Browsing by Subject "Finland"

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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.
  • 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
    Finland’s economic growth will slow in the forecast period to close to its potential rate. GDP will grow 1.6% in 2019 and 1.5% in 2020. Thereafter, the pace of growth will ease to 1.3% in 2021.
  • Bank of Finland (2021)
    Bank of Finland. Bulletin 3/2021
    Bar raised for economic policy – demographic trend and public debt weigh on national economy ... 3 Forecast: Finnish economy takes off as pandemic eases ... 7 Households use their savings more quickly than anticipated ... 28 Public purse carried households and businesses through the COVID crisis ... 33 Forecast tables for 2021–2023 (June 2021) ... 44
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 6/2020
    Editorial: Economic policy must live in two time frames at once ...... 3 Forecast: The economy will recover from the pandemic, but even after recovery, growth will be slow ...... 7 The depths of the COVID-19 crisis, and the recovery ...... 35 Assessment of public finances 2020: Attention should already be turned to the post-crisis years ...... 59 Forecast tables for 2020–2023 (December 2020) ...... 72
  • Bank of Finland
    Bank of Finland. Bulletin 5/2018
    Now is the time to strengthen the public finances and the foundations for productivity growth 3 Forecast: Economic growth has passed its cyclical peak 7 Assessment of public finances 2018: Now is an opportune time to strengthen fiscal buffers 40 Slow productivity growth hinders export growth 46 Several reasons behind weak labour productivity 50 Sustainability of Finland’s public finances 54 Are Finns living beyond their means? 61 Divergence of productivity growth in Finnish companies 65 Debt risks amplified by housing company loans 83 Forecast tables for 2018–2021 (December 2018) 96
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2019
    Editorial: Finland’s economic transition still incomplete 3 Finland’s economic boom over 7 Alternative scenario: Recovery in global economy delayed 36 Assessment of public finances 2019 42 Investment weakened by uncertainty and the structure of the Finnish economy 53 Sustainability gap larger than previously projected 64 Forecast tables for 2019–2022 (December) 72
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 5/2018
    Finnish growth will continue, but at a slower pace than in recent years. There is no returning to the growth rate that preceded the financial crisis.
  • Bank of Finland (2018)
    Bank of Finland. Bulletin 3/2018
    Finland's economic growth will continue and remain broadly based. Strong global demand, improved cost-competitiveness, growth in household income and favourable financing conditions will all support growth over the forecast period. GDP growth forecasts for 2018–2020 stand at 2.9%, 2.2% and 1.7%. The declining growth rate in the immediate years ahead reflects the moderate long-term outlook for growth. Inflation will remain close to 1% over the years 2018–2019 before gathering pace and reaching 1.5% in 2020.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 5/2017
    Finland’s economic growth is broadly based, exports are fuelling growth and at the same time domestic demand continues to be strong. According to the Bank of Finland forecast, Finland’s GDP will grow 3.1% in 2017 and 2.5% in 2018. Over the years 2019–2020 the economy will grow approximately 1.5% per annum. Inflation will gather pace but throughout the forecast period will be slower than elsewhere in the euro area.
  • Pylkkönen, Pertti (2015)
    Bank of Finland. Bulletin 2/2015
    The financial difficulties of small and medium-sized enterprises in the euro area are gradually easing. Finance surveys indicate that access to finance has continued to be unconstrained in Finland, but the terms and conditions of loans are tightening. Collateral requirements are increasing, as is the use of various loan covenants in corporate finance.
  • Gulan, Adam (2021)
    Bank of Finland Bulletin. Blog
    What are the economic causes and consequences of large trade disruptions? Are they able to unleash a full-scale economic crisis? In recent years, the news has been full of events such as the US-China trade war, Brexit and even the collapse of tourism services exports in southern Europe following the outbreak of COVID-19. Finland has its own unique and still recent experience from the early 1990s, when the Soviet Union withdrew from the clearing trade agreement in December 1990.
