Browsing by Subject "talouspolitiikka"

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  • Matikainen, Petri (1992)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 5/1992
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The global economic crisis caused by the coronavirus pandemic intensified in March 2020. The health crisis and the lockdown measures necessary to contain the epidemic led to an exceptionally sudden and sharp decline in output worldwide in the first half of the year. In 2020 as a whole, the global economy is expected to contract by about 4–6%, and the euro area economy by about 8–10%. The euro area economy would seem to be diving a little deeper this year than the United States, but the pace of recovery is very uncertain for both. China saw the most difficult phase of the epidemic and thus the sharpest economic contraction in the first quarter of 2020. China’s recovery has been facilitated by the production and export of remote work equipment and protective equipment for the coronavirus disease. The pandemic shock has had a dampening effect on inflation. Unemployment is on the rise, but the euro area has avoided sudden mass unemployment through furloughs and government aid.
  • Kudrin, Alexey; Gurvich, Evsey (2015)
    BOFIT Policy Brief 1/2015
    This article first appeared in Russian in the journal Voprosy Ekonomiki No. 12, 2014.
    ​The slowdown of the Russian economy is due to chronic factors and cannot be cured by simple fixes such as relaxing monetary or fiscal policy. The biggest impediment to growth in Russia’s case is the weak market environment, evidenced foremost by the dominance of state-owned enterprises and quasi-government companies. Strong incentives for business and public administration to enhance efficiency are required. The key policy objectives necessary to move Russia away from its current model based on imported growth to a new growth model are laid out in this analysis.
  • Solanko, Laura; Tekoniemi, Merja (2000)
    BOFIT Discussion Papers 14/2000
    This paper examines two regions of the Russian Federation, Novgorod and Pskov, to compare how differences in economic policy affect economic development.Despite common histories, geography and natural resources, Novgorod committed early on to policies that would attract foreign investments in production.Pskov, on the other hand, withdrew into protectionist policies until it was clear that efforts to increase domestic and foreign investment levels were needed.Using available statistics, we consider the reasoning that led these regions down such distinctly different economic policy paths and consequences of these choices. Key words: Russia, regions, Novgorod, Pskov
  • Oinonen, Sami (2016)
    Euro & talous 1/2016
    Japanissa on kolmisen vuotta harjoitettu maan pääministerin Aben mukaan nimettyä ja abenomicsina tunnettua talouspolitiikkaa, jonka tarkoituksena on saattaa maa jälleen kestävän talouskasvun tielle elvyttävän raha- ja finanssipolitiikan sekä rakenteellisten uudistusten avulla. Tavoitteisiin ei ole vielä päästy, mutta edistysaskelia on kuitenkin jo otettu. Talouskasvu on toistaiseksi ollut vaisua, mutta deflaatiokehitys on saatu katkaistua ja rakenteellisia uudistuksiakin on viety eteenpäin. Edellytyksiä ohjelman onnistumiselle on yhä.
  • Bank of Finland (2020)
    Bank of Finland. Bulletin 5/2020
    The worldwide economic crisis caused by the corona pandemic peaked in March 2020. In the early part of the year both output and consumption contracted suddenly and strongly; in other words, goods and services were both produced and consumed considerably less than before. The global economy is forecast to contract in the current year by around 4–6%, and the euro area economy by around 8–10%. Prior to the corona crisis, in 2019 the economy grew 2.9% globally, and 1.3% in the euro area. In the current year, the euro area economy would appear to be diving slightly deeper than the US economy, but the pace of recovery for both is very uncertain. Unemployment is growing, but in the euro area sudden mass unemployment has been avoided through the deployment of furloughs and various support measures.
  • Bank of Finland (2019)
    Bank of Finland. Bulletin 4/2019
    Global economic growth has slowed substantially in the current year. One cause has been the trade war between the United States and China, which has escalated further since the spring. Now both countries have already imposed additional customs duties on most of their bilateral trade in goods. Meanwhile, Brexit has added further to the uncertainties over the direction of the economy.
