Browsing by Subject "markkinat"

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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
  • Kerkelä, Leena (2004)
    BOFIT Discussion Papers 2/2004
    Russia s economy is energy intense and wasteful of resources.This situation has arisen in part due to the country s ample energy supplies and regulated privileges for domestic consumers.Recently enacted and proposed reforms intended to increase the efficiency of the energy sector by raising domestic energy prices also have implications for the export levels of Russian energy commodities. In this study, we estimate the costs of the subsidised energy system in an allocative sense and then analyse recent moves of the Duma to boost gas and electricity prices to bring them into line with market-based pricing.Our analysis uses a multi-region general equilibrium model (GTAP) modified to express the global dimensions of the subsidisation policy and suggested reforms.Preliminary results show that current subsidies extract over 6% of GDP and limit the potential benefits of Russia s comparative advantage in energy commodities.Increases of 6% in electricity and 10% in the price of regulated gas improve efficiency by reducing distorting subsidies and distinctly shifting output from domestic markets to exports. Keywords: CGE modelling, energy market liberalisation, Russia JEL classification: D58, F17, H71, Q43, Q48
  • Colciago, Andrea; Rossi, Lorenza (2011)
    Bank of Finland Research Discussion Papers 12/2011
    We propose a flexible prices model where endogenous market structures and search and matching frictions in the labour market interact endogenously. The interplay between firms endogenous entry, strategic interactions among producers and labour market frictions represents a strong amplification channel for technology shocks on labour market variables and helps in addressing the unemployment- volatility puzzle. Consistently with US evidence, new firms create a large fraction of new jobs and grow faster than more mature firms, net entry of firms is procyclical and the price mark-up is countercyclical.
  • Riipinen, Toni (2003)
    BOFIT Discussion Papers 12/2003
    This work considers effects of energy market liberalisation in the countries of the former Soviet Union (FSU).Our analysis is based on a computable general equilibrium (CGE) model called the Global Trade Analysis Project (GTAP).This specialised model makes it possible to evaluate effects in a general equilibrium set-up. Energy market reforms are widely discussed in the literature, but the use of CGE models has been limited.In the main part of the paper, we perform two experiments.The first is a benchmark liberalisation experiment in which all government taxes and subsidies are removed.The second is an attempt to simulate an increase in the export capacity of energy commodities into the European markets.In general, we find that liberalisation of FSU energy markets would increase welfare in the EU countries, while in the FSU welfare would decrease.This result is mainly due to the terms of trade effect, as export prices of FSU countries decrease. Keywords: energy, computable general equilibrium models, former Soviet Union, welfare analysis
  • Itkonen, Juha V.A. (2015)
    Bank of Finland. Scientific monographs. E 49
    Climate change is one of the greatest market failures of our time. This thesis consists of three essays in which we study the economics of climate change using networks as a theoretical framework. In the first essay, we discover flaws in the foundations of a recent strand of literature estimating the carbon Kuznets curve (CKC). The CKC hypothesizes that carbon dioxide emissions initially increase with economic growth but that the relationship is eventually reversed. The recent literature attempts to estimate the CKC by adding energy consumption as a control variable. Due to model misspecifications related to the econometric methodology and database definitions, the results are biased to support the existence of a CKC. Consequently, the literature underestimates the need for climate policies. In the second essay, we study how social networks might help to explain why differences of opinion about climate change persist across segments of the lay public despite the scientific consensus. To do this, we programmed a Facebook application that collected survey data on concerns about climate change and network data on friendships. We found that respondents tend to have friends with similar concerns as their own, the unconcerned respondents have fewer friends, and any two respondents who disagreed about the seriousness of global warming were less than half as likely to be friends. The results indicate that the structure of the social network may hinder changes in opinions, explaining why opinions persist despite the scientific consensus. The results suggest that the communication of climate science could be improved by strategies that aim to overcome these network effects. In the third essay, we study permit markets which are connected by a network of links. A link allows participants of one emissions trading system to use permits of other systems. In a linked network of markets, foreign regulators can influence domestic policy outcomes even without a direct link. We apply graph theory to study these dependencies between markets to determine who exactly can affect domestic emissions and prices. We characterize the equilibrium’s dependency structure assuming perfect competition and an exogenous trading network. The results help to avoid unexpected foreign interference with domestic policy outcomes and to secure the effectiveness of climate change policies.