  • Gulan, Adam; Haavio, Markus; Kilponen, Juha (2021)
    Journal of International Economics July
    Published in BoF DP 9/2019
    We study the macroeconomic consequences of a major trade disruption using the example of the Finnish–Soviet trade collapse in 1991. This is a rare case of a well–identified large trade shock in a developed economy. We find that the shock significantly affected Finnish output. Even so, the trade collapse was insufficient to generate an all–out crisis, and accounts for only a part of the Finnish Great Depression (1990–1993). We show that shocks originating domestically played a major role throughout the depression.
  • Bank of Finland (2015)
    Bank of Finland. Bulletin 3/2015
    The effects of the Government’s economic policy programme are assessed separately in this alternative scenario, as the programme is not included in the baseline forecast. The consolidation measures, if carried through, will markedly strengthen the public finances. On account of the measures, growth in the general government debt to GDP ratio will come to a halt in 2019. The effects on economic growth essentially depend on whether cost-competitiveness can also be improved. Despite the consolidation measures, the general government debt ratio resumes growth over the longer term.
  • Kauko, Karlo (2018)
    Scandinavian Economic History Review 1; January ; 2018
    Chartalist theories assume the government determines the currency used by the public. Finland’s experience following the Russo-Swedish war in 1808–1809 would seem to contradict the chartalist view. Having become a Grand Duchy under Russia, the Finnish Government sought to replace Swedish riksdalers in circulation with roubles. However, due to a resilient trade surplus with Sweden and the resulting flood of Swedish money into Finland, bans on the riksdaler were largely ineffective. Taxation proved a particularly clumsy tool for leveraging the switch to roubles. Taxpayers almost forced the government to accept payments in a foreign currency. Even the government had to use Swedish money. Issuing roubles was of limited use. As a result, the rouble failed to establish itself as Finland’s main currency until the introduction of a silver standard in 1840–1842.
  • Rehn, Olli (2018)
    Bank of Finland. Bulletin 5/2018
    Finland's economy will continue to grow, although its pace of expansion has for the time being moved past its peak. Growth is similarly expected to continue in the euro area; however, its inflationary outlook still calls for an accommodative monetary policy. Interest rate levels will therefore remain low, supporting growth conditions also in Finland. Risks to the global economy cast uncertainty over the economic outlook.
  • Bank of Finland (2018)
    Bank of Finland. Bulletin 5/2018
    Housing company loans and consumer credit add to high and rising levels of household indebtedness. The macroprudential toolkit needs to be replenished with borrower-based instruments that take into account loan applicants’ repayment ability and are able to address the rise of household indebtedness as a whole. Nordea's redomiciliation has increased the size and structural vulnerability of the Finnish banking sector. Italy's budget crisis and Brexit proceedings have contributed to uncertainty in Europe. Cyber risks and climate change pose yet further challenges for financial stability.
  • Bank of Finland (2015)
    Bank of Finland. Bulletin 3/2015
    Economic growth in Finland has been slow for a prolonged period, both historically and by international comparison. In recent years, growth has been depressed not only by the weak international economy, but also by sectoral and structural problems, such as an ageing population and lacklustre productivity development. In the forecast years 2015–2017, the economy will start to grow sluggishly as the export markets revive. The continued accommodative stance of monetary policy will also help support growth.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 3/2017
    The economic upswing in Finland has strengthened, and growth particularly in the first part of 2017 has been strong in the light of the statistical data. Economic growth in recent years has rested exclusively on domestic demand, but the base of growth is now broadening towards exports. The Bank of Finland forecasts GDP growth of 2.1%, 1.7% and 1.4% in 2017, 2018 and 2019, respectively.
  • Bank of Finland (2017)
    Bank of Finland. Bulletin 5/2016
    The Finnish economy has returned to growth. During 2016, growth has strengthened particularly on the back of private consumption and investment recovery. GDP will continue to grow in 2017–2019, driven by domestic demand, but will remain subdued, at a good 1% per annum, relative to previous cyclical upswings. The risks to the baseline forecast are tilted on the downside.