Browsing by Subject "luonnonvarat"

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  • Ilvessalo, Yrjö (1931)
    Bank of Finland. Monthly Bulletin 11 ; 8 ; August
  • Simola, Heli; Korhonen, Vesa (2016)
    BOFIT Policy Brief 9/2016
    ​Venäjän arktisten alueiden merkitys koko maan talouden kannalta rajallinen, mutta siellä on merkittäviä luonnonvaroja ja Venäjällä alueita pidetään tärkeinä kansallisen turvallisuuden näkökulmasta. Venäjän arktisilla alueilla on noin 3 % maan väestöstä ja niiden yhteenlaskettu osuus Venäjän BKT:stä on viime vuosina ollut arviolta hieman alle 7 %. Arktisilla alueilla tuotetaan kuitenkin noin 80 % Venäjän maakaasusta ja lähes 15 % öljystä. Lisäksi siellä sijaitsee merkittävä osa Venäjän todennetuista maakaasu- ja öljyvarannoista, joista osa on tosin vaikeasti hyödynnettävissä. Hankalat sääolosuhteet ja korkeat kustannukset rajoittavat arktisten alueiden asemaa kuljetusreittinä, joten niiden kautta kulkee vain 5 % Venäjän merikuljetuksista.
  • Fung, K. C.; Garcia-Herrero, Alicia; Seade, Jesús (2015)
    BOFIT Policy Brief 5/2015
    In this paper, we highlight three characteristics of China-Latin American economic relations. China-Latin American economic relationships are asymmetric, comparative-advantage driven and motivated by both political and economic considerations. There are several co-operative measures on which China and Latin America can focus. China can be encouraged to invest not only in mining in Latin America but also in infrastructure and manufacturing facilities. China and Latin America can deepen their Trans-Pacific production network. Utilizing the advantages of being close to and in the same time zone as the U.S. market, this pan China-Latin America supply chain can be a potent supplier and exporter to the United States.
  • Oomes, Nienke; Kalcheva, Katerina (2007)
    BOFIT Discussion Papers 7/2007
    In this paper, we assess whether recent economic developments in Russia are symptomatic of Dutch Disease.We first provide a brief review of the literature on Dutch Disease and the natural resource curse.We then discuss the symptoms of Dutch Disease, which include (1) real exchange rate appreciation; (2) slower manufacturing growth; (3) faster service sector growth; and (4) higher overall wages.We test these predictions for Russia while carefully controlling for other factors that could have led to similar symptoms.We conclude that, while Russia has all of the symptoms, the diagnosis of Dutch Disease remains to be confirmed. JEL Classification Numbers: F30, P28, Q30 Key words: Dutch disease, real exchange rate, resource curse, Russia, oil, transition
  • Korhonen, Iikka (2004)
    BOFIT Discussion Papers 18/2004
    In this paper we utilise a large and reasonably detailed dataset to show that a greater level of democracy in a country's political institutions can alleviate the widely known resource curse.Raw material abundance affects per capita growth negatively, an effect that seems to work through several different channels. Resource-abundant countries have a lower degree of democracy and political rights, and also a lower level of educational attainment. These factors inhibit growth.On the other hand, countries with large extractive industries exhibit high levels of investment.The effects of resource abundance differ for different raw material types, and the largest negative effect on growth appears to come from non-fuel extractive raw materials. Keywords: Economic growth, resource curse, cross-country regression, development, governance, institutions
  • Égert, Balázs (2009)
    BOFIT Discussion Papers 4/2009
    This study seeks to determine the extent to which countries of the former Soviet Union are "infected" by the Dutch Disease. We take a detailed look at the functioning of the trans-mission mechanism of the Dutch Disease, i.e. the chains that run from commodity prices to real output in manufacturing. We complement this with two econometric exercises. First, we estimate nominal and real exchange rate models to see whether commodity prices are correlated with the exchange rate. Second, we run growth equations to analyse the possible effects of commodity prices and the dependency of economic growth on natural resources. Key words: Dutch disease, commodity prices, exchange rate, Commonwealth of Independent States. JEL Codes: E31, E32, F31, Q33
  • Korhonen, Iikka; Juurikkala, Tuuli (2007)
    BOFIT Discussion Papers 8/2007
    Published in Journal of Economics and Finance, Volume 33, 1/2009, pp. 71-79
    We assess the determinants of equilibrium real exchange rates in a sample of oil-dependent countries.Our basic data cover OPEC countries from 1975 to 2005.We also include three oil-producing Commonwealth of Independent States (CIS) countries in our robustness analysis.Utilising several estimation techniques, including pooled mean group and mean group estimators, we find that the price of oil has a clear, statistically significant effect on real exchange rates in our group of oil-producing countries.Higher oil price lead to appreciation of the real exchange rate. Elasticity of the real exchange rate with respect to the oil price is typically between 0.4 and 0.5, but may be larger depending on the specification.Real per capita GDP, on the other hand, does not appear to have a clear effect on real exchange rate.This latter result contrasts starkly with the consensus view of real exchange rates determinants, emphasising the unique position of oil-dependent countries.Key words: equilibrium exchange rate, pooled mean group estimator, resource dependency JEL codes: F31, F41, P24, Q43
  • Saari, Eino (1935)
    Bank of Finland. Monthly Bulletin 15 ; 6 ; June
  • Kurronen, Sanna (2012)
    BOFIT Discussion Papers 6/2012
    Published in Emerging Markets Review, Volume 23, June 2015: 208–229.