  • Ikonen, Pasi; Vilmi, Lauri (2019)
    Bank of Finland. Bulletin 1/2019
    US economic policy has recently been marked by procyclical fiscal stimulus and a gradual but decisive shift towards protectionism. Concerns have been raised over the global ramifications of such policies coming to a head. This article presents alternative scenarios to illustrate how the global economy might be affected by different US economic policy outcomes.
  • Simachev, Yuri V.; Yakovlev, Andrei; Kuznetsov, Boris V.; Gorst, Michael Y.; Daniltsev, Aleksandr V.; Kuzyk, Michael N.; Smirnov, Sergey N. (2009)
    BOFIT Online 2009/6
    This paper presents the results of an analytical project on the methodology for assessing and monitoring anti-crisis measures taken by the government of the RF. The paper is based on an analysis of about 100 measures in support of Russia.s real economy that were initiated in October 2008 . March 2009. Within the scope of this analysis, we singled out the main beneficiaries by industry and the size of enterprise, and estimated the effects of the measures underway in the crisis phase and in the phase of a return to economic growth. The paper also gives an account of the major risks the Russian government will face in putting into practice the measures supporting the real economy, and reveals the key problems and inconsistencies of the anti-crisis program. Key words: Russia, anti-crisis measures, economic policy, state subsidies, fiscal policy.
  • Freystätter, Hanna (2012)
    Euro & talous. Rahapolitiikka ja kansainvälinen talous 4
    Espanjan asuntojen hintakuplan puhkeamisen aiheuttama varallisuussokki on vaikutuksiltaan voimakas ja pitkäkestoinen. Kuplan puhkeamisen seurauksena ns. rahoitustekijät, kuten taseiden heikkeneminen ja rahoituskustannusten kasvu, vähentävät yritysten ja kotitalouksien mahdollisuuksia investoida ja kuluttaa. Tässä artikkelissa havainnollistetaan mallilaskelman avulla rahoitustekijöiden laskusuhdannetta voimistavaa vaikutusta Espanjassa. Maan talouden tervehdytysohjelma tulee perustaa talouskehityksen realistiseen arvioon, jossa rahoitustekijöiden merkittävä ja pitkäaikainen kasvua hidastava vaikutus tulee otetuksi huomioon. Talouspolitiikalla tulee pyrkiä estämään Espanjaa uhkaava tasetaantuma ja kriisin pysyvät vaikutukset talouden tuotantopotentiaaliin.
  • Hilpinen, Jorma (1982)
    Keskustelualoitteita. Discussion Papers 4/1982
    Suomen Pankin kansantalouden osastolla on vuosina 1979 - 1980 rakennettu makrotalouden tilastoihin perustuva laskentajärjestelmä, jota käytetään suhdanne-ennusteen iteroinnissa. Laskentajärjestelmä sitoo ennustettavia ilmiöitä kuvaavat tilastot toisiinsa, sisältää niiden identiteetit ja laskusäännöt, laskee analyysin tarvitsemia tunnuslukuja ja tuottaa taulukoita. Suomen Pankissa on pitkä ennustetraditio. Nykyisen organisaation puitteissa kansantalouden osastolla on tehty ennusteita vuodesta 1972 lähtien. Suhdanteiden seuranta, ennusteiden tuottaminen ja talouspoliittisten päätösten valmistelutyöhön osallistuminen ovat osaston päätehtävät. Ennustetyössä on mukana osaston koko tutkijavahvuus - vajaat 20 henkilöä. Ennusteita tehdään säännönmukaisesti kaksi kertaa vuodessa, talvella ja alkysyksystä, ja prosessi kestää noin puolitoista kuukautta. Ennusteen aikahorisontti käsittää nykyään kuluvan ja kaksi seuraavaa vuotta. Ennusteen laajuutta kuvannee parhaiten laskentajärjestelmän muuttujamäärä, joka on yli 1 200.
