Browsing by Subject "talousuudistus"

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  • Korhonen, Iikka (1997)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 3/1997
    This paper briefly examines the exchange rate arrangements of several of Eastern Europe's transition economies.Generally speaking, countries that have included some form of fixed exchange rate regime in their stabilization packages have been more successful in curbing inflation, and consequently reviving output. Further, while a fixed exchange rate is no panacea for economic problems, it can act as a credible nominal anchor in a comprehensive reform package.Such credibility, however, is contingent on the government's ability to implement a balanced budget. As transition progresses, fixed exchange rate regimes eventually become outmoded as they lack some of the flexibility and potency in conducting monetary policy central banks may require as the economy grows.To date, even the most advanced of the transition countries have balked at making this switch.A possible explanation may simply be inertia from past success of fixed exchange rates in reducing inflation and enhancing the credibility of such central banks.
  • Ericson, R.E.; Ickes, B.W. (2000)
    BOFIT Discussion Papers 10/2000
    Published in Review of Economic Design vol 6, issue 2 (2001), pp. 185-214
    The Russian Economy has evolved into a hybrid form, a partially monetized quasi-market system that has been called the virtual economy.In the virtual economy, barter and non-monetary transactions play a key role in transferring value from productive activities to the loss-making sectors of the economy.We show how this transfer takes place, and how it can be consistent with the incentives of economic agents.We analyze a simple partial-equilibrium. model of the virtual economy, and show how it might prove an obstacle to industrial restructuring and hence marketizing transition.
  • 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
  • Rosefielde, Steven (2004)
    BOFIT Discussion Papers 15/2004
    Published in The European Journal of Comparative Economics vol. 2, no 1 (2005), pp. 3-16
    Andrei Shleifer and Daniel Treisman recently rendered a summary verdict on the post-Soviet Russian transition experience finding that the Federation had become a normal country with the west's assistance, and predicting that it would liberalize and develop further like other successful nations of its type.This essay demonstrates that they are mistaken.It shows factually, and on the norms elaborated by Pareto, Arrow and Bergson that Russia is an abnormal political economy unlikely to democratize, westernize or embrace free enterprise any time soon. JEL classification: P30, P40, P51, P52 Keywords: Russia, transition, welfare
  • 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.
  • Pääkkönen, Jenni (2009)
    BOFIT Discussion Papers 15/2009
    Published in Journal of Chinese Economic and Business Studies, Volume 10, Issue 1, February 2012, Pages 1-13
    This paper discusses growth differentials of Chinese provinces geared to agricultural activities and those focusing on industrial production over three decades of economic reform. Following trade theory and endogenous growth theory, we suggest that the fundamental differences between regions arise from their resource allocations at the start of reforms. Thus, capital-abundant regions have tended to specialize in industrial production, while the labor-abundant regions have concentrated on labor-intensive pro- duction (agriculture). Many of China.s agricultural provinces suffer from oversupplies of labor, which has led large numbers of people to migrate within the country to work in non-farming sectors of economy. We show that provinces with high shares of industrial production (the industrial club) have converged, and that agricultural provinces shifting to industrial production have been catching up to initially industrialized provinces. Provinces that have stayed with an agricultural strategy (the agricultural club) show no evidence of convergence and appear to have been left behind in terms of economic development. JEL Classi.cation: O17, O40, O57. Keywords: Growth, Agriculture, Convergence.
  • Lainela, Seija (1994)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 4/1994
  • Korhonen, Iikka; Lainela, Seija (1999)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 1/1999
    Vuosi 1998 osoittautui Baltian maille pettymykseksi, kun Venäjän syksyllä puhjennut talouskriisi katkaisi maiden pari vuotta jatkuneen nopean kasvun kauden.Venäjän ruplan romahduksen seuraukset tuntuvat niin ulkomaankaupassa ja tuotannossa kuin rahoitussektorilla ja valtiontaloudessa.Tilanteeseen vaikuttavat lisäksi edellisen vuoden ongelmat Kaakkois-Aasian rahoitusmarkkinoilla, jotka ovat tehneet ulkomaiset investoijat varovaisiksi kaikkia kehittyviä markkinoita kohtaan.Suurimmat uhkat Baltian maissa liittyvät talouden ulkoiseen tasapainoon, sillä kaikissa maissa vaihtotaseen vaje on erittäin korkea.Myös toistaiseksi melko kireänä pysynyt finanssipolitiikka voi olla uhattuna hidastuvan talouskehityksen vähentäessä budjetin tuloja. Baltian maiden pienet ja avoimet taloudet ovat pitkälti riippuvaisia kansainvälisten markkinoiden kehityksestä.Mikäli talouskasvu länsimaissa hidastuu, rajoittaa se Baltian maiden vientiä ja ulkomaisen rahoituksen saatavuutta, joka puolestaan vaikuttaa suoraan niiden talouden kasvuun ja mahdollisuuksiin viedä eteenpäin rakenneuudistuksia.Läheneminen Euroopan Unioniin on tullut yhä tärkeämmäksi talouden järjestelmämuutoksia ohjaavaksi tekijäksi.Reformit ovat edenneet nopeasti erityisesti Virossa ja Latviassa. Asiasanat: Baltia, Viro, Latvia, Liettua, talousuudistus
  • Lainela, Seija (2000)
    EURO & TALOUS 2
    Tärkein Baltian maiden viimeaikaiseen kehitykseen vaikuttanut tekijä oli Venäjän talouskriisi vuonna 1998.Sen seuraukset tulivat Baltiassa täysimääräisinä näkyviin viime vuonna, mutta kriisin vaikutukset alkoivat kuitenkin hälvetä jo saman vuoden kuluessa. Viro ja Latvia ovat selviytyneet kriisin aiheuttamasta lamasta Liettuaa paremmin, mikä osittain johtuu niiden pidemmälle edenneistä talousuudistuksista.Uudistusten ansiosta Viron ja Latvian taloudet ovat pystyneet joustavammin sopeutumaan muutoksiin.Suuret vaihtotosevajeet a viime vuoden aikana korkeaksi kohonnut työttömyys ovat tämän hetken vakavimpia ongelmia Baltian maissa.
