Browsing by Subject "indeksit"

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  • Nyberg, Peter; Vaihekoski, Mika (2009)
    Bank of Finland Research Discussion Papers 21/2009
    This paper presents a new monthly value-weighted, all-share total return index for the Finnish stock market. The index covers the period from the establishment of the Helsinki Stock Exchange in October 1912 to the beginning of 1970, after which the WI index by Berglund et al (1983) and later in December 1990, the Exchange s own HEX index are available. When combined, these can be used to study the development of the Finnish equity market without a break from the beginning of the stock market until the present day. We also provide a detailed description of the construction methodology and a comparison between our index and those available earlier. The new index replaces the Unitas price index, which has been the only index available for long-term studies from 1928 onwards. The new index also provides an alternative to the book equity weighted Poutvaara (1996) price index for the period 1912 1929.
  • Kuoppamäki, Pasi (1998)
    Suomen Pankin kansantalouden osaston työpapereita 5/98
    Varallisuushintojen määräytyminen on paitsi tärkeä osa kansantalouden toiminnan tehokkuutta myös merkittävää informaatiota tuottava prosessi.Suuret yllättävät varallisuushintojen muutokset ovat osoittaneet, ettei varallisuusmarkkinoiden toimintaa ymmärretä riittävästi.Varallisuushintojen kansantaloudellisesta merkityksestä ei ole Suomessa tehty mittavia kokonaisselvityksiä. Yksittäisten varallisuusesineiden hinnat kertovat koko kansantalouden tasolla vain osatotuuden varallisuusmarkkinoista ja taloudellisten yksiköiden kokemasta varallisuudesta.Seurattaessa koko yksityisen sektorin varallisuuden kehitystä aggregoitu varallisuushintaindeksi antaa yksittäisiä indeksejä kattavamman kuvan. Raportilla on kaksi tavoitetta: 1) selvittää yleisesti miten varallisuushinnat liittyvät makrotaloudelliseen kehitykseen; 2) ja tutkia aggregoidun varallisuushintaindeksin ominaisuuksia. Keskeisin tavoite on aggregoidun varallisuushintaindeksin (AAPI) rakentaminen ja sen indikaattoriominaisuuksien tarkastelu. Liitteessä esitetty metsävarallisuuden arvon aikasarja tuo uutta tietoa yksityisen sektorin metsäomaisuudesta. Tulosten mukaan aggregoitu varallisuushintaindeksi ennustaa inflaatiota korkeintaan yhtä hyvin kuin parhaat perinteiset inflaatioindikaattorit.AAPI on melko vakaa indeksi, koska se luonteensa mukaan sopeutuu varallisuuden rakenteellisiin muutoksiin ja aggregointi tasoittaa osaindeksien omien häiriöiden vaikutusta. AAPI:n suhteellisia muutoksia voidaan siten käyttää yleisenä varallisuushintainfiaation kuvaajana.Keskuspankkien on tärkeätä seurata varallisuushintojen kehitystä tarkasti, mutta merkittäväksi rahapolitiikan kohteeksi varallisuushintoja ei voi ottaa. Varallisuushintojen muutoksiin on syytä kiinnittää erityistä huomiota suurten ympäristömuutosten, kuten rahoitusmarkkinoiden vapautumisen, aikana. Asiasanat: varallisuushinnat, aggregointi, indikaattorit, inflaatio
  • Gluschenko, Konstantin (2006)
    BOFIT Discussion Papers 9/2006
    Lacking data on price levels across locations (countries, national regions, etc.) for crossspace comparisons, researchers resort to local consumer price indexes (CPIs) over time to evaluate these levels.This approach unfortunately fails to specify, even generally, the exactness of such proxies.Worse, the method is silent on whether the results are consistent, at least qualitatively, with those obtained using actual price levels.This paper aims to find an answer empirically, using data across Russian regions.Through comparison of CPIproxied price levels with direct evaluations of regional price levels (i.e.Surinov spatial price indexes and the costs of a purchasing power basket), biases that distort the qualitative pattern of inter-regional differences are identified.Cross-region distributions for real income (calculated with CPI-proxied and directly evaluated price levels) for several points in time are estimated and compared.The CPI-induced biases are found to generally overstate inter-regional disparities. JEL Classification: C43, E31, P22, R19 Keywords: consumer price index, spatial price index, real income, nonhomothetic preferences, Russia, Russian regions
  • Bailliu, Jeannine; Han, Xinfen; Kruger, Mark; Liu, Yu-Hsien; Thanabalasingam, Sri (2018)
    BOFIT Discussion Papers 9/2018
    Published in International Journal of Forecasting, 35, 3, 2019, 1118-1130
    The official Chinese labour market indicators have been seen as problematic, given their small cyclical movement and their only-partial capture of the labour force. In our paper, we build a monthly Chinese labour market conditions index (LMCI) using text analytics applied to mainland Chinese-language newspapers over the period from 2003 to 2017. We use a supervised machine learning approach by training a support vector machine classification model. The information content and the forecast ability of our LMCI are tested against official labour market activity measures in wage and credit growth estimations. Surprisingly, one of our findings is that the much-maligned official labour market indicators do contain information. However, their information content is not robust and, in many cases, our LMCI can provide forecasts that are significantly superior. Moreover, regional disaggregation of the LMCI illustrates that labour conditions in the export-oriented coastal region are sensitive to export growth, while those in inland regions are not. This suggests that text analytics can, indeed, be used to extract useful labour market information from Chinese newspaper articles.
