Browsing by Subject "kaupungit"

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  • 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
  • Modeen, G. (1930)
    Bank of Finland. Monthly Bulletin 10 ; 2 ; February
  • Wang, Chunyang (2017)
    BOFIT Discussion Papers 8/2017
    The rise of city commercial banks (CCBs) in Chinese cities provides a unique opportunity to study the finance and growth nexus at the city level. Given the notorious inefficiency of China's “Big Four” state banks, policymakers attempted to correct the situation in 1995 through the creation of a new kind of local bank designed to promote local growth by lending to small and medium-sized enterprises. Using 1990-2009 panel data for 283 prefectural-level cities and four provincial-status municipalities, we find that the establishment of CCBs significantly reduced local economic growth overall. We suggest this outcome stems from the ability of firms to bribe local government officials to obtain credit from their local CCBs. In our proposed model for crony banking relations, large firms spend disproportionately larger amounts of time and bribe money cultivation relations with local officials involved in CCB lending decisions, so we expect large firms to have easier access to credit than small firms even if it results in inefficient lending. Using data on 206,771 firms for 1999-2007, we find that cities with CCBs had significantly lower overall growth rates. Small firms, in particular, were negatively impacted by the presence of CCBs, while large firms benefited from their presence. In the cities with CCBs, large firms, even those with relatively poor return-on-assets ratios, obtained more credit than small firms in aggregate. Using data from the 2005 World Bank Business Environment Survey, we find that an increase in a firm's crony relations with the government, measured in terms of the average number of days a month top managers of the firm spend interacting with government officials, increases the likelihood a firm will be granted bank credit. This effect was quite distinct for cities with CCBs.
  • Fang, Ying; Zhao, Yang (2009)
    BOFIT Discussion Papers 9/2009
    This paper estimates the effect of institutions on economic performance using cross-city data from China. We argue that China's ongoing reforms are part of a long and circuitous historical transition from antiquity to modernity, which started about 150 years ago. Learning from Western countries has been a central aspect of this historical process. The West had a laThis paper estimates the effect of institutions on economic performance using cross-city data from China. We argue that China's ongoing reforms are part of a long and circuitous historical transition from antiquity to modernity, which started about 150 years ago. Learning from Western countries has been a central aspect of this historical process. The West had a large influence on the early stage of this transition, which has persisted to current reforms. This study uses the enrollment in Christian missionary lower primary schools in China in 1919 as an instrument for present institutions. Employing a two-stage least squares method, we find that the effect of institutions on economic performance in China is positive and significant. The results are robust according to various tests including additional controls, such as geographic factors and government policy-related variables.
  • Modeen, G. (1937)
    Bank of Finland. Monthly Bulletin 17 ; 12 ; December
  • Malinen, Torsten (1926)
    Bank of Finland. Monthly Bulletin 6 ; 3 ; March
  • Funke, Michael; Leiva-Leon, Danilo; Tsang, Andrew (2017)
    BOFIT Discussion Papers 21/2017
    Published in Regional Science and Urban Economics, Volume 78, September 2019, 103464
    The recent increase in China’s house prices at the national level masks tremendous variation at the city level – a feature largely overlooked in the macroprudential literature. This paper considers the evolving heterogeneity in China’s house price dynamics across 70 cities and assess the main deter-minants. We gauge the heterogeneity of house price dynamics using a novel regime-switching modelling approach to estimate the time-varying patterns of China’s city-level housing price synchronization. After sorting city-level housing prices into four clusters sharing similar cyclical features, we see that each group shows increasing synchronization in the years leading up to 2015, and a decoupling pattern thereafter. We document high synchronization within each of the clusters of cities, but low synchronization among them. The empirical evidence suggests that differentials in the growth of households, income, investment and even differences in air quality explain housing price synchronization among cities.
  • Funke, Michael; Tsang, Andrew; Zhu, Linxu (2018)
    BOFIT Discussion Papers 18/2018
    This paper investigates the implementation of regionally differentiated macro-prudential policies in China. To assess the relative intensity of the city-level macro-prudential policies over time, we construct a time-varying city-level macro-prudential policy intensity indicator for 70 Chinese cities from 2010-2017. The empirical evidence shows China’s macro-prudential toolbox has gradually evolved toward city-level policies tailored to granular local conditions to mitigate risks.
