Browsing by Subject "integraatio"

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  • Anatolyev, Stanislav (2005)
    BOFIT Discussion Papers 9/2005
    Published in Research in International Business and Finance, Vol. 22, 2008: 56-67
    We study three aspects of the Russian stock market - factors influencing stock returns, integration of the stock market with world .financial markets, and market efficiency - from 1995 to present, putting emphasis on how these evolved over time.We .find many highly unstable relationships, and indeed, greater instability than that generated by financial crises alone.While most computed statistics exhibit constant ups and downs, there are recently clear tendencies in the development of the Russian stock market: a sharp rise in explainability of returns, an increased role of international financial markets, and a decrease in the profitability of trading. Key words: Russia, transition, stock returns, integration, efficiency. JEL codes: C22, F36, G14, G15
  • 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
  • Hasan, Iftekhar; Malkamäki, Markku (2000)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 20/2000
    This paper investigates the existence and extent of economies of scale and scope among stock exchanges.Evidence from 38 exchanges in 32 countries and 4 continents around the world for the years 1989-1998 indicates the existence of significant economies of scale and scope.The degree of such economies however differs by size of exchange and region.The largest stock exchanges show an increasing trend of cost effectiveness.Exchanges in North America and Europe report substantially larger economies of scale than those in the Asia-Pacific regions. Keywords: stock exchanges, mergers, regional alliances, economies of scale
  • Malkamäki, Markku (1999)
    Suomen Pankin keskustelualoitteita; Bank of Finland. Discussion papers 4/1999
    This is the first paper that examines economies of scale in stock exchanges.The data employed in the study include cost and output statistics for 37 stock exchanges in four continents around the world for the year 1997.I estimate two traditional cost functions and find that ray (overall) scale economies exist only in the very large stock exchanges but that there are significant scale economies with respect to one of the outputs, ie the processing of trades.On the other hand, there are not equally clear scale advantages related to activities involving company-specific information.There are thus opposing forces, some tending to increase standardization and scale and others favouring the continuization of more localized facilities.The outcome of increasing competition may be not be the amalgamation of exchanges but instead the centralization of certain functions, eg the trading function, and continued realization of others on a decentralized basis.There is nonetheless an obvious incentive for closer and deeper cooperation between European stock exchanges.
  • 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.
  • Gluschenko, Konstantin; Kulighina, Darya (2006)
    BOFIT Discussion Papers 3/2006
    Published in Journal of Economic Studies, Volume 37, Issue 4/2010
    Perfect integration eludes the real world, so we suggest a realistic benchmark standard for judging the extent of market integration in various economies.We estimate the degree of integration in the US product market, widely acknowledged to be the most integrated among geographically large economies, so as to provide a reference for measuring Russian market integration. Prices for 27 grocery items across 29 cities of the United States in the first quarter of 2000 are used as empirical data.The estimated degree of integration turns out to be very close to values obtained for Russia for 2000.Apparently, market integration in Russia has in recent years moved toward conditions found in advanced market economies.The roles of other factors that could potentially cause segmentation of the US market are also analyzed. JEL Classification: F14, F15, L81, R1 Keywords: market integration, price dispersion, law of one price, United States, Russia
  • 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.
  • Bank of Finland (1988)
    Bank of Finland. Bulletin
    Finland's Trade Policy and Trade Policy Agreements by Veli Sundbäck 3 Trends in Finnish Current Account in the 1980s by Tapio Peura 10 Foreign Trade in the Finnish Economy by Pentti Forsman and Tapio Peura 16 Structural Developments in Foreign Trade by Pentti Forsman 22 Finland's Foreign Trade in Services by Jorma Hilpinen and Pirkko Miikkulainen 28 Finland's Trade and Economic Cooperation with the CMEA Countries by Terhi Kivilahti 34 Finland's Commercial Relations with Developing Countries by Alec Aalto 41 High Technology in Finnish Foreign Trade by Harri Luukkanen 48 European Integration and Finland by Veli Sundbäck 52 Apart from the articles by Hilpinen and Miikkulainen and Aalto, all these articles have previously appeared in various issues of the Bulletin in 1988.
  • Ripatti, Kirsi (2006)
    Bank of Finland. Financial market report 2
    The search for economies of scale and increasing returns to scale is forcing stock exchanges to form larger alliances. The creation of NYSE Euronext is likely to pave the way for future European market infrastructure, towards a global operating environment.
