Browsing by Subject "sopimukset"

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  • (1973)
    Bank of Finland. Monthly Bulletin 47 ; 6 ; June
  • Lintunen, Julia (2021)
    BOFIT Policy Brief 1/2021
    Since becoming a WTO member in 2001, China has negotiated numerous regional trade agreements with astonishing speed. This paper provides an overview of China’s current free trade agreements and examines the economic importance of two major Asian regional trade agreements for China. The academic literature often treats China’s free trade agreements as driven more by political, rather than economic, interests. The agreements are seen as shallow and concluded with minor economic partners. In fact, China’s approach to trade agreements has evolved over time and cumulative impact of these agreements has been positive for trade between China and its agreement partners. The recently concluded Asian regional free trade agreement, the Regional Comprehensive Economic Partnership (RCEP), should positively influence trade for both China and other participating Asian countries. China could also benefit economically from joining the other major regional trade agreement, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
  • Vauhkonen, Jukka (2003)
    Suomen Pankin keskustelualoitteita 28/2003
    Many adverse selection models of standard one-period debt contracts are based on the following seemingly innocuous assumptions.First, entrepreneurs have private information about the quality of their return distributions.Second, return distributions are ordered by the monotone likelihood-ratio property.Third, financiers payoff functions are restricted to be monotonically non-decreasing in firm profits.Fourth, financial markets are competitive.We argue that debt is not an optimal contract in these models if there is only one (monopoly) financier rather than an infinite number of competitive financiers.
  • Francis, Bill; Hasan, Iftekhar; Song, Liang (2012)
    Bank of Finland Research Discussion Papers 12/2012
    Published in Journal of Financial Research, Volume 35, Issue 3, October 2012: 343-374
    We investigate how borrowers corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and spread. Firm-level and country-level corporate governance are substitutes in writing and enforcing financial contracts. We also find that the distinctiveness of borrowers characteristics affect the relation between firm-level corporate governance and loan contracting terms. Our findings are robust, irrespective of types of regression methods and specifications. JEL Classification: G20, G30, G31, G34, G38.
  • Brusila, Eija (1994)
    Suomen Pankki. D 80
    Tutkimuksen tarkoituksena on kartoittaa arvopaperikauppojen nettouttaviin selvitysjärjestelmiin sovellettava voimassaoleva lainsäädäntö. Tutkimuksen keskeinen teema on nettoutus, mutta monet esille tulevat ongelmat koskevat myös yleisesti arvopapereiden selvitystä. Arvopaperikauppojen nettoutuksen vaikutukset ulottuvat useille oikeudenaloille, mutta tutkimuksessa tarkastellaan nettoutusta yksityisoikeuden kannalta. Maksukyvyttömyyden aiheuttamien epäselvien tilanteiden vuoksi konkurssioikeudelliset säännökset ovat kuitenkin korostetusti esillä. Tutkimuskohteen ulkopuolelle on rajattu vero-oikeudellisten säännösten vaikutukset eri nettoutustyyppejä vertailtaessa sekä arvopaperikauppojen sopimusehtoja laadittaessa.
  • Pääkkönen, Jenni (2009)
    Bofit. Focus/Opinion. Expert view 10/2009
  • Kaaresvirta, Juuso (2020)
    Bank of Finland Bulletin. Blog
    Tensions between China and the United States have once more been on the rise. The US has heavily criticised China about its handling of the coronavirus pandemic, cyber security violations, and has tightened the screws on Huawei. Trade has also come back into the discussion after the truce made during the winter, when the countries signed the Phase One trade agreement on 15 January and agreed to reduce some of the additional tariffs.
  • Chen, Yu-Fu; Funke, Michael (2008)
    BOFIT Discussion Papers 29/2008
    Published in China Economic Review 20 (3), 2009, pp. 558-572
    In January 2008, China adopted a new labour contract law. This new law represents the most significant reform to the legislation on employment relations in mainland China in more than a decade. The paper provides a theoretical framework on the inter-linkages between labour market regulation, option value and the choice and timing of employment. All in all, the paper demonstrates that the Labour Contract Law in its own right will have only small impacts upon employment in the fast-growing Chinese economy. Rather, induced increasing unit labour costs represent the real issue and may reduce employment. JEL-Classification: C61, D81, D92, J23 Keywords: China, labour contract law, real options, employment
  • Garcia-Herrero, Alicia; Xia, Le (2013)
    BOFIT Discussion Papers 12/2013
    Published in Asia-Pacific Journal of Accounting & Economics, Volume 22, Issue 4, 2015 p. 368-383 as RMB Bilateral Swap Agreements: how China chooses its partners?
