Browsing by Subject "sijainti"

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  • Haavio, Markus; Kauppi, Heikki (2011)
    Bank of Finland Research Discussion Papers 24/2011
    We develop a dynamic multi-region model, with fluctuating regional house prices, where an owner-occupied household´s location choice depends on its current wealth and its current type and involves both consumption and investment considerations. The relative strength of the consumption motive and the investment motive in the location choice determines the equilibrium pattern of residential sorting, with a strong investment (consumption) motive implying sorting according to the type (wealth). The model predicts a negative relation between the size of house price fluctuations and the degree of residential sorting in the type dimension. Also, movers should be more sorted than stayers in the type dimension. These predictions are consistent with evidence from US metropolitan areas when income, education and age are used as proxies for household type. Keywords: Residential sorting, House prices, Consumption motive, Investment motive, Incomplete markets, Household mobility JEL Classification: D52, G11, R13, R21, R23
  • Fungáčová, Zuzana; Solanko, Laura (2008)
    BOFIT Discussion Papers 21/2008
    Published in HSE Economic Journal, 2009, Tom 13, Vol 1, 101–129
    The Russian banking sector has experienced enormous growth rates during the last 6-7 years. The rapid growth of assets has, however, contributed to a decrease in the capital adequacy ratio, thus influencing the ability of banks to cope with risk. Using quarterly data spanning from 1999 to 2007 on all Russian banks, we investigate the relationship between bank characteristics and risk-taking by Russian banks. The analysis of financial ratios reveals that, on average, the risk levels are still below those observed in Central and Eastern Europe. Combining the group-wise comparisons of financial ratios and the results of insolvency risk analysis based on fixed effects vector decomposition, three main conclusions emerge. First, controlling for bank characteristics, large banks have higher insolvency risk than small ones. Second, foreign-owned banks exhibit higher insolvency risk than domestic banks and large state-controlled banks are, unlike other state-controlled banks, more stable. Third, we find that the regional banks engage in significantly more risk-taking than their counterparts in Moscow. JEL Classification: G21, G32, P34 Keywords: bank risk-taking, banks in transition, Russia
  • Hasan, Iftekhar; Hoi, Chun-Keung (Stan); Wu, Qiang; Zhang, Hao (2015)
    Bank of Finland Research Discussion Papers 21/2015
    Published in Journal of Financial and Quantitative Analysis, 52, 3, 2017: 1017-1047
    We find that firms headquartered in U.S. counties with higher levels of social capital incur lower bank loan spreads. This finding is robust to using organ donation as an alternative social-capital measure and incremental to the effects of religiosity, corporate social responsibility, and tax avoidance. We identify the causal relation using companies with a social-capital-changing headquarter relocation. We also find that high-social-capital firms face loosened nonprice loan terms, incur lower at-issue bond spreads, and prefer bonds over loans. We conclude that debt holders perceive social capital as providing environmental pressure constraining opportunistic firm behaviors in debt contracting.
  • Suomen Pankki (1959)
    Suomen Pankin taloustieteellisen tutkimuslaitoksen julkaisuja. Sarja A 21
    1. JOHDANTO 7 2. TUTKIMUSAINEISTON KÄYTTELY 9 3. HELSINKI TEOLLISUUSKESKUKSENA 14 Väestön kehitys ja elinkeinot 14 Helsingin seutu ja muu maa 16 Kehitys teollisuuden eri aloilla 18 Teollisen yritteliäisyyden luonne Helsingin seudulla 24 Keskuksen vetovoima ja yritysten keskipakoisuus 28 4. TEOLLISUUDEN SIjOITTUMISTEKIjÄT HELSINGIN SEUDULLA 31 Luonnonvarat 31 Kuljetusmahdollisuudet 33 Työvoiman saanti 35 Markkinat 39 Tontti- ym. kysymykset 41 Sijoittumistekijät yrittäjien kannalta 43 5. TEOLLISUUDEN SIJOITTUMISEN TULEVA SUUNTAUS 49 »Helsinkiläisell» teollisuuden kasvuedellytyksistä 49 Hajakeskitystä edistäviä tekijöitä 51 Alueellisen teollisuuspolitiikan tavoitteita ja keinoja 52 LIITTEITÄ 55
  • Fei, Xuan (2020)
    BOFIT Discussion Papers 23/2020
    This paper proposes a spatial equilibrium model to quantify welfare losses from land market distortions in China. In the model, heterogeneous firms in a variety of sectors choose their locations across regions with costly trade, frictional labor migration, and land market distortions. We match land transaction and firm-level survey data to estimate land market distortions for firms. Misallocation arises when similar firms are faced with land prices that effectively prevent productive firms from establishing in large cities where they can benefit from agglomeration forces and access to higher productivity. Our framework incorporating land market distortions also helps clarify the mystery of China’s undersized cities, a phenomenon noted by Au and Henderson (2006) and Chauvin et al. (2017). Our estimates suggest large negative effects of land policies on the economic welfare in China. We end with a counterfactual exercise that suggests that a coordinated land and labor migration reform would generate welfare gains and reduce regional inequality.
  • Huhtala, Heli (2010)
    Rahoitusmarkkinakriisin ja talous-taantuman seurauksena julkisen sektorin rahoitustarpeet ovat voimakkaassa kasvussa. Valtioiden markkinaehtoisen rahoituksen hinta määräytyy joukkovelkakirjamarkkinoilla paitsi reaalikorkojen ja inflaatio-odotusten mukaan myös kysyntä- ja tarjontatekijöiden perusteella. Euroopan valtioiden tulevat rahoitustarpeet lisäävät velkakirjamarkkinoiden tarjontaa. Tässä artikkelissa tarkastellaan valtioiden velkakirjamarkkinoiden kysyntätekijöitä institutionaalisten sijoittajien näkökulmasta. Institutionaalisiksi sijoittajiksi määritellään tässä keskuspankit, valtioiden sijoitusrahastot, eläkerahastot, sijoitus-rahastot ja vakuutusyhtiöt. Näiden sijoittajien sijoituspäätökset vaikuttavat oleellisesti valtioiden rahoituskustannuksiin.