  • Korhonen, Iikka; Korhonen, Vesa; Lainela, Seija; Simola, Heli; Solanko, Laura (2014)
    BOFIT Policy Brief 7/2014
    Kesäkuussa järjestetyn BOFIT Venäjä-tietoiskun viisi esitystä käsitteli Venäjän hidastuvaa talouskasvua monesta eri näkökulmasta. Tähän julkaisuun on koottu esitysten keskeinen sisältö artikkeleina. Ensimmäinen artikkeli keskittyy Venäjän talouskehitykseen aivan viime aikoina. Toinen artikkeli käsittelee Venäjän rahoitus- ja pankkimarkkinoiden kehitystä mm. yritysten rahoituksen saatavuuden näkökulmasta, kun taas kolmannen artikkelin aihe on Ukrainan vaikea taloustilanne. Neljäs ja viiden artikkeli käsittelevät Venäjän taloudellista integraatiota muiden maiden kanssa. Neljäs artikkeli tarkastelee syntymässä olevaa Euraasian liittoa, ja viidennen artikkelin aiheena on Venäjän asema kansainvälisissä tuotantoketjuissa. Hakusanat: Venäjä, Ukraina, talouskehitys, talouspolitiikka, lainananto, taloudellinen integraatio. Kaikki esitykset ovat nähtävissä osoitteessa http://wms.magneetto.com/suomenpankki/2014_0603_seminaari/view.
  • Heikkinen, Päivi; Kemppainen, Kari (2012)
    Bank of Finland. Bulletin. Financial stability 2
    Integration of the Finnish financial system into the global markets is reflected for example in the increasing provision of critical infrastructure services from abroad. Market integration may, through economies of scale, lower transaction costs. The challenge is to ensure that the level of domestic services does not decline and that efficiency gains are maintained. Market participants decisions on payment and settlement systems are strategic: they define the longer-term future operating conditions for the markets and the service level of the infrastructure. The impacts of these decisions therefore require thorough analysis, from the perspective of both individual participants and the entire market. The Bank of Finland assesses infrastructure solutions at the system-level and induces change, where necessary.
  • Sarajevs, Vadims (2001)
    BOFIT Discussion Papers 13/2001
    This is an empirical study of the real income convergence among the fifteen European Union members and the eleven transition economies of Central and Eastern Europe.Debates and research on EU enlargement tends to concentrate on normative issues, so empirical studies constitute a small share of published work on the subject. This empirical investigation relies on available data on transition, and employs several econometric techniques including graphic analysis, classical cross-section regression and dynamic panel data estimations.Most estimation methods find positive convergence, but estimated rates of convergence vary considerably.
  • Koponen, Risto (2006)
    Bank of Finland. Financial market report 1
    A single payment area across the EU would generate considerable cost savings and improve services. But creating a single payment area requires harmonised legislation. In December 2005, the European Commission issued a proposal for a directive on payment services which would almost totally harmonise legislation on payment services and the relationship between service provider and user in the EU.
  • Pautola, Niina (1995)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 9/1995
    The subject of this article is East-West integration.Part two examines the issue of integration between East and West by introducing the club theory as applied to international relations.The general assumption of the club theory is that the costs and benefits are a function of the size of the club and that the club size will be expanded till the marginal costs equal the marginal benefits.Part three examines the concrete benefits and costs of EU enlargement.There are economic and political gains, budgetary costs, voting and migration effects involved in the integration between East and West.Finally, part four discusses visions and realism of further integration and suggestions for interim policies while achieving an integrated Europe.
