Browsing by Subject "pankkiautomaatit"

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  • Snellman, Heli; Virén, Matti (2006)
    Bank of Finland Research Discussion Papers 21/2006
    Published in Applied Financial Economics, Volume 19, Number 10, 2009: 841-851
    This paper deals with the issue of how the market structure in banking affects the choice of means of payment.In particular, the demand for cash is analysed from this point of view.The analysis is based on a simple spatial transactions model in which the banks' optimization problem is solved.The solution quite clearly shows that monopoly banks have an incentive to restrict the number of ATMs to a minimum.In general, the number of ATMs depends on competitiveness in the banking sector.The predictions of the theoretical analysis are tested using panel data from 20 OECD countries for the period 1988-2003.Empirical analysis reveals that there is a strong and robust relationship between the number of ATM networks and the number of ATMs (in relation to population).It also reveals that the demand for cash depends both on the number of ATMs and ATM networks and on the popularity of other means of payment.Thus, the use of cash can be fairly well explained in a transaction demand framework, assuming proper controls for market structure and technical environment. Key words: automated teller machine, demand for cash, banking, means of payment JEL classification numbers: E41, E51
  • Snellman, Heli (2006)
    Suomen Pankki. E 38
    This study discusses the effects of the Automated Teller Machine (ATM) network market structure on the availability of cash withdrawal ATM services and cash usage.The aim and novelty of the study is to construct the ATM equation.The study also contributes to the earlier discussion on the effects of ATMs on cash usage.The monopolisation of ATM network market structure and its effects on the number of ATMs and on cash in circulation are analysed both theoretically and empirically.The unique annual data set on 20 countries used in the estimations has been combined from various data sources.The observation period is 1988-2003, but the data on some countries are available only for a shorter period.Based on our theoretical discussion, as well as the estimation results, monopolisation of the ATM network market structure is associated with a smaller number of ATMs.Furthermore, the influence of the number of ATMs on cash in circulation is ambiguous. Key words: ATM, ATM network, monopolisation, demand for cash JEL classification: C33, E41, G2, C11
  • Markkula, Tuomas; Takalo, Tuomas (2021)
    BoF Economics Review 8/2021
    Declining ATM numbers pose a challenge for competition policy and financial regulatory authorities. In this report we review the Finnish experience of regulating the competition in the ATM industry. To analyze the Finnish developments we extend the model of Kopsakangas-Savolainen and Takalo (2014), and draw on the existing literature and benchmarks from the selected other countries. We document how changes in the ATM market regulation and market structure has decoupled the ATM network size from the declining cash use in Finland. The Finnish regulation has almost exclusively focused on foreign fees, while in general it would be better to regulate interchange fees. If the optimal fee regulation is not feasible, the authorities could also consider quantity regulation.
  • Kopsakangas-Savolainen, Maria; Takalo, Tuomas (2012)
    Bank of Finland Research Discussion Papers 32/2012
    Published in Review of Network Economics
    We build a simple model to study service fee competition between an incumbent and an independent ATM deployer, and its optimal regulation. We use the model to analyze an actual regulation of such a market by competition authorities in Finland. We find that socially optimal first-best fees would imply negative profits for the independent deployer, calling for a Ramsey regulation. While the Finnish regulation pushes the foreign fee downwards towards its socially optimal level, the regulated fees are likely to remain too high from the welfare point of view. In contrast with the actual regulation, it would be essential to regulate the independent deployer's interchange fee, as the incumbent deployer internalizes the effect of its foreign fee on consumer usage of the rival's network and has little incentive for foreclosure.