    This paper analyzes empirically what determines the choice of countries signing an RMB-denominated Bilateral Swap Agreement (BSA) with China. The gravity motif is predominant (both in terms of country size and distance from China) but so is the trade motif, in terms of both exports to China and the existence of an FTA with China. Institutional soundness also matters since countries with better government and less corruption are more likely to sign an RMB-denominated BSA. This contravenes the view that China has used RMB BSAs as a soft power tool in more corrupted countries. However, the fact that China has a preference for countries with a default history and a closed capital account calls for caution. Keywords: RMB internationalization, bilateral swap agreements. JEL: F33, F36, F42
  • Francis, Bill; Hasan, Iftekhar; Wu, Qiang; Koetter, Michael (2012)
    Bank of Finland Research Discussion Papers 14/2012
    Published in Journal of Financial Research, Volume 35, Issue 4, December 2012: 521-552
    We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise more lenders. In addition, board size, audit committee structure, and other board characteristics influence bank loan prices. However, they do not consistently affect all nonprice loan terms except for audit committee independence. Our study provides strong evidence that banks tend to recognize the benefits of board monitoring in mitigating information risk ex ante and controlling agency risk ex post, and they reward higher quality boards with more favorable loan contract terms. JEL Classification: G21, G34
  • Brunila, Anne; Buti, Marco; Veld, Jan in't (2002)
    Suomen Pankin keskustelualoitteita 6/2002
    It is widely recognised that fiscal policy will have greater responsibilities for cyclical stabilisation in the EMU, given the loss of the monetary instrument at national level.At the same time, the EMU's budgetary framework emphasises the need to rely on automatic fiscal stabilisers, rather than active policies, in cushioning the business cycle.We show that automatic stabilisers are relatively powerful in the event of a shock to private consumption, but less so as regards shocks to private investment and exports.In respect of supply side shocks, automatic stabilisers are largely ineffective, which may in fact be a good thing to the extent that supply-side disturbances call for structural adjustment rather than cyclical stabilisation.Looking ahead, one of the challenges facing policy-makers will be how to design tax and welfare reforms which, while improving incentives and market functioning, do not stifle - and in fact could strengthen - the impact of automatic stabilisers. Key words: cyclical stabilisation, automatic stabilisers, Stability and Growth Pact
  • Brada, Josef C.; Chen, Chunda; Jia, Jingyi; Kutan, Ali M. (2020)
    BOFIT Discussion Papers 10/2020
    Using event study methodology, we investigate whether bilateral investment protection treaties afford protection to foreign investors. Examining arbitral decisions for firms from six countries shows that firms that received awards from arbitrators gained in market value by as much as 3%. Per dollar awarded, firms gained over $20 in market value. Thus, we conclude that the system of arbitration does afford significant benefits to firms that can demonstrate that they have been injured by host governments who violated the terms of the relevant investor protection treaty. We also find some evidence that arbitral decisions are anticipated by stock markets.
  • Anand, Smriti; Hasan, Iftekhar; Sharma, Priyanka; Wang, Haizhi (2017)
    Bank of Finland Research Discussion Papers 24/2017
    Available also in Research in Human resource management 57 ; 1 ; 2018 http://urn.fi/URN:NBN:fi:bof-201810292110
    Non-compete agreements (also known as Covenants Not to Compete or CNCs) are frequently used by many businesses in an attempt to maintain their competitive advantage by safeguarding their human capital and the associated business secrets. Although the choice of whether to include CNCs in employment contracts is made by firms, the real extent of their restrictiveness is determined by the state laws. In this paper, we explore the effect of state level CNC enforceability on firm productivity. We assert that an increase in state level CNC enforceability is detrimental to firm productivity, and this relationship becomes stronger as comparable job opportunities become more concentrated in a firm’s home state. On the other hand, this negative relationship is weakened as employee compensation tends to become more long-term oriented. Results based on hierarchical linear modeling analysis of 21,134 firm-year observations for 3,027 unique firms supported all three hypotheses.
