Browsing by Subject "julkinen sektori"

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  • Goel, Rajeev K.; Nelson, Michael A. (2008)
    BOFIT Discussion Papers 6/2008
    Published in Journal of Policy Modeling, Vol. 32, Issue 4, July-August 2010, pp. 433-447
    Corruption, which remains a serious problem in many countries, has prompted considerable research in recent years. This paper adds to the extant literature with insights on factors influencing corrupt activity. Using cross-country data for about 100 nations, the roles of national history, geography, and government are examined to see how they affect conditions for corruption, both qualitatively and quantitatively. The innovative aspects of this research include use of a wide set of historical, geographical, and governmental determinants of corruption, as well as detailed assessment of several previously considered determinants. The main issues addressed are the effects of the size and scope of government on the incidence of corruption across countries, and the significance of historical and geographic factors in corruption. Regarding the first question, the authors find the size and scope of government can significantly affect corruption. On the second, it is shown that historical institutional inertia in older countries and new rent-seeking opportunities in younger nations can encourage corruption, while certain geographic factors can mitigate corruption. The paper ends with discussion aimed at the policymaker. JEL: H0, P0 Keywords: corruption, bribery, government size, government scope, rent-seeking, history, geography
  • Solanko, Laura (2006)
    BOFIT Discussion Papers 2/2006
    During the Soviet period industrial firms not only formed the backbone of the economy but also directly provided a wide range of benefits to their municipalities.Firms were in charge of supplying a great variety of social services, such as housing, medical care and day care.The need to divest at least some of these functions was generally accepted already in the early 1990s.Industrial firms' engagement in the provision of infrastructure services, such as heating, electricity and road upkeep has to date received much less attention.Using a unique dataset of 404 large and medium-sized industrial enterprises in 40 regions of Russia, this paper examines public infrastructure provision by Russian industrial enterprises.We find that, first, to a large degree engagement in infrastructure provision - as proxied by district heating production - is a Soviet legacy.Second, firms providing district heating to users outside their plant area are more likely to have close relations with the local public sector along many other dimensions. Keywords: Russia, infrastructure, firm performance JEL Codes: P31, P35 (Socialist Institutions and Their Transitions), H54
  • Brunila, Anne; Kinnunen, Helvi (1999)
    Bank of Finland. Bulletin 73 ; 4
  • Virén, Matti (2005)
    Bank of Finland Research Discussion Papers 8/2005
    Published in International economics, 57 ; 3 ; 2004.
    This paper provides some further tests for the proposition that a larger public sector leads to smaller output volatility. Both Gali and Fatas & Mihov have provided some evidence which appears to support this proposition. Their evidence is, however, based on a relatively small sample of countries. In this study, we go beyond the OECD sample and focus on a much larger World Bank data set covering up to 208 countries for the period 1960-2002.We also seek to utilise some time series aspects of the material by using pooled cross-section time series data. Tests with different models and measures clearly indicate that the original results are not very robust and the relationship between government size and output volatility is either nonexistent or very weak at best. Key words: government, fiscal policy, automatic stabilisers JEL classification numbers: E62, H30, E32
  • Méon, Pierre-Guillaume; Weill, Laurent (2008)
    BOFIT Discussion Papers 20/2008
    Published in World Development 38, 3, 244-259, 2010
    This paper tests whether corruption may act as an efficient grease for the wheels of an otherwise deficient institutional framework. We analyze the interaction between aggregate efficiency, corruption, and other dimensions of governance for a panel of 54 developed and developing countries. Using three measures of corruption and five measures of other aspects of governance, we observe that corruption is consistently detrimental in countries where institutions are effective, but that it may be positively associated with efficiency in countries where institutions are ineffective. We thus find evidence of the grease the wheels hypothesis. Keywords: governance, corruption, income, aggregate productivity, efficiency JEL Classification: C33, K4, O43, O47.
