Browsing by Subject "kunnat"

Sort by: Order: Results:

Now showing items 1-11 of 11
  • 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.
  • 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
  • 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.
  • 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.
  • Mäkimattila, Aino-Elina (1983)
    Bank of Finland. Monthly Bulletin 57 ; 2 ; February
  • Malinen, Torsten (1926)
    Bank of Finland. Monthly Bulletin 6 ; 3 ; March
  • 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.
  • Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao (2015)
    Bank of Finland Research Discussion Papers 21/2015
    Published in Journal of Financial and Quantitative Analysis, 52, 3, 2017: 1017-1047
    We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax avoidance. We identify the causal relation using companies with a social-capital-changing headquarter relocation. We also find that high-social-capital firms face loosened nonprice loan terms, incur lower at-issue bond spreads, and prefer bonds over loans. We conclude that debt holders perceive social capital as providing environmental pressure constraining opportunistic firm behaviors in debt contracting.
  • Suomen Pankki (1951)
    Suomen Pankin taloustieteellisen tutkimuslaitoksen julkaisuja. Sarja A 12
    Rahamarkkinat. Kirj. prof. A. E. Tudeer 5 Suomen maksutase jälleenrakennuskauden aikana. Kirj. fil. maist. Ragni Bärlund 25 Kuntien valtionapu. Kirj. fil. tri Nils Meinander 48 Hinta- ja palkkakehitys vuonna 1950. Kirj. fil. maist. Kalevi Lagus 57 Luottovolyymin kasvu ja jakaantuminen elinkeinoryhmittäin vuonna 1950. Kirj. fil. kand. Reino Rossi 80 Liite 1. Hintojen kehitys vuosina 1938-1951 92 Liite 2. Rakennuskustannusten kehitys vuosina 1939-1951 94.
  • Waronen, Eino (1934)
    Bank of Finland. Monthly Bulletin 14 ; 8 ; August