Browsing by Subject "suorat sijoitukset"

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  • Ziacik, Terri (2000)
    BOFIT Discussion Papers 3/2000
    redible economic reform has played a key role in Estonia s success in attracting significant amounts of foreign direct investment. This paper analyzes two years of data from a survey of foreign investors in Estonia to determine the major motivations to invest and the greatest problems faced by investors.Results indicate that the labour force and market-related factors are the primary motivations for investors coming to Estonia, while bureaucracy, corruption, and labour quality are the greatest problems.Ordered probit analysis of the factor rankings supports previous findings that investor characteristics such as export orientation, mode of entry, or industry can explain factor evaluation for some, but not all, factors.This method can be used by policy makers to identify whether certain types of investors are likely to be affected differently by the host country investment climate.
  • François, Abel; Panel, Sophie; Weill, Laurent (2019)
    BOFIT Discussion Papers 12/2019
    Since political uncertainty is greater in dictatorships than in democracies, we test the hypothesis that foreign investors scrutinize public information on dictators to assess this risk. In particular, we as-sume they use five suitable dictators’ characteristics: age, political experience, education level, ed-ucation in economics, and prior experience in business. We perform fixed effects estimations on an unbalanced panel of 100 dictatorial countries from 1973 to 2008 to explain foreign direct investment (FDI) inflows. We find that educated dictators are more attractive to foreign investors. We obtain strong evidence that greater educational attainment of the leader is associated with higher FDI. We also find evidence that the leader having received education in economics and prior experience in business is associated with greater FDI. By contrast, the leader’s age, and political experience have no relationship with FDI. Our results are robust to several tests and checks, including a comparison with democracies.
  • Lehtonen, Martti (1997)
    Bank of Finland. Bulletin 71 ; 11 ; November
  • Fung, K.C.; Korhonen, Iikka; Li, Ke; Ng, Francis (2008)
    BOFIT Discussion Papers 9/2008
    Published in Journal of Economic Integration, September 2009, v. 24, iss. 3, pp. 476–504
    China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the successful transition experience of many Central and Eastern Euro-pean countries (CEECs) also enables them to attract an increasing share of global foreign investment, particularly from the European Union (EU). What is the relationship between inward FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: 1) China and the CEECs each exist in its own regional pro-duction network, with no linkage between FDI flows into China and into CEECs; 2) China and the CEECs together comprise a global production network, so that FDI into China is positively related to FDI into CEECs; and 3) FDI into China is a substitute for FDI into the CEECs, so that the correlation between them is negative. In this paper, we employ pan-el data to study this issue in detail. Specifically, we compare empirical estimates for 15 CEECs over the 15-year period 1990-2004 using four different econometric approaches: FGLS with Random effects, FGLS with fixed effects, EC2SLS and GMM. The result supports the conclusion that China's inward FDI does not crowd out CEECs' inward FDI. In fact, it shows that in some circumstances FDI flows in these two regions are moderately complementary. In addition, our analysis confirms the importance for FDI flows of recipient-country characteristics such as market size, degree of trade liberalization and labor quality, as well as a healthy global capital market. JEL classification numbers: F20, F21, F43 Keywords: Foreign Direct Investment (FDI), Regional Networks, Global Supply Chain, China's FDI, Central and Eastern European Countries' FDI
  • Fidrmuc, Jarko; Korhonen, Iikka; Bátorová, Ivana (2008)
    BOFIT Discussion Papers 7/2008
    Published in CESifo Economic Studies, Vol. 59, 2/2013, 392-411
    We analyze the business cycles in China and in selected OECD countries between 1992 and 2006 using dynamic correlations. Nearly all OECD countries showpositive correlations of the very short-run developments which may correspond to intensive supplier linkages. However, dynamic correlations at the business cycle frequencies are negative. Countries facing a comparably longer history of intensive trading links tend to show slightly higher correlations of business cycles with China. Even though trade and financial flows do not really increase correlations of business cycles between China and OECD countries, they lower the degree of business cycle synchronization within the OECD area. JEL Classification: E32, F15, F41. Keywords: Business cycles, synchronization, trade, FDI, dynamic correlation.
