Browsing by Subject "maksutase"

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  • Hilpinen, Jorma (1995)
    Suomen Pankin keskustelualoitteita 4/1995
    The pressures on the markka's exchange rate caused substantial swings in capital movements during 1991 and 1992.The markka was let to float in September 1992, and since then exchange rate changes have been volatile. The Bank of Finland has complete monthly information for the BoP statistics since January 1991, allowing the calculation of detailed capital movements as well as a proper monthly errors and omissions item.The information system was planned in fixed exchange rate circumstances.The last four years have challenged the system more than expected, raising the risk of major errors and omissions. The early data on current account is one item of economic information most eagerly awaited.The period of exchange rate turbulences also posed many practical problems in recording visible- and invisible current account transactions. In view of quality of the BoP-statistics measured with the errors and omissions, the last four years of exchange rate turbulence did not cause outstanding errors and thus a sudden weakening in the quality of statistics. In the circumstances of floating currencies in many European countries the need and scope for revisions of early indicators of current account and other items may increase.So far our error even in the first current account estimates has been moderate, though it has been systematic, and the estimates have given a fairly reliable picture of the developments of the foreign stability of the Finnish economy.
  • Hilpinen, Jorma (1994)
    Suomen Pankin tietopalveluosaston työpapereita 6/1994
  • Suomen Pankki (2003)
    Suomen Pankki. Tiedote
  • Suomen Pankki (2004)
    Suomen Pankki. Tilastotiedote
  • Suomen Pankki (2002)
    Suomen Pankki. Tiedote
  • Suomen Pankki (2000)
    Suomen Pankki. Tiedote
  • Suomen Pankki (2001)
    Suomen Pankki. Tiedote
  • Hilpinen, Jorma (1992)
    Suomen Pankin tilasto-osaston työpapereita; Bank of Finland statistics department working papers 3/1992
  • Airikkala, Reino; Sukselainen, Tuomas (1972)
    Bank of Finland. Monthly Bulletin 46 ; 7 ; July
  • Airikkala, Reino; Sukselainen, Tuomas (1972)
    Bank of Finland. Monthly Bulletin 46 ; 7 ; July
  • Hietalahti, Jorma (1999)
    Bank of Finland. Bulletin 73 ; 1
  • Hämäläinen, Timo; Peura, Tapio (1973)
    Bank of Finland. Monthly Bulletin 47 ; 4 ; April
  • Hilpinen, Jorma (1996)
    Suomen Pankin tietopalveluosaston työpapereita 5/96
  • Hilpinen, Jorma; Hella, Heikki (1999)
    Suomen Pankin keskustelualoitteita 18/1999
    This paper attempts to describe and compare developments in the components of Finland's net international investment position (NIIP).The data consist of sectoral flows and valuation items over the period 1985 - 1998, which is, for analytical purposes, broken down into two subperiods: before and after the Finnish markka was floated.The study focuses on the main sectors, ie banks, corporations and the central government.Valuation items (changes in exchange rates and equity prices) are also important in the decomposition of the NIIP, particularly as regards recent history of equity prices.The mean and variability of each item is estimated, and for some items also bivariate robust variance tests are carried out. The major feature in Finland's balance of payments has been nonresidents' increased interest in Finnish equities as an object of investment.This phenomenon, along with the boom in share prices, has in recent years raised the equity holdings of foreigners to the rank of most significant item in Finland's international investment position.Another important feature in the BOP is the rapid growth of the central government's foreign debt due to the deep recession of 1991 - 1994.In respect to Finland, it is important to note the different stories told by developments in NIIP vs net external debt components: NIIP figures indicate that ownership of corporations based in Finland has indeed become global and that the value of shares has been increasing, whereas net external debt figures indicate that the economy has succeeded in restoring external indebtedness to pre-recession levels. The results also confirm that the Finnish banks still contribute prominently to variations in Finnish BOP flows.As regards the late 1980s and early 1990s, this can be inferred from the highly bank-oriented structure of Finnish financial markets, but the same holds true during the 1990s as well in the period of recovery from economic crisis.
  • Sutela, Pekka (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 5/1992
  • Nordquist, Lasse (1995)
    Suomen Pankin tietopalveluosaston työpapereita 2/1995
  • Hilpinen, Jorma (1995)
    Suomen Pankin keskustelualoitteita 25/1995
    In order to bridge the lack of the official foreign stade statistics compiled by the Board of Customs caused by Finland's entry into the EU and to secure the availibility of current account estimates with a five week delay, the Bank of Finland decided in the autumn 1994 that a special survey for foreign trade will be built.It was felt necessary that the balance of payments statistics must continue to come out without any halt.It seems evident that within rather wide limits exports and imports can be estimated with the cut-off survey.However, monthly variations being very large, it is of utmost difficulty to give precise monthly estimates for the trade balance.The current preliminaries produced by the Bank as well as by the Customs may give wrong signals to the market if single monthly observations are concerned. The Bank of Finland survey data may describe the underlying developments in the foreign stability with reasonable reliability. In addition, the use of robust economic relationships could be one way to economize and to speed up statistical systems.However, to have consistent short term information on trade balance, only one reliable information system is no doubt preferred.Therefore, the Board of Customs should make every effort to make their statistical system functional so that information are available with only a few weeks delay and the reliability of the old foreign trade statistic could be reached.
  • Nordquist, Lasse (1992)
    Suomen Pankin tilasto-osaston työpapereita; Bank of Finland statistics department working papers 2/92
    Julkaisu on ilmestynyt samalla sarjanumerolla myös suomeksi.
  • Nordquist, Lasse; Toivonen, Rauno (1994)
    Suomen Pankin tietopalveluosaston työpapereita 3/1994
  • Hilpinen, Jorma (1992)
    Suomen Pankin tilasto-osaston työpapereita; Bank of Finland statistics department working papers 6/1992
    Samalla sarjanumerolla ilmestynyt myös suomeksi.