  • (2001)
    Euroopan keskuspankki. Kuukausikatsaus Elokuu
    Kilpailun lisäämiseen ja vääristymien vähentämiseen tähtäävät euroalueen tavara- ja palvelumarkkinoiden rakenneuudistukset tuovat todennäköisesti mukanaan huomattavia etuja ja vähentävät taloudellisiin sokkeihin liittyviä sopeutuskustannuksia.Euroalueen hyödykemarkkinoiden yhdentyminen ja aiemmin suojattujen sektorien avaaminen ovat edistyneet tuntuvasti.Euroalueella on myös onnistuttu merkittävästi vähentämään valtiontukien käyttöä.Paljon on kuitenkin vielä tehtävä t ässä artikkelissa käsiteltyjen hyödykemarkkinauudistusten edistämiseksi.EKP pitääkin erittäin tärkeänä, että euroalueen tavara- ja palvelumarkkinoiden raken-neuudistusprosessia jatketaan ja kiirehditään.
  • Spolander, Mikko (1990)
    Bank of Finland Research Discussion Papers 18/1990
    Tässä selvityksessä on kuvattu ja arVloltu tärkeimmät Euroopan.yhdentymistä käsittelevät periaatteelliset ja empiiriset tutkimukset. Selvityksen alussa on esitelty tutkimusten taustalla olevat teoriakehikot ja ne positiiviset tai negatiiviset vaikutukset, jotka kaupan esteiden purkaminen teorian mukaan saa aikaan. Selvityksen jälkimmäisessä osassa perehdytään tehtyjen tutkimusten analyysimenetelmiin ja tärkeimpiin tuloksiin. Huomio kohdistetaan yleisesti EY- ja EFTA-maihin.
  • Rehn, Olli (2018)
    Euro & talous. Blogi
    Ilmastonmuutos on merkittävä riski paitsi planeettamme tulevaisuudelle myös talouskasvulle ja rahoitusvakaudelle. Maailman talousfoorumin vuotuisessa riskiraportissa todetaan, että vaikutuksiltaan suurimmista riskeistä jopa kahdeksan kymmenestä on tavalla tai toisella kytköksissä ilmastonmuutokseen. Silti aina välillä törmää ihmettelyyn, miten ilmastonmuutos liittyy keskuspankin toimialaan. Ylitämmekö jopa mandaattimme osallistumalla keskusteluun tulevaisuutemme suurimmasta uhasta? Ei, emme ylitä. Ilmastonmuutos on suurin markkinahäiriö, joka maailmassa on koskaan nähty. Tämä johtuu siitä, että ilmastonmuutos on talouteen kohdistuva ulkoisvaikutus, mikä tarkoittaa puolestaan sitä, etteivät päästöjen aiheuttajat korvaa kaikkia aiheuttamiaan haittoja. Näin kiteytettiin ilmastonmuutokseen liittyvä perimmäinen ongelmaa vuonna 2006 ilmestyneessä Sternin raportissa.
  • Kilponen, Juha; Ripatti, Antti (2005)
    Bank of Finland. Bulletin 1
  • Suomen Pankki (2016)
    Euro & talous 4/2016
    Kesäkuun lopulla 17,4 miljoonaa äänioikeutettua äänesti Britannian EU-eron puolesta. Pörssikurssit sukelsivat, punta romahti ja sisäpoliittinen myllerrys oli suurta. Poliittista epävarmuutta vähensi kuitenkin odotettua ripeämpi uuden pääministerin nimittäminen, ja markkinareaktiotkin vaimenivat nopeasti. Vaikutukset reaalitalouteen näkyvät vasta myöhemmin. Kolme kuukautta äänestystuloksen jälkeen eroilmoitus Eurooppa-neuvostolle on edelleen jättämättä ja Britannia on yhä virallisesti EU-jäsenmaa.
  • Kurri, Samu (2015)
    Euro & talous. Blogi
    Suomi, Ruotsi ja Tanska valitsivat erilaiset ratkaisut rahapolitiikan tekoon. Onko lopputuloksessa eroa?