  • Laurila, Juhani; Hirvensalo, Inkeri (1996)
    The authors present the results of the 1995 Bank of Finland survey (previous surveys were 1991 and 1993) on Finnish direct investments to the CIS, the Baltics and other CEE countries.The survey describes the situation during or at the end of 1994 and focuses mainly on Estonia and Russia, the main targets of Finnish direct investment in Eastern Europe. The results indicate that most Finnish direct investment went to service industries - only about a third went to other sectors. Direct investment was generally in the form of equity capital, while about a third was in the form of loans.The level of local banking services and the availability of credit appeared to be fairly low in Russia and Estonia.Investor experiences were described most often 'tolerable' in Russia and 'satisfactory' in Estonia.The future expectations of investors, in comparison with the results of the previous survey two years ago, remained positive and unchanged in Estonia, but somewhat less favourable than 1993 for Russia.Excessive, arbitrary bureaucracy was considered a major drawback by nearly all respondents. The authors draw attention to current problems with data collection and data quality.Presently, there is apparently nobody who can accurately specify the number of enterprises under Finnish ownership actually operating in Russia or Estonia. Keywords: direct investment, Russia, Estonia, Eastern Europe
  • Laurila, Juhani (1994)
  • Leino, Topias (2011)
    Suomen Pankki. BoF online 4/2011
    The purpose of this paper is to present an overview on how the new standards change the calculation and presentation of FDI statistics and to illustrate the effects of these changes on Finland's FDI positions, based on 2008 data. The specific focus of the paper is on FDI positions (or FDI stocks). Corresponding changes will also be implemented for FDI flows (or FDI transactions) and on FDI income data, but these are not explicitly covered in this paper.
  • Kinoshita, Yuko; Campos, Nauro F. (2004)
    BOFIT Discussion Papers 10/2004
    This paper investigates the importance of factor endowment vis-à-vis institutions in explaining the locational choice of foreign investors during the 1990s.Using dynamic panel estimation on data for transition economies, we find that low labour costs, bureaucratic efficiency ("institutions"), agglomeration economies and natural resource abundance are key factors explaining foreign investors' decisions.However, sampling proves fundamental as these overall determinants mask deep and, so far empirically unexplored, differences between groups of recipient countries.For example, for the former Soviet Union economies we estimate that labour costs are no longer crucial, but abundance of natural resources and (interestingly) lower levels of human capital are.For Eastern Europe, we find that external liberalisation (one aspect of economic reform) is crucial in foreign investor's decisions.The main message is that minimising sampling biases and accounting for previously omitted variables yields a different, much richer picture than previously available. JEL classification: F21, O16, C33, P27 Keywords: Foreign direct investment, dynamic panel estimation, transition economies
  • Kivistö, Jarkko; Korhonen, Tapio (2007)
    Bank of Finland. Bulletin 4
    The euro area current account has remained balanced throughout the entire period of European Monetary Union (EMU). Country-specific differences have, however, been extremely large. Spain s current account deficit has in recent times been as much as 10% of the country s GDP. Monetarily, it is the second largest current account deficit in the world after the United States, amounting to substantially more than USD 100 billion in annualised terms. In contrast, Germany has a current account surplus that is slightly higher still, in dollar terms. It is, in fact, nearly as large as Japan s. The euro area balance is thus explained by the steep opposition between the Spanish and German current accounts, combined with other euro area countries small if in some small countries relatively large at national level deficits or surpluses in dollar terms.
  • Kivistö, Jarkko; Korhonen, Tapio (2007)
    Suomen Pankki. BoF online 10/2007
    1 Maksutaseen merkitys 3 2 Maksutase kuvaa talouden ulkoista tasapainoa 4 Kehikko 1. Maksutaseen tilastoinnista 5 3 Euroalueen vaihtotaseen kehitys 6 4 Euroalue sijoituskohteena ja sijoittajana 8 4.1 Sijoitusten rakenne 8 4.2 Suorat sijoitukset 8 4.3 Portfoliosijoitukset 11 4.4 Sijoitusten tuotot ja niihin vaikuttavat tekijät 14 4.5 Kansainvälinen varallisuusasema 15 5 Maksutaseen yhteys rahamäärään 16 6 Lopuksi 22 Kirjallisuutta 23
  • (2002)
    Euroopan keskuspankki. Kuukausikatsaus 7 ; Heinäkuu