  • Lainela, Seija (1995)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 7/1995
    Baltian maat irtautuivat Venäjän ruplasta vuonna 1992, vuosi poliittisen itsenäistymisensä jälkeen.Aluksi riitti ulkomaisia epäilijöitä, jotka eivät uskoneet pienten maiden rahayksiköiden tulevaisuuteen.Baltian maat ovat kuitenkin menestyneet omien valuuttojen vakiinnuttamisessa erittäin hyvin.Menestys on perustunut kaikissa maissa noudatettuun onnistuneeseen makrotaloudelliseen vakautukseen.Inflaatio on viimeisten parin vuoden aikana saatu kireällä raha- ja finanssipolitiikalla alenemaan huomattavasti vuoden 1992 noin 1000 prosentin tasosta, joskin hintojen nousu on vieläkin nopeaa länsimaihin verrattuna. Omien valuuttojen käyttöönoton yhteydessä Baltian maiden oli päätettävä, millaista raha- ja valuuttakurssipolitiikkaa ne alkavat noudattaa.Alussa Baltian maiden ratkaisut olivat keskenään erilaisia, mutta kun lähes kolme vuotta on kulunut, maiden raha- ja valuuttakurssipoliittiset peruslinjat ovat nykyään hyvin lähellä toisiaan. Baltian maiden talouspolitiikan onnistumisesta kertoo se, että maiden valuutat ovat koko olemassaolonsa ajan (Liettuan alkuvaikeuksia lukuunottamatta) olleet vakaimpia Euroopassa. Baltian maat ovat myös ensimmäisinä entisten sosialististen maiden joukossa saattaneet voimaan valuuttojensa täyden vaihdettavuuden. Tässä artikkelissa tarkastellaan Baltian maiden omien valuuttojen vakiinnuttamisen onnistumista ja rahapolitiikan saavutuksia.Näitä kysymyksiä selvitetään mm. korkotason ja inflaatiovauhdin sekä valuuttavarannon kehityksen avulla. Yleisesti ottaen kaikki Baltian maat ovat onnistuneet vakautuspolitiikassaan.Maiden välillä on kuitenkin ollut eroja siinä, millä keinoin tavoitteet on saavutettu.Kun Baltian maiden taloudelliset lähtökohtatilanteet ovat olleet hyvin samankaltaisia, maiden keskinäinen vertailu antaa mahdollisuuden eri politiikkavalintojen arviointiin.
  • Lainela, Seija (1993)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 3/1993
  • Korhonen, Iikka; Korhonen, Vesa; Lainela, Seija; Simola, Heli; Solanko, Laura (2014)
    BOFIT Policy Brief 7/2014
    Kesäkuussa järjestetyn BOFIT Venäjä-tietoiskun viisi esitystä käsitteli Venäjän hidastuvaa talouskasvua monesta eri näkökulmasta. Tähän julkaisuun on koottu esitysten keskeinen sisältö artikkeleina. Ensimmäinen artikkeli keskittyy Venäjän talouskehitykseen aivan viime aikoina. Toinen artikkeli käsittelee Venäjän rahoitus- ja pankkimarkkinoiden kehitystä mm. yritysten rahoituksen saatavuuden näkökulmasta, kun taas kolmannen artikkelin aihe on Ukrainan vaikea taloustilanne. Neljäs ja viiden artikkeli käsittelevät Venäjän taloudellista integraatiota muiden maiden kanssa. Neljäs artikkeli tarkastelee syntymässä olevaa Euraasian liittoa, ja viidennen artikkelin aiheena on Venäjän asema kansainvälisissä tuotantoketjuissa. Hakusanat: Venäjä, Ukraina, talouskehitys, talouspolitiikka, lainananto, taloudellinen integraatio. Kaikki esitykset ovat nähtävissä osoitteessa http://wms.magneetto.com/suomenpankki/2014_0603_seminaari/view.