  • Pautola, Niina (1996)
    IDÄNTALOUKSIEN KATSAUKSIA. REVIEW OF ECONOMIES IN TRANSITION 6/1996
    Vuonna 1996 kokonaistuotannon on ennustettu kasvavan kaikissa Baltian maissa.Pankkisektorilla pankkien lukumäärä on alentunut ja pankkien valvonta tehostunut.Rahamarkkinoilla pankkiluottojen korot ovat laskeneet inflaation vaimenemisen ja kokemuksen kasvun myötä.Tuottajahinnat ovat nousseet hitaammin kuin kuluttajahinnat, mikä viittaa kuluttajahintainflaation edelleen hidastumiseen lähitulevaisuudessa.Sekä kauppa- että vaihtotase ovat olleet alijäämäisiä kaikissa Baltian maissa.Yksityistämisprosessin loppusuoralla merkittäväksi kysymykseksi on noussut maaomaisuuden yksityistäminen kun taas valtiontalouden hoidossa yhteisenä ongelmana on ollut tehottomuus.Ulkopolitiikan osalta Baltian maille tärkeintä on kuluvan vuoden aikana ollut keskinäisen yhteistyön ja Venäjä-suhteiden parantaminen sekä integroituminen Euroopan Unioniin. Avainsanat: Baltia, transitio, tuotanto, inflaatio, yksityistäminen, pankit
  • Singh, Rupinder (2000)
    BOFIT Discussion Papers 2/2000
    A model is presented where the question of bank regulation is developed under a principal-agent scenario in a regime where the regulator has limited resources and banks may have an incentive to act ultra virus the regulatory standards.If banks are subject to random audit, then compliance is achieved through a system of fines determined according to the extent of non-compliance.The model shows that the choice of internal monitoring of risk is driven by each bank's choice of the wage contract for its compliance officer who works for the ban for a wage.The officer's incentive for effective monitoring is heightened by the threat of an internal fine from the bank for any contravention of regulations.Moreover, either a fine on the bank or a fine on the compliance officer alone is sufficient to ensure that efficiency is achieved.The model is useful for the bank regulator in a market economy and in transition economies, where the effective constraint on regulatory capacity is addressed using market-based incentives to ensure prudent regulation and effective supervision, and thereby limit the danger of bank failure and contagion. Key words: banking, regulation, supervision, enforcement, transition economies JEL Classification Numbers: E5, G0, P2, P3
  • Fang, Yiwei; Hasan, Iftekhar; Li, Lingxiang (2014)
    BOFIT Discussion Papers 19/2014
    ​The dynamic banking reforms of Central and Eastern Europe (CEE) following the collapse of the Soviet Union provide an ideal research setting for examining the causal effect of institutional development on financial reporting. Using five earnings quality measures, we consistently find that banking reform improves accounting quality and reduces earnings management incentives in the 16 transition countries considered. The results strongly hold in our within-country and difference-in-difference models, as well as in non-parametric analyses. We also find supporting evidence for the notion that excessive risk-taking of banks impairs earnings quality. As a result, banking reform improves earnings quality partially through its ability to curb risk-taking behavior. Publication keywords: earnings management, earnings quality, institutional development, bank risk-taking
  • Taskinen, Jukka (1999)
    BOFIT Online 7/1999
    This study overviews the current state of the Chinese state enterprises and bank reforms.Transformation of command economy into market economy has until recently been relatively frictionless, at least in retrospective to other command economies. Recently economic growth has become sluggish which has been blamed on structural factors.Corporate governance reform is recognized as the next key issue of reforms.Despite the economic weight of state owned enterprises is diminishing, the financial sector is heavily linked to the SOE.The current economic woes result from the reckless lending practices, the money was given to those with political influence instead of those deserving.Now, the amount of bad debt is threatening the stability of the financial sector. Institutions required for effective corporate governance are emerging.However, the state wants to retain control over the former state owned enterprises, which hinders the proper functioning of the market.Piecemeal reforms do not appear to suffice and there are some serious doubts of the capacity to finance the reforms. Keywords: China, Economic Reforms, State Owned Enterprises, Corporate Control
  • Du, Julan; Lu, Yi; Tao, Zhigang (2009)
    BOFIT Discussion Papers 17/2009
    Market economy models differ in the degree of the power of the government vis-à-vis the market in the economy. Under the classications set forth by Glaeser and Shleifer (2002, 2003), and Djankov et al. (2003), these market models range from those emphasizing low government intervention in the market (private orderings and private litigation through courts) to those where the state is an active participant (regulatory state). This paper, using data from a survey of 3,073 private enterprises in China, constructs an index to quantify the power of the government vis-à-vis the market. Regional government power is found to vary considerably across China's regions. Notably, enterprises located in regions where government exerts more power in the market perform better, suggesting that the regulatory state model of the market economy is appropriate for China.