    Suoriin sijoituksiin ja arvopaperisijoituksiin liittyvät pääomanliikkeet euroalueen ja muiden maiden välillä ovat lisääntyneet merkittävästi 1990-luvun lopusta lähtien.Fuusiot ja yritysostot ovat vaikuttaneet suoriin sijoituksiin, kun taas euroalueen ja ulkomaiden välisiin arvopaperisijoitusvirtoihin - vaikka ne ovatkin keskinäisessä suhteessa suoriin sijoituksiin - vaikuttivat pääasiassa riskien hajauttaminen ja odotukset yritysten suhteellisesta kannattavuudesta.Vuosina 1998-2001 (tältä ajalta on saatavissa koko euroaluetta koskevia tietoja) suorien sijoitusten ja arvopaperisijoitusten yhteenlasketut nettopääomavirrat olivat varsin vientivoittoiset: pääoman yhteenlaskettu nettovienti oli vuositasolla keskimäärin 126 miljardia euroa. Virrat suuntautuivat varsinkin Yhdysvaltoihin.Nettovienti väheni kuitenkin asteittain tänä aikana, ja euroalueen rahoitusvirtojen koostumus vaihteli merkittävästi etenkin osake- ja velkapaperisijoitusten kesken.Arvopaperisijoituksiin näyttävät vaikuttaneen useat tekijät: talous- ja rahaliiton (EMU) muodostamiseen liittyvät odotukset vuonna 1998, euroalueella olevien liikkeeseenlaskijoiden joukkolainaemissioiden huomattava lisääntyminen vuodesta 1999 lähtien, vuoteen 2000 ulottunut markkinoiden optimistisuus yhdysvaltalaisten yritysten kannattavuuden suhteen varsinkin ns. uuden talouden sektorilla, Yhdysvaltain ja euroalueen korkoerojen kaventuminen vuosina 1999 ja 2000 sekä kasvava epävarmuus maailmantalouden näkymien suhteen vuoden 2000 lopussa ja vuonna 2001.
  • Xing, Yuqing (2006)
    BOFIT Discussion Papers 15/2006
    This paper examines the FDI-exchange rate nexus in the context of one FDI source and two host countries.It focuses on the effect of exchange rates on relative FDI inflows between the two host countries.The theoretical analysis shows explicitly that relative FDI inflows are a function of relative real exchange rates.In particular, if one host country devalues its currency against that of the source country more than the other does, FDI into the former country will be expected to increase relative to the other country. The theoretical inference is examined with Japanese FDI in manufacturing industries of China and ASEAN-4 (Indonesia, Malaysia, the Philippines and Thailand).The empirical results generally support the theoretical conclusion, suggesting that the real devaluation of the Chinese Yuan undercut FDI into the ASEAN-4. Keywords: FDI, Exchange rate, China, ASEAN-4 JEL classification: F14, F23, F31
  • Merlevede, Bruno; Schoors, Koen; Spatareanu, Mariana (2013)
    BOFIT Discussion Papers 27/2013
    Published in World Development, Volume 56, April 2014, Pages 1-19.
    This study measures the effect of foreign direct investment (FDI) on the productivity of local firms. Unlike earlier studies, our empirical approach does not require that FDI manifests immediate or permanent effects. We find that foreign entry initially affects productivity of local competitors negatively, but is more than offset by a permanent positive effect on local competitors once majority-foreign-owned firms have been present for a while. The effect on the productivity of local suppliers, in contrast, is transient. The entry of majority-foreign-owned firms boosts productivity of local suppliers after a short adaption period, but then fades. The positive impact of minority-foreign-owned firms on local suppliers is immediate, but smaller and transient. Keywords: FDI, spillovers, dynamics, timing JEL Classification: F2
  • He, Qing; Xue, Chang; Zhu, Chenqi (2014)
    BOFIT Discussion Papers 12/2014
    The paper investigates the influences of financial development on patterns of industrial specialization across China's regions. We find that industrial sectors reliant on access to external finance are found to concentrate in regions with developed financial markets. Both foreign direct investment (FDI) and informal financing channels are shown to play significant roles in shaping patterns of industrial specialization in China. In contrast, proxies for formal financial markets, e.g. the banking system and capital markets have few effects on regional industrial agglomeration. The role of financial development remains robust to instrumental variable estimation and controlling for other traditional determinants of regional specialization. Keywords: financial development, informal finance, FDI, industrial specialization JEL: G10, G20, L60
  • Laakso, Jyrki (1980)
    Bank of Finland. Monthly Bulletin 54 ; 4 ; April
  • Kuokkanen, Onerva (1985)
    Bank of Finland. Monthly Bulletin 59 ; 4 ; April
  • (1970)
    Bank of Finland. Monthly Bulletin 44 ; 3 ; March
  • Kulkki, Seija (1982)
    Bank of Finland. Monthly Bulletin 56 ; 8 ; August