Browsing by Author "Juurikkala, Tuuli"

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  • Haaparanta, Pertti; Juurikkala, Tuuli (2007)
    BOFIT Discussion Papers 12/2007
    Russian industrial enterprises inherited from the Soviet era a tradition of producing welfare and infrastructure services within the firm, also for outside users. Despite the massive restructuring of the economy that took place since, many firms are still active in service provision. At the same time, opaque fiscal federalism is a problem for municipalities whereas rent extraction by public sector officials is a problem for firms. In this paper we examine whether there is a link between these phenomena. We propose a model on local fiscal incentives, service provision by firms and the municipality-firm relationship in the form of bribes. Using survey data from 404 medium and large industrial enterprises in 40 regions of Russia, we find that the higher the share of own revenues in the local budget, the more likely the firms are to report bribes. In the case of infrastructure services, the data also support the hypothesis that the channel is through service provision: the less fiscal autonomy, the more service provision and the less likely the firms are to report bribes.
  • Korhonen, Iikka; Juurikkala, Tuuli (2007)
    BOFIT Discussion Papers 8/2007
    Published in Journal of Economics and Finance, Volume 33, 1/2009, pp. 71-79
    We assess the determinants of equilibrium real exchange rates in a sample of oil-dependent countries.Our basic data cover OPEC countries from 1975 to 2005.We also include three oil-producing Commonwealth of Independent States (CIS) countries in our robustness analysis.Utilising several estimation techniques, including pooled mean group and mean group estimators, we find that the price of oil has a clear, statistically significant effect on real exchange rates in our group of oil-producing countries.Higher oil price lead to appreciation of the real exchange rate. Elasticity of the real exchange rate with respect to the oil price is typically between 0.4 and 0.5, but may be larger depending on the specification.Real per capita GDP, on the other hand, does not appear to have a clear effect on real exchange rate.This latter result contrasts starkly with the consensus view of real exchange rates determinants, emphasising the unique position of oil-dependent countries.Key words: equilibrium exchange rate, pooled mean group estimator, resource dependency JEL codes: F31, F41, P24, Q43
  • Haaparanta, Pertti; Juurikkala, Tuuli; Lazareva, Olga; Pirttilä, Jukka; Solanko, Laura; Zhuravskaya, Ekaterina (2003)
    BOFIT Discussion Papers 16/2003
    This paper reports first results from a survey of 404 middle-sized and large manufacturing firms from 40 Russian regions in April-June 2003.We examine the extent of social service and infrastructure provision by the firms and the firms assessment of the quality of public infrastructure and the regulatory environment.Background information of ownership, investment, performance, competition, and finance decisions of the firms is also gathered. The data reveal that despite major divestments of social services during 1990s, a great majority of firms still provide at least some form of social services.For example, 56% of the firms have their own housing or support local housing, and 73% of the firms have recreation facilities or support employee s recreation activities. While managers view the social service provision as non-essential and costly, many of the firms continue to provide these services, even to users other than their own workforce. The quality of public infrastructure is generally assessed as being good or satisfactory; the respondents were the least satisfied with the quality of roads.Over a half of the firms provide their own heat, but mainly due to technological reasons although public service interruptions do occur and 24% of the firms give support to the maintenance and construction of public road network. The regulatory burden the firms face continues to be severe.In more than half of the firms, for example, the general manager has to spend more than two weeks in negotiations about public infrastructure with the authorities. These descriptive results indicate that there is still a lot scope for improvement in the quality and quantity of public service provision in Russia.Enterprises are still engaged rather heavily in social service provision, road network would require improvements, and the easing of regulatory burden should continue. Addressing these questions is likely to be vital for the sustainability of investments and growth in Russia. The paper is part of the project Infrastructure and Welfare Services in Russia: Enterprises as Beneficiaries and Service Providers financed by the Academy of Finland (project number 200936), the World Bank, and Yrjö Jahnsson Foundation.The project has also received support from the Bank of Finland Institute for Economies in Transition.