  • Freystätter, Hanna (2012)
    Bank of Finland. Bulletin. Monetary policy and the global economy 4
    The wealth shock caused when the housing price bubble burst in Spain will have strong, long-lasting effects. As a consequence of the bursting of the bubble, financial factors (such as weaker balance sheets and higher costs of funding) weigh on the investment and consumption potential of companies and households. In this article, we use a model simulation to illustrate the procyclical effect of financial factors on the economic downswing in Spain. The economic programme of the country must be based on a realistic assessment of economic development that captures the significant and long-term negative growth contribution of financial factors. Economic policy measures should be adopted to avert the threat of balance sheet recession facing Spain and avoid any permanent effects of the crisis on the output potential of the economy.
  • Vanhala, Matti (2003)
    Bank of Finland. Bulletin 77 ; 4
  • Shen, Jian-Guang (2003)
    BOFIT Online 2003/2
    2002 was a significant year for China s economic development in many ways.The economy continued to grow rapidly in 2002.Domestic investment - particularly public investment - surged ahead.Home buying and private car purchases became the pillars of private consumption.Exports surged despite a global economic slowdown. Expansionary fiscal policy continued to be the main policy instrument to stimulate growth in 2002.Despite this strong performance, Chinese economic growth was also deflation-prone, jobless and profitless due mainly to the distorted structure of the economy.State-owned enterprises still dominate many sectors and enjoy preferential treatment such as easy access to bank loans. Policymakers face substantial challenges in sustaining high growth in the medium term.The leadership change and the restructuring of the state asset management system could have a significant impact on the outlook for 2003 and beyond. Key words: China, macroeconomic development, policy challenges
  • Ritola, Maria (2010)
    Bank of Finland. Financial market report 3
    China s huge financial sector is heavily banking-oriented. The size of the banking business is illustrated by the lending stock of Chinese banks: in 2009 it exceeded the country's GDP by ca 20%. The Chinese banking sector is especially large compared to countries of the same level of economic development whose lending stocks relative to GDP are on average less than half of that of China. The special nature of the Chinese banking sector is emphasized by its key role as the government s economic policy instrument, exemplified by the stimulus package introduced during the global economic crisis and implemented primarily by increasing lending by the largest banks.
  • Sutela, Pekka (2005)
    BOFIT Online 6/2005
    Establishing connections between economic performance and policies, institutions and exogenous change is difficult under any circumstances.In the case of Russia, where relevant time series are short and structural and institutional change has occurred in the absence of a well-defined model of the economy, it becomes largely - if not entirely - a matter of art and taste.This paper considers the possible impacts of structural reform under President Putin on Russian economic performance.Judging the impact of Putin's reforms on recent Russian economic performance is confounded by the problem of overdetermination.That is, we can identify a number of contributing factors, but cannot say for sure if their absence would have a crucial effect on outcomes.On the other hand, there seem to be no grounds for denying the importance of reforms, even if their short-term impact might primarily be through expectations, a factor notoriously difficult to pinpoint. Further, it is a matter of some delight that, contrary to what is currently all too easily and often argued, Russia's structural reforms continue.Key words: Russia, economic policy, reforms, growth
  • Yakovlev, Andrei; Freinkman, Lev; Zolotov, Anton (2016)
    BOFIT Policy Brief 3/2016
    This paper considers the development and current state of Russia’s think tank sector. As in Eastern Europe, international technical assistance played an important in development of Russian think tanks in 1990s. However unlike Eastern Europe, especially new EU members, demand for economic policy input in Russia at the national level has remained strong. As a result, members of Russian expert community today commonly serve in government posts and act as first movers in the consensus-building process for government policy. Russia’s leading economic think tanks have organized professionally to secure a high standard of independent economic analytics and ethical behavior. In this sense, the sector seems more mature than local think tanks in Eastern Europe. While the sector today faces serious challenges from legislative changes that have largely limited the client base to government entities, the economic analysis provided by think tanks remains critical to policy-setting. The findings are based on two surveys of Russia’s leading think tanks. The surveys, conducted in 2012–2013 and 2015, are augmented with in-depth interviews with representatives of Russia’s top think tanks.