  • Becchetti, Leonardo; Ciciretti, Rocco; Hasan, Iftekhar (2009)
    Bank of Finland Research Discussion Papers 1/2009
    Published in Journal of Business Research, Volume 65, Issue 11, November 2012: 1628-1635
    In today s global economy, corporate social responsibility (CSR) is a core component of corporate strategy. Due in part to financial scandals, losses, and the diminished reputation of the affected listed companies, CRS is emerging as a crucial instrument for minimizing conflicts with stakeholders. While corporations are busy adopting and enhancing CSR practices, there is (beyond a very few notable exceptions) no established empirical research on its impact and relevance for the capital market. Our paper investigates this issue by tracing market reactions to corporate entry into and exit from the Domini 400 Social Index (a recognized CSR benchmark) between 1990 and 2004. Our paper highlights two main findings: i) a significant upward trend in absolute values of abnormal returns, irrespective of the event (entry/exit vis-à-vis the index) type; and ii) a significant negative effect on abnormal returns after announcement from the Domini index. The latter effect continues to persist even after controlling for concurring financial distress shocks and stock market seasonality.
  • Kajanoja, Lauri (2004)
    Bank of Finland. Bulletin 78 ; 1
  • Lehtonen, Martti; Hukkinen, Juhana (1997)
    Bank of Finland. Bulletin 71 ; 1 ; January
  • Kiviniemi, Jori Petteri (1997)
    Bank of Finland. Bulletin 71 ; 10 ; October
  • Boman, Aarne (1924)
    Bank of Finland. Monthly Bulletin 4 ; 1 ; January
  • Ambrocio, Gene (2021)
    Bank of Finland Research Discussion Papers 4/2021
    I study the effects of the Covid-19 pandemic on business confidence in 11 Euro area countries and its consequent impact on economic activity. To obtain causal effects, I instrument business confidence with domestic household confidence as well as average household confidence in neighboring countries. I find evidence suggesting that the confidence and expectations channel was an important component to the economic transmission of Covid-19. A one standard deviation drop in business confidence leads to between 5-6 and 9 percent fall in economic activity in the industrial and wholesale and retail trade sectors respectively. These results highlight the importance of managing confidence and expectations in crises episodes.
  • Korhonen, Iikka; Peresetsky, Anatoly (2013)
    BOFIT Discussion Papers 15/2013
    We use a Kalman filter type model of financial markets to extract a global stochastic trend from the discrete non-synchronous data on daily stock market index returns of different stock exchanges. The model is tested for robustness. In addition, we derive "most important" hours of world financial market and estimate the relative importance of local versus global news for different stock markets. The model generates results that are consistent with intuition. Key words: emerging stock markets, transition economies, financial market integration, stock market returns, global stochastic trend, state space model, Kalman filter, non-synchronous data. JEL codes: C49, C58, G10, G15, F36, F65
  • Kajanoja, Lauri (2004)
    Suomen Pankin keskustelualoitteita 2/2004
    This study presents a framework for extracting long-run GDP growth and inflation expectations from financial market data on a real-time basis.The framework uses information from both stock and bond markets.It builds on a dividend discount model of stock valuation and on a linearized consumption Euler equation. Furthermore, expected long-run dividend growth for a broad equity index is assumed to be related to expected long-run GDP growth. Short-run and long-run dividend growth expectations are allowed to differ.The former are measured using equity index futures.We extract growth and inflation expectations for the euro area and for the United States. Key words: inflation expectations, growth expectations, equity index futures JEL classification numbers: E31, E44, E66
  • Mayes, David; Virén, Matti (2001)
    Suomen Pankin keskustelualoitteita 17/2001
    This paper provides an exposition of the nature, means of estimation and uses of Financial Conditions Indexes (FCIs) and their relationship to the more common Monetary Conditions Indexes (MCIs) that are used by market analysts, international organisations and central banks.Using panel datasets for Western Europe we explore how asset prices, particularly house and stock prices, can provide useful additional indicators of future changes in output and inflation.We find a clear role for house prices but a poorly determined relationship for stock prices.Unfortunately the most useful role for FCIs comes from their incorporation of high frequency data and the opportunity this gives for extracting information about changes in market expectations for inflation and output.This helps market participants make judgements about likely central bank reactions and helps central banks assess the stance of policy between forecasts.While stock prices are high frequency, house prices are not.At quarterly frequency central banks in particular will want to use traditional economic forecasting methods and summary indicators like FCIs will have only a limited role.We illustrate how such an FCI can be used, drawing on monthly data for Finland.Key words: financial conditions, asset prices, house prices, stock prices
  • Kalliala, Kaarlo J. (1924)
    Bank of Finland. Monthly Bulletin 4 ; 1 ; January
  • Kalliala, Kaarlo J. (1925)
    Bank of Finland. Monthly Bulletin 5 ; 1 : January
  • Pönkä, Harri; Stenborg, Markku (2020)
    Finnish Economic Papers 1
    We employ probit models to study the predictability of recession periods in Finland using a set of commonly used variables based on previous literature. The findings point out that individual predictors, including the term spread and the real housing prices from the capital area, are useful predictors of recession periods. However, the best in-sample fit is found using combinations of variables. The pseudo out-of-sample forecasting results are generally in line with the in-sample results, and suggest that in the one-quarter ahead forecasts a model combining the term spread, the unemployment expectation component of the consumer confidence index, and the real housing price index performs the best based on the area under the receiver operating characteristic curve. Autoregressive probit models yield higher in-sample fits compared to the static probit models, and the best pseudo out-of-sample forecasts for longer forecasting horizons are given by an autoregressive model.
