Browsing by Author "Information Services Department"

Sort by: Order: Results:

Now showing items 1-3 of 3
  • Hilpinen, Jorma (1995)
    Suomen Pankin keskustelualoitteita 4/1995
    The pressures on the markka's exchange rate caused substantial swings in capital movements during 1991 and 1992.The markka was let to float in September 1992, and since then exchange rate changes have been volatile. The Bank of Finland has complete monthly information for the BoP statistics since January 1991, allowing the calculation of detailed capital movements as well as a proper monthly errors and omissions item.The information system was planned in fixed exchange rate circumstances.The last four years have challenged the system more than expected, raising the risk of major errors and omissions. The early data on current account is one item of economic information most eagerly awaited.The period of exchange rate turbulences also posed many practical problems in recording visible- and invisible current account transactions. In view of quality of the BoP-statistics measured with the errors and omissions, the last four years of exchange rate turbulence did not cause outstanding errors and thus a sudden weakening in the quality of statistics. In the circumstances of floating currencies in many European countries the need and scope for revisions of early indicators of current account and other items may increase.So far our error even in the first current account estimates has been moderate, though it has been systematic, and the estimates have given a fairly reliable picture of the developments of the foreign stability of the Finnish economy.
  • Hilpinen, Jorma (1995)
    Suomen Pankin keskustelualoitteita 25/1995
    In order to bridge the lack of the official foreign stade statistics compiled by the Board of Customs caused by Finland's entry into the EU and to secure the availibility of current account estimates with a five week delay, the Bank of Finland decided in the autumn 1994 that a special survey for foreign trade will be built.It was felt necessary that the balance of payments statistics must continue to come out without any halt.It seems evident that within rather wide limits exports and imports can be estimated with the cut-off survey.However, monthly variations being very large, it is of utmost difficulty to give precise monthly estimates for the trade balance.The current preliminaries produced by the Bank as well as by the Customs may give wrong signals to the market if single monthly observations are concerned. The Bank of Finland survey data may describe the underlying developments in the foreign stability with reasonable reliability. In addition, the use of robust economic relationships could be one way to economize and to speed up statistical systems.However, to have consistent short term information on trade balance, only one reliable information system is no doubt preferred.Therefore, the Board of Customs should make every effort to make their statistical system functional so that information are available with only a few weeks delay and the reliability of the old foreign trade statistic could be reached.
  • Hilpinen, Jorma; Hakuni, Mika (1997)
    Suomen Pankin keskustelualoitteita 13/1997
    In order to bridge temporary delays in the dissemination of official foreign trade statistics compiled by the National Board of Customs after the Finland's entry into the EU in 1995, the Bank of Finland decided to introduce a special survey on Finnish foreign trade in merchandise.It was felt necessary that balance of payments statistics should continue to be available without a break.This paper describes the survey employed and the feasibility of the results. It seems evident that Finnish exports and imports can be satisfactorily estimated using a cut-off survey of very modest sample size.The Bank of Finland foreign trade survey provided a timely and accurate description of the underlying developments in the external stability.Because the National Board of Customs now has a functional statistical system for foreign trade, the Bank of Finland trade survey was discontinued in December 1996. Keywords: business surveys, foreign trade, balance of payments statistics