  • Snellman, Jussi (2000)
    Suomen Pankin keskustelualoitteita 19/2000
    During the 1990s the availability of location-specific retail payment services in Finland declined substantially, but at the same time there was a surge of development of self-service methods. These new methods, which make use eg of mobile phones and the Internet, dramatically increased the availability of payment services that are not tied to location.More traditional forms of payment still exist; for example, the use of cash remains significant.In Europe there are marked differences between countries with respect to the use of different payment methods. Generally, the use of cashless payment instruments has increased during the last ten years, but it seems that payment patterns are still not converging to similar structures. The development of the Finnish retail payment system has long roots, and several factors - eg the salary bank arrangement of the 1960s and the severe banking crisis of the early 1990s - have influenced the development of the current Finnish payment system. In the retail payments area, new technologies are developing rapidly.The success of new forms of payment (based eg on mobile phones) in gaining general acceptance may depend on changes in the nature of consumption.If customer demand increasingly shifts toward virtual goods and services, the demand for new types of payment methods such as electronic money may increase substantially. Keywords: retail payments, electronification, ATMs, Internet banking
  • Levo, Urpo; Takala, Kari (2004)
    Bank of Finland. Bulletin 78 ; 2
    At the beginning of 2004, Finland's currency supply system was overhauled with the aim of creating a more efficient system with less overlap, a clearer division of labour and lower overall costs. Central bank opening hours for the reception of cash were extended and regional cash depots were established in selected areas on a trial basis.As a result, the Bank of Finland will now concentrate more clearly on wholesale activities in its currency supply and reduce the provision of individualised services for the banks and other private customers.In recent decades, Finnish banks have taken similar steps to outsource their currency supply operations to private specialists.
  • Johnson, Leslie T. (1990)
    Bank of Finland Research Discussion Papers 25/1990
    The future deve1opment, of retail banking and the structural changes that are occurring, and are expected to occur after 1992, are two issues which dominate current discussions concerning banking in Europe. Both issues are inter-related and, of course, both have imp1ications for bank regu1ation. In an attempt to contribute to the debate, this paper presents survey data obtained from retail banks in thirteen European countries'and highlights differences between banks in EC countries with those in EFTA countries. We are also concerned with the regulatory implications of the data and, having discussed why banks should be regu1ated at all, conclude that banks should be regulated on a functional basis, and that banks should not be permitted to engage in non-banking activities, nor non-banks permitted to undertake banking business.
  • Kokkola, Tom (1990)
    Finlands Banks diskussionsunderlag 10/1990
    Undersökningen granskar betalningssystemets uppbyggnad och utveckling, speciellt den tekniska utvecklingens, institutionella förhållandens och valörsammansättningens inverkan på den cirkulerande kontantpenningmängden och dess delkomponenter. De estimerade modellerna indikerar att användningen av betalningskort har minskat allmänhetens kontantpenningefterfrågan med ca. 25 procent, medan däremot sedelautomaterna och bankernas kontantmedelkrediter har ökat bankernas kassahållning med aver 130 procent. Den internationella jämförelsen indikerar att den tekniska utvecklingens inverkan på efterfrågan- under 1970- och 1980- talet varierar från land till land, samt att den i jämförelse med Finland·har varit t.o.m. dubbelt större i vissa länder.
  • Hatakka, Tuula (1997)
    Suomen Pankin keskustelualoitteita 19/1997
    Selvityksessä vertaillaan Suomen ja seitsemän muun EU-maan maksutapoja ja maksujenvälitysjärjestelmiä.Tarkoituksena on selvittää maksutapojen, pankkien jakeluverkkojen ja maksuliikkeen elektronisuuden maittaisia eroja.Selvityksen mukaan Suomen maksujärjestelmät ovat pisimmälle elektronisoituneet. Yksityishenkilöt maksavat Suomessa yleisesti laskuja itsepalveluperiaatteella tilisiirtoautomaattien ja kotipäätteiden välityksellä.Pankki- ja luottokorttiostojen osuus yksityisestä kulutuksesta on Suomessa suurin ja käteistä käytetään vähiten. Muissa vertailumaissa käytetään vielä yleisesti paperisia maksutoimeksiantoja, kuten sekkejä, jotka lähetetään pankkiin tai laskuttavalle yritykselle.Tosin sekkien käyttö on vähentynyt pankki- ja luottokorttiostojen yleistyessä.Pankit ovat karsineet konttoriverkostoaan ja pyrkineet lisäämään konekielisten yhteyksien hyväksikäyttöä.Laskujen maksu kotipäätteellä vähentää tilisiirtoautomaattien tarvetta Suomessa.Internet ja verkkopankit voivat lisätä tilisiirtoperusteisten maksutapojen merkitystä myös muualla EU:ssa.Pankkien välisen maksuliikkeen osuuden koko maksuliikkeestä havaittiin pienenevän.Tähän on vaikuttanut mm. pankkifuusiot, joiden myötä maksut liikkuvat enemmän pankkiryhmien sisällä.Maksujärjestelmien luotettavuus ja tehokkuus ovat tärkeitä, koska välitettyjen rahavirtojen arvo ylittää maiden BKT:n usein monikymmenkertaisesti. Avainsanat: maksuvälineet, tilisiirtojärjestelmät, Suomi, EU, pankkien jakeluverkko, elektronisoituminen
  • Virén, Matti (1989)
    Bank of Finland. Bulletin 63 ; 10 ; October
  • Snellman, Jussi; Vesala, Jukka; Humphrey, David (2000)
    Suomen Pankin keskustelualoitteita 1/2000
    Ilmestynyt myös Journal of Financial Services Research 19 ; 2-3 ; 2001.
