Browsing by Subject "palvelut"

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  • Kemppainen, Kari (2005)
    Bank of Finland Research Discussion Papers 19/2005
    This paper considers effects of price regulation in retail payment systems by applying the model of telecommunications competition by Laffont-Rey-Tirole (1998).In our two-country model world there is one retail payment network located in each country and markets are segmented à la Hotelling.We show that the optimal price under price regulation is the weighted average of pre-regulation domestic and cross-border prices where the degree of home-bias in making payments serves as the weight.Furthermore, we find that the general welfare effects of price regulation are ambiguous: gross social welfare is higher under price discrimination than under price regulation in the special case where costs of access to banking services (transportation costs) are high.However, there also exist cases where prohibitively high transaction costs make price discrimination to reduce total welfare.Finally, if transportation costs are reduced sufficiently, segmentation of payment markets is eliminated.Markets then become fullyserved as in the original Laffont-Rey-Tirole model, suggesting that price discrimination would be beneficial for welfare. Key words: payment systems, price regulation, retail payments JEL classification numbers: D49, G28, L59
  • Mörttinen, Leena (2002)
    Suomen Pankin keskustelualoitteita 12/2002
    This paper contributes to the discussion on the measurement of banking sector output.It is also a prelude to discussion on possible causes of productivity change in banking.We demonstrate how the banking sector's service production can be measured using aggregate financial statement and payment transactions data.We compute banking sector labour productivity Tornqvist indices for six countries (Finland, Sweden, United Kingdom, Germany, France and Italy) over a period varying from 11 to 20 years.According to the results, Finnish banking sector productivity has improved via a substantial reduction size of labour force, whereas output growth has been rather modest.Although in most of the other countries the restructuring process has been less intense, most of the sectors studied have improved in terms of overall output and labour productivity, especially since the mid-1990s. Key words: banks, service production, productivity JEL classification numbers: D24, G21
  • Koponen, Risto (2015)
    Bank of Finland. Bulletin 2/2015
    The risk of basic services in the Finnish financial market being disrupted during emergencies or other serious disruptions has grown as internationalisation has increased. At national level, Finland should prepare for a situation where the supply of foreign financial market services comes to a halt or significantly deteriorates.
  • 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.
  • Simola, Heli (2017)
    BOFIT Policy Brief 4/2017
    Forthcoming in Asian Economic Papers
    We examine the international fragmentation of production chains in different countries using international input-output tables with a focus on China. We explore the development of main macro-level trends established in the previous literature with the most recent data available and compare Chinese production chains to those of other countries. We find that while international fragmentation of value chains has increased notably in other countries during 2000–2014, in China it has turned to decline in the latter part of the time period. The share of domestic value added has increased both in Chinese manufacturing and business service chains. The role of services has increased in the value chains of all countries, but even more pronouncedly in China mainly due to higher contribution from domestic services. Comparing globalization as opposed to regionalization in production chains shows that for most countries globalization has increased. A notable exception are other Asian countries than China, where value chains have instead become increasingly regional. Both these trends are largely due to the increased role of China in international production chains.
  • Simola, Heli (MIT Press, 2018)
    Asian Economic Papers 2 ; Summer 2018
    China has been a key participant in international fragmentation of production during the last decades. China has specialized mainly in labor-intensive manufacturing, but is striving to shift toward higher value-added production stages and production. At the same time, during recent decades, services have contributed increasing shares of valued-added to products produced through global production chains. For this reason we examine the evolving role of Chinese services in international production chains. Our results suggest that Chinese services account for an increasingly large share of production for the domestic market, and more recently have made increasing contributions to foreign production chains, which suggests that Chinese production is shifting to activities in production chains that are associated with higher value-added.
  • 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
  • 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
  • (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.
  • Rautava, Jouko (2005)
    BOFIT Online 2005/2
    India has frequently been referred to as the country with the largest economic growth potential in the world after China.Many commentators seem to think its role in the world economy is already comparable to that of China.However, a closer look at merchandise trade, market share developments, and foreign investment figures reveals that India is still far behind China as far as international influence is concerned.An interesting exception is services trade, where India already plays an important global role due to recent fast growth of offshore outsourcing.Despite of the vitality of this sector, its weight in the Indian as well as in the global economy is relatively small.In general, India's economy and economic policy are still relatively inward looking and it seems unlikely that India will become a major driver of the world economy in the current decade.However, depending on India's economic policy and reforms, the situation in the next decade may already be quite different. Key words: India, China, economic growth, economic policy, foreign trade
  • 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.
