Browsing by Subject "kunnallistalous"

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  • Hällfors, Arvi (1924)
    Bank of Finland. Monthly Bulletin 4 ; 9 ; September
  • 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.
  • Harvia, Yrjö (1923)
    Bank of Finland. Monthly Bulletin 3 ; 11 ; November
  • Pylkkönen, Pertti; Savolainen, Eero (2010)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Suomen kuntasektori on rahoittanut pitkään jatkuneita alijäämiään ottamalla lisävelkaa. Kuntien velka koostuu pääosin lainoista, mutta kunnat ovat hakeneet velkarahoitusta myös suoraan arvopaperimarkkinoilta. Velan rakenne on muuttunut viime vuosien aikana Kuntarahoituksen roolin merkittävän kasvun myötä.
  • Waronen, Eino (1931)
    Bank of Finland. Monthly Bulletin 11 ; 9 ; September
  • Hällfors, Arvi (1927)
    Bank of Finland. Monthly Bulletin 7 ; 10 ; October
  • Pylkkönen, Pertti; Savolainen, Eero (2010)
    Bank of Finland. Financial market report 1
    Finland s municipal sector has been financing persistent deficits by issuing new debt. The bulk of municipality debt is in loans, but municipalities have tapped the securities markets for funding. The composition of debt has changed in recent years, as Municipality Finance has assumed an expanding role.
  • Roslin, Bertil (1971)
    Bank of Finland. Monthly Bulletin 45 ; 11 ; November
  • Kinnunen, Helvi; Mäki-Fränti, Petri; Railavo, Jukka (2013)
    Bank of Finland bulletin. Economic outlook 5
    In August 2013, the Finnish government published the general outlines of an extensive structural policy programme.1 The programme sets out the objectives for bringing the public finances onto a sustainable footing. The aim is to strengthen local government finances by scaling down municipal obligations and to look for measures that will enable improvements to the productivity of public service provision, lengthen working lives, reduce structural unemployment and boost the economy's potential output via other means. The structural reforms, if implemented as planned, would mean a considerable improvement in the state of the public finances. According to the Bank of Finland's calculations, the fiscal sustainability gap could be bridged if it were possible to implement the reforms in full and without delay. However, achievement of the targeted effects would require significant changes to the structures of the economy. The average employment rate would rise substantially. Employment structures would also change from what has been estimated previously, as the production of public services would require a much smaller work force than expected if the reduced level of local government services could be provided more efficiently. The present article examines the structural reforms from the perspective of fiscal sustainability.2 At the same time, we discuss the changes that the realisation of the objectives would necessitate in the labour market and other economic activity, among other factors. In addition, there is a projection of the position of the public finances a couple of decades ahead. The effects of the structural reforms will take several decades to feed through to the macroeconomy and the public finances. The key question is how high the general government debt ratio can rise before the structural reforms begin to exert an effect. The scenarios indicate that, even if local government consolidation measures materialise according to schedule and working lives lengthen as targeted, the debt ratio will rise to around 90% in the 2030s. If, in addition, public service productivity improves and potential output grows, the debt ratio will remain in the region of 70%. The examination of the structural reforms is extended by an analysis taking account of economic agents' reactions to both the structural reforms and the resultant change in the required fiscal consolidation. In the Bank of Finland's macroeconomic model, the public finances are modelled in a way that enables assessment of the macroeconomic implications of a higher retirement age, increased potential output and local government savings. 3 Model simulations show that reforms enabling reductions in taxes and other charges on labour boost both growth and employment.
  • Kinnunen, Helvi; Mäki-Fränti, Petri; Railavo, Jukka (2013)
    Euro & talous. Talouden näkymät 5
  • Waronen, Eino (1934)
    Bank of Finland. Monthly Bulletin 14 ; 8 ; August
  • Varonen, Eino (1933)
    Bank of Finland. Monthly Bulletin 13 ; 11 ; November