  • Arimo, Antero; Pohjola, Immo (1975)
    Keskustelualoitteita. Discussion Papers 13/1975
    I JOHDANTO ..... 1 II IS - LM KEHIKKO . . . . . 7 III ERÄITÄ JULKISEN TALOUDEN VAIKUTUSTEN MITTAUSTAPOJA 16 3 .1. Kerroinanalyysi . . . . . 16 3.2. Budjettierotus . . . . . 32 3.3. Täystyöllisyysylijäämä .... 25 3,4. Valtiontalouden vaikutusten käytännön tarkas telumahdollisuudet ...... 29 IV VALTIONTALOUDEN VAIKUTUSTEN KVALITATIIVISTA TARKASTELUA ....... 33 4.1. Kotitaloudet ...... 33 4.2. Yritykset ..... 42 4.3. Kunnat ........ 46 4.4. Valtio ...... 50 4.5. Rahoitusmarkkinat ...... 57
  • Kaaresvirta, Juuso; Koivu, Tuuli; Mattlin, Mikael; Mehrotra, Aaron; Rautava, Jouko; Sutela, Pekka (2008)
    BOFIT Online 8/2008
    Suomen Pankin Siirtymätalouksien tutkimuslaitos (BOFIT) järjesti marraskuussa 2008 Kiinan taloutta koskevan tietoiskun, jossa BOFITin tutkijat esittelivät näkemyksiään Kiinan talouden eri lohkoilta. Tässä julkaisussa olevat artikkelit perustuvat tietoiskussa pidettyihin esityksiin. Ensimmäinen artikkeli käsittelee Kiinan asemaa maailmantaloutta kurittavan kriisin keskellä, tehtyjen talouspolitiikkatoimien vaikuttavuutta ja lyhyen aikavälin kasvunäkymiä. Toisessa kirjoituksessa keskitytään talouspoliittisessa keskustelussa tärkeällä sijalla olleeseen hinta- ja kustannuskehitykseen. Seuraava artikkeli käsittelee Kiinan roolia maailmantaloudessa ja raaka-ainekaupassa. Neljäs artikkeli pohtii sitä, miten valtion rooli on muuttumassa Kiinan taloudessa. Kaksi viimeistä kirjoitusta keskittyvät Kiinan pitkän aikavälin kasvukysymyksiin sekä Suomen, Venäjän ja Kiinan välisiin taloussuhteisiin. Avainsanat: Kiina, talouskehitys, talouspolitiikka, inflaatio, raaka-aineet, pitkän aikavälin kasvu
  • Fungáčová, Zuzana; Korhonen, Iikka (2011)
    BOFIT Discussion Papers 32/2011
    This paper provides an overview of the Chinese banking sector, which has expanded tremendously over the past two decades. We first describe aggregate developments of the sector and compare them to the situation in other countries. Also, various financial institutions that operate in China are analyzed. Our results confirm that the Chinese banking sector is truly in a class of its own, especially given the level of China's economic development. Despite significant reforms, the state and various public organizations still own controlling shares in the largest commercial banks. The state is also present on the borrowers' side; it is estimated that about half of state-owned commercial bank lending still goes to state-controlled companies. In this way, the banking system can serve as an important policy tool. Another distinctive feature of the Chinese banking sector is the variety of its banking institutions. New types of banking institutions, especially those serving rural areas, are emerging all the time. While equity and debt markets are still tiny relative to the banking sector and their importance as sources of financing of investment remain minor, they have evolved rapidly in recent years. JEL: G28, P34, G21 Keywords: China, banking sector, state banks
  • 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.