  • Finanssivalvonta; Finansinspektionen; Financial Supervisory Authority (2018)
    Finanssivalvonta on julkaissut luettelon, jossa on vahvistettu maksutiliin liittyvät edustavimmat palvelut ja niiden standardoitu terminologia. Luettelo perustuu Finanssivalvonnasta annetun lain (878/2008) 3 §:n 3 momentin 5 a) kohtaan, sen taustalla olevaan perusmaksutilidirektiiviin (2014/92/EU, ns. PAD) ja komission delegoituun asetukseen ((EU) 2018/32) unionin standardoidusta terminologiasta.
  • Kilponen, Juha (2013)
    Suomen Pankki. BoF online 12/2013
    1 Johdanto 3 2 Kilpailun vaikutuksista 5 2.1 Katsaus empiirisiin tuloksiin kilpailun vaikutuksista palveluihin 8 2.2 Kilpailu ja hintadynamiikka 9 2.3 Kilpailu ja tuottavuus palvelusektorilla 10 2.4 Kilpailun vaikutukset yleisen tasapainon mallien mukaan 11 3 Suomalaisia erityispiirteitä 13
  • Zakharov, Viktor V.; Sutyrin, Sergei F. (1996)
  • Kokkonen, Arto; Mäki-Fränti, Petri; Silvo, Aino (2019)
    Bank of Finland. Bulletin 3/2019
    The pace of labour productivity growth in Finland has faded. This is attributable to lacklustre productivity development in manufacturing as well as the increasing dominance of services in the economy.
  • Ho, Chun-Yu (2009)
    BOFIT Discussion Papers 19/2009
    Published in Journal of Comparative Economics Vol. 40, Issue 2, May 2012, pp. 291-313
    This paper examines the effects of market deregulation on consumers and state commercial banks in China, a large developing country. I jointly estimate a system of differentiated product demand and pricing equations under alternative market structures. While China's banking reforms overall have achieved mixed results, the consumer surplus of the deposit market has increased. The welfare effects from reforms are unevenly distributed, with losses skewed toward inland provinces and certain consumer groups. There is no clear evidence that the pricing of banking services has become more competitive after the reform, and such pricing remains subject to government intervention. Encouragingly, the price-cost margins of some state commercial banks have fallen over time.
  • Suomen Pankki (2020)
    Euro & talous. Analyysi
    Suomen suhdannenäkymä on heikentynyt kesän jälkeen. Koronaviruspandemian toinen aalto on iskenyt voimalla Eurooppaan ja Suomessakin tartunnat ovat kasvussa. Suomen BKT:n kasvu on jäämässä lähelle nollaa vuoden 2020 viimeisellä neljänneksellä, kun kolmannella vuosineljänneksellä talous oli toipumassa vielä hyvin kevään pudotuksestaan.
  • Juurikkala, Tuuli; Lazareva, Olga (2006)
    BOFIT Discussion Papers 4/2006
    Published in Economics of Transition, Volume 20, Issue 1, pages 113-136, January 2012 as "Non-wage benefits, costs of turnover and labour attachment. Evidence from Russian firms"
    Just as in established market economies, many Russian firms provide non-wage benefits such as housing, medical care or day care to their employees.Interpreting this as a strategic choice of firms in an imperfect labor market, this paper examines unique survey data for 404 large and medium-size industrial establishments from 40 Russian regions.We find strong evidence that Russian industrial firms use social services to reduce the costs of labor turnover in the face of tight labor markets.The strongest effect is observed for blue-collar workers.We also find that the share of non-monetary compensation decreases with improved access to local social services. Keywords: Non-wage benefits, labor turnover, labor attachment, Russia JEL codes: J32, J33, J42, J63, M52, P31
  • Pesola, Jarmo; Tyrväinen, Timo (1978)
    Suomen Pankki. Yleistajuiset selvitykset. A 47/1978