  • Juurikkala, Tuuli; Korhonen, Vesa; Ollus, Simon-Erik; Sutela, Pekka; Tekoniemi, Merja (2006)
    BOFIT Online 2/2006
    Mikä on Venäjän paino ja minkälainen toimija Venäjä on maailmantaloudessa?Miksi Venäjän talous kasvaa niin nopeasti ja onko nykyinen talouskasvu kestävällä pohjalla?Näkyykö monia vuosia jatkunut talouskasvu Venäjän alueilla?Entä kehittyvätkö rahoitus- ja pankkisektori?Oheiset artikkelit valottavat näitä Venäjän talouskehityksen kannalta keskeisiä kysymyksiä.Viimeinen artikkeli käsittelee Ukrainan talouden keskeisiä haasteita vuonna 2006. Artikkelit perustuvat BOFIT:in ekonomistien alustuksiin Venäjä tietoiskuussa Helsingissä 8.5.2006. Asiasanat: Venäjä, maailmantalous, talouskasvu, aluetalous, rahamarkkinat, pankkisektori
  • Juurikkala, Tuuli; Lazareva, Olga (2006)
    BOFIT Discussion Papers 1/2006
    In the planned economy firms were made responsible for providing their workers with social services, such as housing, day care and medical care.In the transforming Russia of the 1990s, social assets were to be transferred from industrial enterprises to the public sector.The law on divestment provided little more than general principles.Thus, for a period of several years, property rights concerning a major part of social assets, most notably housing, were not properly defined, as transfer decisions were largely left to the local level players.Strikingly, the time when assets were divested varied considerably across firms.In this paper we utilize recent survey data from 404 medium and large industrial enterprises in 40 Russian regions and apply survival data analysis to explore the determinants of divestiture timing. Our results show that in municipalities with higher shares of own revenues in their budget and thus weaker fiscal incentives, firms used their social assets as leverage to extract budget assistance and other forms of preferential treatment from local authorities. We also find evidence that less competitive firms were using social assets to cushion themselves from product market competition.At the same time, we do not find any role for local labor market conditions in the divestment process.
  • Juurikkala, Tuuli; Lazareva, Olga (2006)
    BOFIT Discussion Papers 4/2006
    Published in Economics of Transition, Volume 20, Issue 1, pages 113-136, January 2012 as "Non-wage benefits, costs of turnover and labour attachment. Evidence from Russian firms"
    Just as in established market economies, many Russian firms provide non-wage benefits such as housing, medical care or day care to their employees.Interpreting this as a strategic choice of firms in an imperfect labor market, this paper examines unique survey data for 404 large and medium-size industrial establishments from 40 Russian regions.We find strong evidence that Russian industrial firms use social services to reduce the costs of labor turnover in the face of tight labor markets.The strongest effect is observed for blue-collar workers.We also find that the share of non-monetary compensation decreases with improved access to local social services. Keywords: Non-wage benefits, labor turnover, labor attachment, Russia JEL codes: J32, J33, J42, J63, M52, P31
  • Juurikkala, Tuuli; Ollus, Simon-Erik (2006)
    Bank of Finland. Bulletin 2006 ; 4
    Russia is a globally important oil and gas producer.Russian energy is especially important to the import-dependent EU countries.Recently, Russia has expressed its interest in expanding its export markets outside Europe and has raised gas prices for several European countries.Not surprisingly, energy ranks high in both Russia's economic and foreign policy.EU dependency on Russia appears to be growing due to rising energy imports, and energy is likely to occupy a central role in the EU-Russia dialogue in the foreseeable future.
  • Juurikkala, Tuuli; Ollus, Simon-Erik (2006)
    BOFIT Online 2006/4
    Russia is a globally important oil and gas producer.Russian hydrocarbons are not only crucial to the domestic economy but also to European countries depending on energy imports.This paper reviews the current stand and future prospects of Russian oil and gas production and exports.Russia has clearly stated that it wants to diversify its oil trade by increasing its exports to other areas than Europe.At the same time, many countries have seen their gas import prices rising significantly.As energy prices and exports have also been the main driver behind the current economic boom in Russia, there is no doubt that Russian energy will stay high on both the economic and political agenda of the EU and its member countries at least in any foreseeable future.The question remains whether there is enough Russian oil and gas for all new pipelines planned, as well as whether the huge investment needs of the energy sector can possibly be fulfilled, given the current investment climate and increasing government influence in the major energy firms. Keywords: energy, oil, natural gas, Russia, EU
  • Juurikkala, Tuuli; Karas, Alexei; Solanko, Laura (2009)
    BOFIT Discussion Papers 8/2009
    Published in Review of International Economics, 19(1), February 2011: 109–121
    This paper focuses on the role of the banking sector in monetary policy transmission in an emerging economy with a rapidly developing financial system. Specifically, we exam whether the central bank's monetary policy stance affects banks' lending behaviour. Based on a comprehensive quarterly dataset on all Russian banks from 1Q1999 to 1Q2007, we find evidence for the existence of a bank lending channel in Russia. Contrary to several studies on developed economies, the level of a bank's capitalization matters for the transmission process. Better capitalized banks are less likely to adjust their lending practices following a change in the monetary policy stance.
  • Juurikkala, Tuuli; Ollus, Simon-Erik (2006)
    Venäjä on maailmanlaajuisesti tärkeä öljyn- ja kaasuntuottaja. Erityisen tärkeää venäläinen energia on energiantuonnista riippuvaisille EU-maille.Viime aikoina Venäjä on ilmaissut halunsa laajentaa vientimarkkinoitaan Euroopan ulkopuolella ja on nostanut useille eurooppalaisille ostajille myymänsä kaasun hintaa. Energiakysymys onkin Venäjän talous- ja ulkopolitiikassa keskeisessä asemassa.EU:n riippuvaisuus Venäjästä näyttää lisääntyvän kasvavan energiantuonnin takia, ja energiakysymys pysynee pitkään EU:n ja Venäjän välisen vuoropuhelun asialistalla.