  • Ritola, Maria (2008)
    BOFIT Discussion Papers 13/2008
    This study analyses the level and geographic dimension of China's market integration. The objective is to provide a broad characterization of China's market integration by performing a variety of empirical tests and providing comparisons to other studies on the same topic. The models tested are grounded in the law of one price. Price convergence is analysed with univariate time series methods, where linear and non-linear cointegration models refer to convergence in the short run and in the long run, respectively. The non-linear model is considered a good fit for analysing transitional economies, because the non-linear trend variable in the model indicates whether there is movement towards integration in the long run. Convergence of prices is first analysed by comparing city-level prices with China's national average price level and then by dividing China into three regional clusters. The estimation results suggest that the level of integration across Chinese cities is fairly high by international standards. The great majority of price series trending towards integration are services. The geographic pattern of China's market integration did not turn out as expected. Eastern cities are among the least integrated cities in the nationwide examination. Relatively high levels of integration were detected from several central and south-eastern cities. Furthermore, the cluster convergence approach to analyse China's market integration did not augment the eastern cities' level of convergence.
  • Feng, Jin; He, Lixin; Sato, Hiroshi (2009)
    BOFIT Discussion Papers 2/2009
    Published in Journal of Comparative Economics, Vol. 39, Iss.4, Dec. 2011, pp. 470-485.
    We relate household saving to pension reform, to explain the high household saving rates in urban China from a new perspective. We use the exogenous - policy induced - variation in pension wealth to explicitly estimate the impact of pension wealth on household saving, and obtain a significant offset effect of pension wealth on household saving. Our estimations show that pension reform boosted the household saving rate in 1999 by about 6 percentage points for cohort aged 25-29 and by about 3 percentage points for cohort aged 50-59. Our results also indicate that declining pension wealth reduces expenditure on education and health more than on other consumption items. Keywords: pensions, pension reform, household savings rate, China JEL: H31, H55, P35
  • Funke, Michael; Yu, Hao (2010)
    BOFIT Discussion Papers 11/2010
    Published in China Economic Review, 22 (2011) 196-209.
    Seaports have historically played a key role in facilitating trade and growth. This paper is the first attempt in the literature to analyse the formation of Chinese seaport cities and the dynamics that drives it. First, we aim to identify theoretically the emergence of urbanized seaports with the help of a formal economic geography model. Second, employing an empirically plausible parameterisation of the model, we calibrate the evolutionary process and spatial distribution of seaports along the Chinese coastline.
  • Schauman, Heidi (2013)
    Suomen Pankki. BoF online 11/2013
    1 Johdanto 4 2 Sääntelyn vaikutukset asuntojen hintoihin 4 2.1 Päätulokset 5 2.2 Yleiskatsaus 5 2.3 Tärkeimmät tutkimukset 9 2.3.1 Katzin ja Rosenin varhainen tutkimus rakentamisen rajoittamisen vaikutuksista asuntojen hintoihin 9 2.3.2 Tarjontajousto on aina pieni tiukasti säädetyillä metropolialueilla 9 2.3.3 Maankäytön sääntely nostattaa asuntohintoja Kaliforniassa 9 2.3.4 Vaikeasti ennakoitava maankäytön sääntely pienentää asuntojen tarjontajoustoa 10 2.3.5 Metropolialueiden analyysi hyödyllisempi kuin maatason analyysi 10 2.3.6 Puolet Manhattanin asuntohinnoista peräisin sääntelystä 11 2.3.7 Saksassa ja Ranskassa asuntojen tarjonnan hintajousto suurempi kuin Isossa-Britanniassa ja Alankomaissa 11 2.3.8 Alankomaissa asuntojen tarjonta lähes täysin joustamaton suhteessa niiden hintoihin 12 2.3.9 Sääntely nostanut asuntojen hintoja merkittä-västi Isossa-Britanniassa 13 2.3.10 Korkeat asuntojen hinnat eivät johdu asumis-käyttöön kaavoittamattoman maan kalleudesta 13 3 Miten asunnon hinta muodostuu? 14 3.1 Peruskuvio: kysyntä ja tarjonta 14 3.2 Mitä tapahtuu, kun tarjontaa rajoitetaan? 15 3.3 Tarjonnan rajoittamisen eri muodot ja niiden vaikutuk-set asuntojen hintoihin 174 Maankäytön sääntely ja rakentamisen rajoittaminen 19 4.1 Markkinoiden epäonnistumisen merkitys maankäytön sääntelyn syynä 19 4.2 Miten tarjontaa rajoitetaan? 21 5 Lopuksi 21 6 Lähteet 22