    The substitution of noncash (check, giro, and credit and debit card) payments for cash transactions is difficult to gauge because there are no data series on the actual value or volume of cash transactions in any country.However, determining the degree of cash substitution is important because it will negatively affect government seigniorage revenue and, if cash use falls fast enough, may require tax revenues to redeem excess currency holdings.We utilise a novel method for approximating the volume of cash transactions using public information on currency stocks and noncash payments.Applying this method, we estimate how cash has been substituted by other payment instruments in 10 European countries.We also provide a forecast of future cash use by country.We find that the trend in cash substitution across countries is quite similar.However, the countries themselves are at significantly different stages of this substitution process.The spread of debit and credit card payments has been the key factor behind the substitution away from cash as use of e-cash innovation is still in its infancy.Country-specific differences in the substitution process are largely explained by differences in the level of implementation of each country's card payment technology.
  • Levo, Urpo; Takala, Kari (2004)
    Maailmantalouden elpyminen on jatkunut alkuvuonna 2004. Lähitulevaisuuden kasvunäkymät ovat valoisat, joskin kehitystä varjo stavat edelleen eräiden suurien talouksien rakenteisiin ja alijää- mien rahoitukseen liittyvät riskit.Euroalueen kasvun käynnistyminen on ollut verkkaisempaa kuin muiden suurten talouksien.Suomessa kotitalouksien kysyntä on pysynyt vilkkaana.
  • Vesala, Jukka (2000)
    Suomen Pankki. E 20
    The study analyses the effects on banking competition of the changes in banking delivery and information collection technologies and of the rivalry from outside the traditional banking sector.Key implications for monetary, regulatory and competition policies are also addressed. Evidence is provided that liberalization increased banking competition in Europe.In a mostly deregulated environment, technology is argued to be of major importance for competition, The study argues against the prevalent spatial modelling of banking competition due to the difficulty of representing remote access and nonbank activity.Instead, a novel two-stage model (delivery capacity, then loan and deposit pricing decisions) is developed based on multidimensional differentiation theory.According to the results, benefits that clients derive from branch or ATM proximity, additional outlets, or superior service quality can maintain pricing power for banks.Technological development reduces these benefits and generates a permanent increase in competition.The optimal sizes of branch and ATM networks decline.Network cooperation reduces network sizes, but is not necessarily harmful, as price competition is stimulated. An empirical implementation of the model is presented for the Finnish loan and deposit markets.Banks' pricing power is found to be entirely due to their branch network differentiation and size in the loan markets, and to exist mainly in household lending.In contrast, price coordination was found to likely characterize deposit pricing.The ability to distinguish differentiation from collusion is a new contribution.Banks' pricing advantages were found to be diminishing in all lending and especially deposit-taking activities, following the technological development, which indicates reduced significance of branches for clients. Technological development, growing nonbank activity, deepening capital markets and weakening price coordination are found to enhance the efficiency of monetary policy transmission into lending (and deposit) rates.The results are relevant for the common euro area monetary policy, since they show the dependence of the transmission on particular structural and competitive conditions of the banking system.Finally, deregulation of deposit interest rates insulates loan rates from changes in deposit rates and, contrary to what is often argued, does not make loans more costly. Key words: banking competition, technological change, delivery networks, monetary policy efficiency, competition policy
  • Ahonen, Jukka (1996)
    Bank of Finland. Bulletin 70 ; 11 ; November