  • Kivistö, Jarkko (2008)
    Suomen Pankki. BoF online 12/2008
    Euroopan keskuspankin (EKP) rahapolitiikan tavoitteena on hintavakauden ylläpitäminen euroalueella. Hintavakautta mitataan yhdenmukaistetulla kuluttajahintaindeksillä (YKHI), jonka laadinnasta vastaa yhteiseurooppalainen tilastoviranomainen Eurostat yhdessä kansallisten tilastoviranomaisten kanssa. Kuluttajahintainflaatiota analysoitaessa on hyödyllistä erotella hintojen muutoksista myös julkisen vallan toimenpiteiden vaikutukset hintoihin, jotta saadaan oikea kuva puhtaasti markkinaperusteisista hintojen muutoksista. Julkisen vallan hintoihin vaikuttavia toimenpiteitä ovat välillisten verojen, veroluontoisten maksujen ja erilaisten hallinnollisten ja säänneltyjen hintojen muutokset. Tässä julkaisussa Suomen hallinnollisten hintojen indeksit esitetään ensimmäisen kerran. Aikasarjat on laadittu vuodesta 2001 alkaen
  • Puumanen, Kari (1968)
    Suomen Pankki. D 19
    Suomen rahoitusmarkkinoilla on indeksisidonnaisuusinstituution synnyttäneenä voimana ollut ennen muuta reaalikorkoajattelun ja rahanarvoabstraktion varaan rakennettu inflaatiosuoja-argumentti. Tämä voimakkaan normatiiviseen asennoitumiseen johtava motivaatiolähde on myös ollut esteenä indeksisidonnaisuuden kehittymiselle rahoitusmarkkinasubjektien valintakenttää laajentavana ja riskiä eliminoivana instituutiona.Tältä kannalta olisi oleellista ei indeksisidonnaisuus sinänsä vaan mahdollisimman vapaan valinnan sallivien kaksoisluottomarkkinain olemassaolo. Varsinkin luoton kysynnän kannalta tarkasteltuna ovat rahoitusmarkkinamme tässä suhteessa vielä sangen puutteelliset. Tämän tutkimuksen eräänä pääteemana on ollut osoittaa inflaatiosuoja-argumentin selvä realistisuuden puute.Luvussa 2 tuotiin esille reaalikorkoajattelun virheellisyys ja luvussa 3 rahanarvoabstraktion soveltumattomuus varallisuuden inflaatioredistribuutiota koskevissa kysymyksissä.Nyt esiin tuotu tallettajien heikko elinkustannusinflaation ennakointikyky osoittaa sekin inflaatiosuojaargumentin epärealistisuutta.
  • Babecký, Jan; Komárek, Lubos; Komárková, Zlatuse (2012)
    BOFIT Discussion Papers 4/2012
    Published in National Institute Economic Review, Volume 223, Issue 1, 2013, Pages R16-R34 as Convergence of Returns on Chinese and Russian Stock Markets with World Markets: National and Sectoral Perspectives.
    Interest in examining the financial linkages of economies has increased in the wake of the 2008/2009 global financial crisis. Applying the concepts of beta- and sigma-convergence of stock market returns, we assess changes over time in the degree of stock market integration between Russia and China as well as between them and the United States, the euro area and Japan. Our analysis is based on national and sectoral data spanning the period September 1995 to October 2010. Overall, we find evidence for gradually increasing stock market integration after the 1997 Asian financial crisis and the 1998 Russian financial cri-sis. Following a major disruption caused by the 2008/2009 global financial crisis, the process of stock market integration resumes between Russia and China, and with world markets. Notably, the episode of sigma-divergence from the 2008/2009 crisis is stronger for China than Russia. We also find that the process of stock market integration and the impact of the recent crisis have not been uniform at the sectoral level, suggesting potential for d-versification of risk across sectors. JEL classification: C23, G15, G12. Keywords: Stock market integration, beta-convergence, sigma-convergence, China, Russia, sectoral and national analysis
  • Kajanoja, Lauri (2004)
    EURO & TALOUS 1