  • Kilponen, Juha; Ripatti, Antti (2006)
    Bank of Finland Research Discussion Papers 5/2006
    Using the DGE model of the Finnish Economy (the 'Aino' model), we study the response of the economy to reforms in both labour and product markets.The reforms are two-fold.We assume that the wage mark-up, ie the monopoly power of wage-setters is gradually reduced by 5 percentage points.At the same time, the degree of competition is increased, ie price margins are exogenously reduced by 2 percentage points.These reforms imply a very favourable outcome of the economy.Both consumption and employment increases permanently and the reforms are welfare enhancing.Public balances improve giving room for 1.5 percentage point cut in income taxes.Our simulation exercises clearly demonstrate that such reforms may help in financing the future fiscal burden of an ageing population. Key words: competition, dynamic general equilibrium, public finance JEL classification numbers: E60, C68
  • Laine, Olli-Matti (2018)
    BoF Economics Review 2/2018
    This study examines the level, distribution and development of market power in Finland between 1975 and 2016. The paper applies the methods proposed by Hall (2018a) and Hall (2018b). In contrast to some other international evidence, the aggregate level of market power has not risen in Finland during the last decades. The estimate of country level markup ratio in Finland is 1,25. The paper also analyses the distribution of markup ratios across industries. About 90 per cent of industry level markup ratios are between 1 and 1,5. The results suggest that markups are typically higher in exporter firms than in non-exporter firms.
  • 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.
  • Tekoniemi, Merja (2007)
    Bofit. Focus/Opinion. Expert view 1/2007
  • Koukkunen, Joonas (2015)
    Euro & talous. Blogi
    Vaikka rahamarkkinoiden toiminta on ollut finanssikriisin aikana koetuksella, viimeisimpien selvitysten mukaan suunta on hitaasti parempaan päin.
  • Gluschenko, Konstantin (2006)
    BOFIT Discussion Papers 7/2006
    Published in Regional Science and Urban Economics, 41 (2), pp. 160-172 (2011) as "Price convergence and market integration in Russia"
    This paper analyzes the spatial structure of goods market integration in Russia, characterizing regions into three states: (a) integrated, (b) not integrated but trending toward integration, and (c) not integrated and not trending toward integration.Using time series of the cost of a staples basket across 75 regions of Russia for 1994-2000, I exploit a nonlinear cointegration relationship with an asymptotically subsiding trend to capture movement toward integration.The analysis suggests that 36% of Russian regions were integrated with the national market over 1994-2000, 44% were in the process of integrating with the national market, and 20% of regions were not integrated and not trending toward integration. JEL classification: C32, P22, R10, R15 Keywords: market integration, law of one price, price dispersion, convergence, Russian regions.
  • Kurronen, Sanna (2006)
    BOFIT Online 2006/6
    Electricity market reform is currently an ongoing process in Russia, promoting competitive wholesale and retail sectors.The overall goal of the reform is to attract investments and to improve the efficiency of the Russian electricity industry.The growing economy is consuming more and more electricity and the old capacity is deteriorating.There have been electricity shortages already and more severe ones are forecasted to occur this winter.Russia needs to speed up the reform and continue the stable development of its economy in order to attract investments to the sector.This could improve the situation in the medium term, but in the short term significant progress can be achieved by improving the efficiency of the electricity sector. Keywords: Russia, electricity, liberalisation
  • Newby, Elisa (2017)
    Euro & talous. Blogi
    Presidentti Trumpin valintaa seurannut optimismi rahoitusmarkkinoilla on kirvoittanut osan markkinatoimijoista julistamaan pitkäaikaisen stagnaation olevan selätetty.
  • Mäki-Fränti, Petri; Vanhala, Juuso (2022)
    Euro & talous 2/2022
    Sota vaikuttaa Suomen talouden toimialoihin ja yrityksiin epätasaisesti. Yrityskyselyn mukaan enemmistö yrityksistä uskoo pystyvänsä korvaamaan menetetyn Venäjän-viennin uusilla markkinoilla suhteellisen nopeasti. Osa yrityksistä kuitenkin arvioi, ettei pysty lainkaan korvaamaan menetettyä vientiä. Tuotantoketjujen ongelmista ja kustannusten noususta kärsivät erityisesti teollisuuden toimialat. Yritykset arvioivat pystyvänsä kompensoimaan kustannusten nousun vaikutuksia kannattavuuteensa esimerkiksi nostamalla omia hintojaan. Sodan seurauksena myös yritysten investoinnit ovat jäämässä suunniteltua jonkin verran vähäisemmiksi.