  • Vauhkonen, Jukka (2004)
    Suomen Pankki. E 30
    This thesis consists of an introductory chapter and four essays on financial contracting theory.In the first essay, we argue that many adverse selection models of standard one-period loan contracts are not robust to changes in market structure.We argue that debt is not an optimal contract in these models, if there is only one (monopoly) financier instead of a large number of competitive financiers. In the second essay, we examine the welfare effects of allowing banks to hold equity in their borrowing firms.According to the agency cost literature, banks equity stakes in their borrowing firms would seem to alleviate firms asset substitution moral hazard problem associated with debt financing.We argue that this alleged benefit of banks equity holding is small or non-existent when banks are explicitly modelled as active monitors and firms have access also to market finance. In the third essay, we extend the well-known incomplete contracting model of Aghion and Bolton to attempt to explain the empirical observation that the allocation of control rights between entrepreneur and venture capitalist is often contingent in the following way.If the company s performance (eg earnings before taxes and interest) is bad, the venture capital firm obtains full control of the company.If company performance is medium, the entrepreneur retains or obtains more control rights.If company performance is good, the venture capitalist relinquishes most of his control rights. The fourth essay is a short note, in which we show that the main result of the model of Aghion and Bolton concerning optimality properties of contingent control allocations in an incomplete contracting environment holds only if an additional condition is satisfied. Key words: financial contracts, security design, capital structure, incomplete contracts
  • Kurri, Samu (2012)
    Bank of Finland. Bulletin. Monetary policy and the global economy 1
    During the past year, the leaders of EV Member States and the European Parliament have reached agreement on a number of important reforms to enhance economic policy coordination. There have been numerous decisions following each other at rapid speed. This article examines the renewed framework for economic policy cooperation in the euro area and shows how the different agreements fit together.
  • Kurri, Samu (2012)
    Euro & talous. Rahapolitiikka ja kansainvälinen talous 1
    Viimeisen vuoden aikana Euroopan valtioiden päämiehet ja Euroopan parlamentti ovat sopineet monesta merkittävästä talouspolitiikan koordinaatiota tehostavasta uudistuksesta. Päätöksiä on ollut paljon, ja ne ovat seuranneet toisiaan nopeassa tahdissa. Tässä artikkelissa käydään läpi euroaluetta koskeva uudistettu talouspoliittisen yhteistyön kehikko ja esitetään, miten eri sopimukset nivoutuvat toisiinsa.
  • Malkamäki, Markku (1999)
    EURO & TALOUS 4
    Arvo paperimarkkinoiden rakenteet muuttuvat merkittävästi tekniikan kehityksen myötä.Tietotekniikan laaja hyödyntäminen, rahoitusmarkkinoiden sääntelyn purkaminen ja yhteisen rahan käyttöönotto Euroopassa ovat parantaneet arvopaperimarkkinoiden tehokkuutta ja likvidiyttä sekä antaneet rahalaitoksille mahdollisuuden hyödyntää skaalaetuja toiminnassaan.
  • Hasko, Harri (2004)
    EURO & TALOUS 4
    Usko euroalueen finanssipolitiikan koordinaation tehokkuuteen on heikentynyt.Sitä ovat huonontaneet EU-maiden liialliset budjettialijäämät sekä komission ja Ecofin-neuvoston kiista vakaus- ja kasvusopimuksen tulkinnasta. Komissio on ehdottanut uudistuksia syntyneen umpikujan avaamiseksi
  • Malkamäki, Markku (1999)
    Bank of Finland. Bulletin 73 ; 4
  • Vauhkonen, Jukka (2003)
    Suomen Pankin keskustelualoitteita 14/2003
    According to empirical studies of venture capital finance, the division of control rights between entrepreneur and venture capitalists is often contingent on certain measures of firm performance.If the indicator of the company's performance (eg earnings before taxes and interest) is low, the venture capital firm obtains full control of the company.If company performance improves, the entrepreneur retains or obtains more control rights. If company performance is very good, the venture capitalist relinquishes most of his control rights.In this article, we extend the incomplete contracting model of Aghion and Bolton to construct a theoretical model that is consistent with these empirical findings. Key words: incomplete contracts, financial contracting, contingent contracts, control rights, joint ownership JEL classification numbers: G32