    This paper examines financial sector characteristics in resource-dependent economies. Using a unique dataset covering 133 countries, we present empirical evidence that the banking sector tends to be smaller in resource-dependent economies, even when controlling for several other factors which have been shown to have a significant effect on financial sector development in previous studies. Moreover, the threshold level at which the increasing resource-dependence begins to be harmful for domestic banking sector is very low. We also find evidence that the use of market-based and foreign financing is more common in resource-dependent economies. Further, we argue that a relatively small financial sector used to cater the needs of the resource sector might be unfavorable for emerging businesses, thereby hampering economic diversification and reinforcing the resource curse. resource dependence, resource curse, financial sector, banks, panel data, G20, O16, O57, Q32
  • Ilvessalo, Yrjö (1947)
    Bank of Finland. Monthly Bulletin 21 ; 4-6 ; April-June
  • Heikinheimo, Lauri (1969)
    Bank of Finland. Monthly Bulletin 43 ; 9 ; September
  • Kuusela, Kullervo (1979)
    Bank of Finland. Monthly Bulletin 53 ; 1 ; January
  • Saari, Eino (1930)
    Bank of Finland. Monthly Bulletin 10 ; 3 ; March
  • Kurronen, Sanna (2016)
    BOFIT Discussion Papers 10/2016
    ​This paper examines the effect of natural resources on capital structure of the firm. Using an extensive dataset of listed firms in 70 countries, we show that firms operating in resource extraction industries have less debt and that that debt tends to have a longer maturity than that of other non-financial firms. Moreover, non-resource firms in resource-dependent countries are found to be less indebted than their counterparts in other countries. The results suggest that the very fact of a firm’s location in a resource-dependent country may be an overlooked country-specific de-terminant of firm capital structure and that financial institutions in resource-dependent countries may play a role in exacerbating a nation’s resource curse.
  • Lainela, Seija; Ollus, Simon-Erik; Rautava, Jouko; Simola, Heli; Sutela, Pekka; Tekoniemi, Merja (2007)
    BOFIT Online 7/2007
  • Kurronen, Sanna (2018)
    BOFIT Discussion Papers 10/2018
    This study examines the financial channel between oil price volatility and the resource curse using firm-level data. A collapse in oil prices adversely affects firm borrowing in resource-dependent countries. However, unlike in non-resource-dependent countries where just the resource sector is harmed, both resource and non-resource firms are affected in resource-dependent countries in an oil price collapse. We also find evidence of a flight to quality in lending, implying that the decline in leverage can partly be attributed to a reduction in the credit supply. Our results suggest that oil price volatility operates via the financial channel to impede economic diversification in resource-dependent countries.
  • Laitakari, Aarne (1948)
    Bank of Finland. Monthly Bulletin 22 ; 7-8 ; July-August
  • Kranck, E. H. (1937)
    Bank of Finland. Monthly Bulletin 17 ; 3 ; March
  • Ilvessalo, Yrjö (1930)
    Bank of Finland. Monthly Bulletin 10 ; 6 ; June
  • Ilvessalo, Yrjö (1955)
    Bank of Finland. Monthly Bulletin 29 ; 6 ; June