  • Goel, Rajeev K. (2008)
    BOFIT Discussion Papers 10/2008
    Published in Journal of Economic Policy Reform, Vol. 15, Iss. 3, 2012 as "Business regulation and taxation: effects on cross-country corruption"
    This paper uses recent data on a large cross-section of countries to study the determinants of corrupt activity. The main contribution is to examine the effects of different types and severities of government regulations on corrupt activities. The results show that greater prosperity and democracy lead to less corrupt activity. Variables representing the degree of fractionalization across three dimensions and least developed nations are statistically insignificant. Having more regulation, including number of procedures and time involved across four categories (business startup, licensing, property registration, and taxation), leads to greater corruption. More regulatory procedures, especially for business startups and property registrations, have the most corruption-enhancing effect. Whereas lengthier procedures also generally spur corruption, there are important differences. Finally, higher regulatory transactions costs do not seem to significantly impact corruption. Policy implications are discussed. Keywords: Corruption, Business startup, Licenses, Property, Taxes, Fractionalization, De-mocracy, Prosperity JEL Classification: H26; H87; K42.
  • Granlund, Peik (2008)
    Bank of Finland Research Discussion Papers 1/2008
    Published in Journal of Banking Regulation, 11, December 2009: 6-30
    In financial market studies, public supervision has rarely been found to have any effects on financial market development. This is true, even though the primary objective of supervisory legislation is the limitation of market failures and externalities. Studies conducted by eg the World Bank and La Porta & al imply that whereas private enforcement contributes to financial market development, there is limited evidence that public supervision does the same. The objective of the paper is to empirically investigate the relation between public supervision and financial market development. This is done by focusing on major legislative features directing the supervisor and hence affecting market participant activities. The markets investigated comprise banks, investment firms, investment fund companies and listed companies in the United States, United Kingdom, Sweden, Finland, Poland and Estonia for the years 1996 to 2005. The results suggest that certain features of public supervision correlate with financial market development. Strong legal obligations for the supervisor to develop legislation correlate significantly with higher company market values. Emphasizing economic aspects in the formulation of supervisory objectives corresponds with higher market profitability. Furthermore, severe monetary sanctions applicable to company directors correlate negatively with market growth. Unexpectedly, the same is true for a high degree of supervisory independence. The results imply links between public supervision and financial market development in a manner not always in line with previous research. Why this is the case, requires further investigation. One possible explanation may be methodological, based on the fact that in the present study legislative features are perceived in a conceptual rather than a technical manner. Keywords: financial institution, regulation, supervision, utility JEL classification numbers: G28, K23, O16
  • Vernikov, Andrei (2009)
    BOFIT Discussion Papers 24/2009
    The purpose of this paper is to carefully assess the size of public sector within the Russian banking industry. We identify and classify at least 78 state-influenced banks. For the state-owned banks, we distinguish between those that are majority-owned by federal executive authorities or Central Bank of Russia, by sub-federal (regional and municipal) authorities, by state-owned enterprises and banks, and by state corporations.. We estimate their combined market share to have reached 56% of total assets by July 1, 2009. Banks indirectly owned by public capital are the fastest-growing group. Concentration is increasing within the public sector of the industry, with the top five state-controlled banking groups in possession of over 49% of assets. We observe a crowding out and ero-sion of domestic private capital, whose market share is shrinking from year to year. Several of the largest state-owned banks now constitute a de facto intermediate tier at the core of the banking sys-tem. We argue that the direction of ownership change in Russian banking is different from that in CEE countries. Key words: Russian banks; transition; banking; state; government; public sector; state-owned banks; state-controlled banks; state-influenced banks JEL codes: G21, G28, P31, P43.
  • Solanko, Laura (2007)
    BOFIT Online 4/2007
    We propose exploiting the term structure of relative interest rates to obtain estimates of changes in the timing of a currency crisis as perceived by market participants.Our indicator can be used to evaluate the relative probability of a crisis occurring in one week as compared to a crisis happening after one week but in less than a month.We give empirical evidence that the indicator performs well for two important currency crises in Eastern Europe: the crisis in the Czech Republic in 1997 and the Russian crisis in 1998. Keywords: Currency crisis, term structure of interest rates, transition economies. JEL classi.cation: F31, F34, E43.