  • Kuus, Toivo (1997)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 7/1997
    Since regaining independence, Estonian has carried out its economic and political reforms with dispatch and determination.Estonia has now succesfully completed primary tasks faced by most transition countries, ie. trade liberalization, macroeconomic stabilization, privatization, monetary reform, strengthening of financial sector etc.One of the main challanges presently facing Estonia is the EU membership.If Estonia intends to become a member of the EU in the years ahead, EMU will comprise the framework of development also for the Estonian economy.What then are the implications of EMU memberhip for Estonia ?Benefits include elimination of currency transaction costs, reduction of costs of hedging against exchange rate risk, increased competition due to price transparency, increased foreign trade, elimination of problems related to fluctuating exchange rates, low inflation, and benefits related to increased international role of the common European currency euro. Costs related the EMU and a common currency depend on the structure of Estonia's economy vis a vis other European economies.In general, if EMU member states have similar economic structures and economic problems, then the costs will be low, because a common EMU economic policy suit every country's individual needs.If this is not the case, then the costs of a common currency will be high. Estonia's participation in euro area requires a fulfilment of the Maastricht convergnece criteria on interest rate, exchange rate, price stability as well as public debt.In respect of the government deficit and debt, succesfull economic reform and accompanying economic growth have created a situation wherein Estonia's debt burden is relatively small and the Estonian government can easily borrow money from international markets. Regarding to price stability, inflation rate in Estonia is still considerably above the level of Western European countries.Also, long-term interest rates still exceed the reference value of the EMU criterion.Finally, the criterion of exchange rate stability can be considered to be essentially fulfilled in Estonia because the kroon has already for five years been pegged to the Deutschemark, one of the most stable currencies in Europe. If Estonia remains outside the official euro area after accession, the EMU will still have an enormous impact on its economic and monetary policies.For Estonia, as well as for all new member states, the pursuit of strict macroeconomic and fiscal policies is of essential importance. Keywords:Estonia, EMU, EU, integration, enlargement, monetary policy
  • Korhonen, Iikka (2001)
    BOFIT Online 2001/4
    Sisällysluettelo: Rahaliittoon monta polkua 4 Baltiassa kiinteät kurssit säilyvät 5 Voiko kilpailukyky säilyä? 6 Julkisen talouden tasapaino vaarassa? 7 Maalina rahaliitto 8 Taulukot Hakijamaiden valuuttakurssijärjestelmät 8 Hakijamaat ja Maastrichtin kriteerit 9 Kuviot Julkisen sektorin vajeet Baltian maissa, % BKT:sta 10 Reaaliset efektiiviset valuuttakurssit 10
  • (2003)
    Euroopan keskuspankki. Kuukausikatsaus Lokakuu
    Tässä artikkelissa luodaan yleiskatsaus Euroopan tukkurahoitusmarkkinoiden parhaillaan käynnissä ole vaan integraatioprosessiin ja selvitetään EKP:n osuutta tässä prosessissa.Yhdentyneet rahoitusmarkkinat voidaan määritellä tilanteeksi, jossa mitkään tekijät eivät saata talouden toimijoita erityisesti sijainnin perusteella eriarvoiseen asemaan sen suhteen, miten ne voivat hankkia pääomaa ja tehdä pääomasijoituksia. Rahoitusmarkkinoiden yhdentymisen saavuttaminen merkitsee sitä, että laajoilla markkinoilla markkinaosapuolten käytössä olevien verkottumis- ja skaalaetujen ja yhteistuotannon etujen optimaalisen hyödyntämisen esteet poistuvat ja että kaikkia markkinaosapuolia ja palvelujen tarjoajia sitovat yhteiset säännöt, käytännöt ja standardit.Integraation edistäminen edellyttää, että markkinavoimat, koordinointi-ongelmien ratkaisemiseen tarvittava markkinaosapuolten yhteistoiminta ja viranomaisten toimenpiteet ovat tehokkaassa vuorovaikutuksessa keskenään.Arvio euroalueen markkinoiden yhdentymisen nykytilasta erityisesti kvantitatiivisten indikaattorien perusteella osoittaa, että markkinat ovat heterogeeniset ja että integraatio on toteutunut vain muutamilla markkinasegmenteillä. Näillä segmenteillä on standardinmukaiset tuotteet, samanlaiset säännöt ja käytännöt sekä yhteinen infrastruktuuri.Integraation eteneminen edellyttää EU:n ja kansallisten viranomaisten vahvaa sitoutumista.EKP katsoo myös, että viranomaisten tulisi edistää yksityisen sektorin yhteistoimintaa EU:n tasolla rahoitusmarkkinoiden yhdentymistä haittaavien koordinointiongelmien ratkaisemiseksi.EKP tukee useita tällaisia aloitteita, ja se aikoo toimivaltansa puitteissa toimia näin vastaisuudessakin muiden mahdollisten aloitteiden suhteen.
  • (2000)
    Euroopan keskuspankki. Kuukausikatsaus Helmikuu
  • Vauhkonen, Jukka (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 4
    Yrityslainojen ja osakkeiden kirjavuus vaikeuttaa näiden markkinoiden integraation etenemisen arviointia. Uusilla edistyneillä integraatiomittareilla pyritään vähentämään arvopapereiden heterogeenisuudesta aiheutuvia mittausongelmia