central and Eastern Europe.The single currency completes the project for a single market in Europe, and overall, clear efficiency gains for participating countries are expected. This should spur foreign trade with e.g. the accession countries. Accession candidates may use a variety of foreign exchange rate regimes before they join the EU, but ultimately their economic policies become a matter of common interest.Pressure to peg to the euro obviously increases as membership approaches, but there is compelling evidence that countries should hold back on pegging to the euro until they have achieved sufficient convergence to attain credibility for a policy of fixed exchange rates. Keywords: Economic and Monetary Union, Central and Eastern Europe, exchange rate policy, integration
  • Mayes, David; Virén, Matti (2004)
    Suomen Pankin keskustelualoitteita 9/2004
    Using quarterly data for the period since 1987 this paper explores, in the context of a small model of the EU economy, the degree to which monetary policy has been asymmetric.It shows in particular that monetary policy has been much more responsive to threats that inflation would lie outside the price stability target than to equal sized shocks within the target zone. Similarly monetary policy has responded to threats of large positive and negative output gaps but has remained largely unresponsive to smaller divergences.It thus appears that the ECB and its predecessors have been avoiding 'fine-tuning' but have been aggressive in responding to substantial threats to macroeconomic stability.The action seems to have been stronger with respect to inflationary pressure than to deflation but this may offset any bias in fiscal policy.The asymmetric response of policy in part reflects considerable non-linearities and asymmetries in the behaviour of the euro area economies.High unemployment has relatively limited effect in pulling inflation down while low unemployment can be much more effective in driving it up.Economic downturns are both more rapid and sustained in driving unemployment up than recoveries are in bringing it down. There is considerable variety in these relationships and IS curves across countries, sectors and regions.Monetary policy reacts in the light of this. Key words: monetary policy, asymmetry JEL classification numbers: E52, E61
  • Mayes, David G.; Virén, Matti (2000)
    Bank of Finland. Discussion papers 11/2000
    Published in Economic Modelling, Vol. 22, No 2, March 2005: 219-251
    This paper highlights the implications for EU macroeconomic policy at a relatively disaggregated level when key economic relationships are nonlinear or asymmetric.Using data for the EU and OECD countries we show that there are considerable non-linearities and asymmetries in the Phillips and Okun curves.High unemployment has a relatively limited effect in pulling inflation down while low unemployment can be much more effective in driving it up.Downturns in the economy are both more rapid and sustained in driving unemployment up than recoveries are in bringing it down.There is considerable variety in these relationships and in IS curves across not just countries but also sectors and regions. Key words: aggregation, asymmetry, monetary policy, nonlinear models, Okun curve, Phillips curve
  • Suomen Pankki (2016)
    Euro & talous 1/2016
    Autoteollisuuden vaikutus bruttokansantuotteeseen ja työllisyyteen on EU:ssa suurin Saksassa ja joissain itäisen Keski-Euroopan maissa. Näissä maissa autoteollisuuteen kohdistuvalla sokilla voi olla tuntuvia vaikutuksia kansantalouden kannalta. Autoteollisuuden osuus EU:n tavaranviennistä on noin 10 %.
  • Jokivuolle, Esa; Vihriälä, Vesa; Virolainen, Kimmo; Westman, Hanna (2020)
    Nordic Economic Policy Review
    The global financial crisis has led to extensive regulatory reforms around the globe. The bail-in rules introduced in the Bank Recovery and Resolution Directive are an essential part of the new bank crisis management landscape in Europe. The paper seeks to clarify their implications and applicability in three ways. First, we provide a concise overview of the issues involved based on recent – mainly theoretical – literature. Second, we describe the key features of the European resolution framework. Third, we discuss the implications of the bail-in approach for crisis management in the Nordic context.
  • Lainela, Seija (2000)
    EURO & TALOUS 2
    Tärkein Baltian maiden viimeaikaiseen kehitykseen vaikuttanut tekijä oli Venäjän talouskriisi vuonna 1998.Sen seuraukset tulivat Baltiassa täysimääräisinä näkyviin viime vuonna, mutta kriisin vaikutukset alkoivat kuitenkin hälvetä jo saman vuoden kuluessa. Viro ja Latvia ovat selviytyneet kriisin aiheuttamasta lamasta Liettuaa paremmin, mikä osittain johtuu niiden pidemmälle edenneistä talousuudistuksista.Uudistusten ansiosta Viron ja Latvian taloudet ovat pystyneet joustavammin sopeutumaan muutoksiin.Suuret vaihtotosevajeet a viime vuoden aikana korkeaksi kohonnut työttömyys ovat tämän hetken vakavimpia ongelmia Baltian maissa.
  • Haajanen, Jyrki (2012)
    Bank of Finland. Financial market report 2
    Banking union is one of the most important and urgent current EU projects. The aim of efforts to enhance banking supervision, bank crisis resolution and deposit insurance is to improve the stability of the financial markets and ensure broader involvement of creditors.
  • Haajanen, Jyrki (2005)
    Bank of Finland. Financial market report 1
    The banks of the new EU member states have adjusted well to the new operating environment. Their profitability and capital adequacy is good, thanks to several structural changes.
  • Vauhkonen, Jukka (2006)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    EU:n vakavaraisuusdirektiivi antaa monessa maassa toimivan pankkiryhmän ryhmätason valvojalle vahvemman aseman kuin Baselin pankkivalvontakomitean vakavaraisuussuositus Basel II.
  • Pylkkönen, Pertti (2013)
    Bank of Finland. Financial market report 2
    The level of capital in investment funds registered in Finland has continued to grow. Plans call for European regulation of money market funds to be tightened in order to mitigate the threat of systemic risk to the markets associated with money market funds.