  • Pyle, William (2005)
    BOFIT Discussion Papers 19/2005
    Published in Europe-Asia Studies, Volume 58, Issue 4, 2006: 491-521
    Drawing on a unique set of surveys, this article explores the question of whether Russia s post-communist business associations are generally antithetical to or supportive of the broad objectives of economic restructuring.Contrary to the most widely cited analysis as to the purposes of collective action in the business community, the survey evidence demonstrates that association members have embraced market-adapting behaviors at greater rates than non-members.The responses of both firms and associations, moreover, suggest that the associations themselves are, at least in part, directly responsible.These findings point to the conclusion that in contemporary Russia the net returns to collective action in support of market development are high relative to those for purposes that are less benign.
  • Hasan, Iftekhar; Marton, Katherin (2000)
    BOFIT Discussion Papers 7/2000
    Published in Journal of Banking & Finance vol 27, no 12 (2003), pp. 2249-2271
    The paper analyzes the experiences and developments of Hungarian banking sector during the transitional process from a centralized economy to a market-oriented system.The paper identifies that early reorganization initiatives, flexible approaches to privatization, and liberal policies towards foreign banks involvement with the domestic institutions helped to build a relatively strong and increasingly efficient banking system.Banks with higher foreign bank ownership involvement were associated with lower inefficiency.
  • 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
  • Fang, Ying; Zhao, Yang (2009)
    BOFIT Discussion Papers 9/2009
    This paper estimates the effect of institutions on economic performance using cross-city data from China. We argue that China's ongoing reforms are part of a long and circuitous historical transition from antiquity to modernity, which started about 150 years ago. Learning from Western countries has been a central aspect of this historical process. The West had a laThis paper estimates the effect of institutions on economic performance using cross-city data from China. We argue that China's ongoing reforms are part of a long and circuitous historical transition from antiquity to modernity, which started about 150 years ago. Learning from Western countries has been a central aspect of this historical process. The West had a large influence on the early stage of this transition, which has persisted to current reforms. This study uses the enrollment in Christian missionary lower primary schools in China in 1919 as an instrument for present institutions. Employing a two-stage least squares method, we find that the effect of institutions on economic performance in China is positive and significant. The results are robust according to various tests including additional controls, such as geographic factors and government policy-related variables.
  • Babetskii, Ian; Campos, Nauro F. (2007)
    BOFIT Discussion Papers 13/2007
    Published in Journal of Comparative Economics, Volume 39, Issue 2, June 2011, Pages 140-158
    Why are socially beneficial reforms not implemented? One simple answer to this question (which has received little attention in the literature) is that this may be caused by generalised uncertainty about the effectiveness of reforms. If agents are unsure about whether a proposed reform will work, it will be less likely to be adopted. Despite the numerous benefits economists assign to structural reforms, the empirical literature has thus far failed to establish a positive and significant effect of reforms on economic performance. We collect data from 43 econometric studies (for more than 300 coefficients on the effects of reform on growth) and show that approximately one third of these coefficients is positive and significant, another third is negative and significant, and the final third is not statistically significant different from zero. In trying to understand this remarkable variation, we find that the measurement of reform and controlling for institutions and initial conditions are main factors in decreasing the probability of reporting a significant and positive effect of reform on growth.
  • Vetlov, Igor (2001)
    BOFIT Discussion Papers 1/2001
    The paper analyses the factors driving dollarization in Lithuania during the period from December 1992 to August 2000.Starting with a brief overview of the major economic and political developments in Lithuania, the study attempts to model the process of dollarization by applying rigorous time series analysis.In particular, it investigates the long- and short-run properties of the relationship between the dollarization ratio and interest rates paid on domestic and foreign currency deposits.The study identifies a relatively stable cointegrating relationship between variables, whereby the dollarization ratio is negatively related to the interest rate spread.In the constructed vector error correction model, the deviations from the long-run relationship are found be significant for the dynamics of all three variables. Overall, the model explains the development of dollarization rather well.Simple specification of the model is possible when interest rates reflect the major economic and political events relevant to the process of dollarization. Key words: dollarization, transition economy, currency board, unit roots, cointegration, vector error-correction