  • Dreger, Christian; Wang, Tongsan; Zhang, Yanqun (2014)
    BOFIT Discussion Papers 7/2014
    Published in Development and Change, Volume 46, Issue 6, November 2015, Pages 1331-1344
    Capital investment and exports have driven China's remarkable economic growth for decades, but recent trends have put pressure on the government to move to a more consumption- driven model of growth. Unfortunately, China's institutional framework does little at the moment to spur household consumption. While the country's weak social security setup and highly regulated financial markets are routinely cited as disincentives to private consumption, the role of the hukou household registration system in depressing consumption gets less attention. Controlling for income levels on datasets from 2002 and 2007, we show the average propensity to consume is significantly lower for internal migrants to cities. Official figures suggest that China in 2013 had about 260 million internal migrants. These individuals are often separated from their families for long periods and denied access to public services in the cities where they work. The government's current urbanization strategy calls for increasing migrant populations in cities, which, in the absence of hukou reform, is likely to further dampen consumption. Keywords: Chinese private consumption, urbanization strategy, hukou system JEL: E21, O15, R23
  • Francis, Bill; Hasan, Iftekhar; John, Kose; Waisman, Maya (2012)
    Bank of Finland Research Discussion Papers 17/2012
    Published in Journal of Financial and Quantitative Analysis, Volume 51, Issue 6 December 2016: 1925-1953
    An underlying assumption in the executive compensation literature is that there is a national labor market for CEOs. The urban economics literature, however, documents higher ability among workers in large metropolitans, which results in a real and stable urban wage premium. In this paper, we investigate the link between the spatial clustering of firms in big, central cities (i.e., urban agglomeration) and the level and structure of CEO compensation. Using CEO compensation data for the period 1992-2004, we document a positive relation between the size and centrality of the city in which the firm is headquartered and the total, as well as the equity based portion of CEO pay. Our results are robust to a host of control variables, sensitivity and endogeneity tests, indicating that urban agglomeration may reflect positive externalities, such as knowledge spillovers, business connections and improved access to private information that have a positive effect on CEO pay and incentive driven compensation for good performance. We document gradual human capital gains acquired from big city work experience that are transferable to the rural area, and rewarded for, once the CEO relocates into a smaller, less central community. Our tests provide novel evidence of information spillovers and networking opportunities in big cities that can directly affect how CEOs are compensated. Such sources of information and influence represent something for which firms are willing to pay higher and more incentive driven pay, evidence in favor of a market-based explanation for CEO compensation. Key words: Agglomeration, CEO, Compensation, Incentive, Geography. JEL Code: D8, G3, J3, R1
  • Chen, Yu-Fu; Funke, Michael; Mehrotra, Aaron (2011)
    BOFIT Discussion Papers 13/2011
    Published in Pacific Economic Review, Volume 22, Issue 3, August 2017: 383–409
    This paper adds to the literature on wealth effects on consumption by disentangling house price effects on consumption for mainland China. In a stochastic modelling framework, the riskiness, rate of increase and persistence of house price movements have different implications for the consumption/housing ratio. We exploit the geographical variation in property prices by using a quarterly city-level panel dataset for the pe-riod 1998Q1 2009Q4 and rely on a panel error correction model. Overall, the results suggest a significant long run impact of property prices on consumption. They also broadly confirm the predictions from the theo-retical model. Keywords: Consumption, house prices, China, panel data JEL-Classification: E21, R31, C23, O53.