Browsing by Subject "toimialat"

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  • Lindgren, Verner (1927)
    Bank of Finland. Monthly Bulletin 7 ; 7 ; July
  • Hyppölä, Jorma (1962)
    Bank of Finland. Monthly Bulletin 36 ; 11 ; November
  • Kauko, Karlo; Savolainen, Eero; Tuomikoski, Olli; Vauhkonen, Jukka (2019)
    Bank of Finland. Bulletin 2/2019
    The Finnish corporate loan stock has grown in recent years. Corporate loans are riskier than household loans, yet the default rates on corporate lending have almost returned to the levels prevailing before the financial crisis.
  • Oomes, Nienke; Kalcheva, Katerina (2007)
    BOFIT Discussion Papers 7/2007
    In this paper, we assess whether recent economic developments in Russia are symptomatic of Dutch Disease.We first provide a brief review of the literature on Dutch Disease and the natural resource curse.We then discuss the symptoms of Dutch Disease, which include (1) real exchange rate appreciation; (2) slower manufacturing growth; (3) faster service sector growth; and (4) higher overall wages.We test these predictions for Russia while carefully controlling for other factors that could have led to similar symptoms.We conclude that, while Russia has all of the symptoms, the diagnosis of Dutch Disease remains to be confirmed. JEL Classification Numbers: F30, P28, Q30 Key words: Dutch disease, real exchange rate, resource curse, Russia, oil, transition
  • Francis, Bill B.; Hasan, Iftekhar; Hunter, Delroy M. (2008)
    Bank of Finland Research Discussion Papers 14/2008
    Published in Journal of Financial Economics, Volume 90, Issue 2, November 2008, Pages 169-196
    While the importance of currency movements to industry competitiveness is theoretically well established, there is little evidence that currency risk impacts US industries. Applying a conditional asset-pricing model to 36 US industries, we find that all industries have a significant currency premium that adds about 2.47 percentage points to the cost of equity and accounts for approximately 11.7% of the absolute value of total risk premia. Cross-industry variation in the currency premium is explained by foreign income, industry competitiveness, leverage, liquidity and other industry characteristics, while its time variation is explained by US aggregate foreign trade, monetary policy, growth opportunities and other macro variables. The results indicate that methodological weakness, not hedging, explains the insignificant industry currency risk premium found in previous work, thus resolving the conundrum that the currency risk premium is important at the aggregate stock market level, but not at industry level
  • Kinnunen, Helvi (1998)
    Bank of Finland. Bulletin 72 ; 10 ; October
  • Égert, Balázs; Leonard, Carol S. (2007)
    BOFIT Discussion Papers 9/2007
    Published in Open Economies Review, Volume 19, Issue 2, April 2008, Pages 147-165
    In this paper we explore the evidence that would establish that Dutch disease is at work in, or poses a threat to, the Kazakh economy.Assessing the mechanism by which fluctuations in the price of oil can damage non-oil manufacturing-and thus long-term growth prospects in an economy that relies heavily on oil production-we find that non-oil manufacturing has so far been spared the perverse effects of oil price increases from 1996 to 2005.The real exchange rate in the open sector has appreciated over the last couple of years, largely due to the appreciation of the nominal exchange rate.We analyze to what extent this appreciation is linked to movements in oil prices and oil revenues.Econometric evidence from the monetary model of the exchange rate and a variety of real exchange rate models show that the rise in the price of oil and in oil revenues might be linked to an appreciation of the U.S. dollar exchange rate of the oil and non-oil sectors.But appreciation is mainly limited to the real effective exchange rate for oil sector and is statistically insignificant for non-oil manufacturing.Key words: price level, inflation, Balassa-Samuelson, tradables, house prices, regulated prices, Europe, transition JEL codes: E43, E50, E52, C22, G21, O52
  • Égert, Balázs (2009)
    BOFIT Discussion Papers 4/2009
    This study seeks to determine the extent to which countries of the former Soviet Union are "infected" by the Dutch Disease. We take a detailed look at the functioning of the trans-mission mechanism of the Dutch Disease, i.e. the chains that run from commodity prices to real output in manufacturing. We complement this with two econometric exercises. First, we estimate nominal and real exchange rate models to see whether commodity prices are correlated with the exchange rate. Second, we run growth equations to analyse the possible effects of commodity prices and the dependency of economic growth on natural resources. Key words: Dutch disease, commodity prices, exchange rate, Commonwealth of Independent States. JEL Codes: E31, E32, F31, Q33
  • Aarnio, Paavo (1951)
    Bank of Finland. Monthly Bulletin 25 ; 5-6 ; May-June
  • Wang, Jiao; Mayes, David; Wan, Guanghua (2005)
    BOFIT Discussion Papers 18/2005
    Using a CGE model (PRCGEM) updated to 2002, the paper explores how WTO membership could affect earnings in 40 industries across 31 regions (and 8 regional blocks) of China during the period 2002 2007.Taking into account labour movement between regions within China, the direct contribution of WTO membership to overall economic growth and development is predicted to be small, with a rise in real GDP of only 6.48% short term and 5.6% long term. However, structural economic change and the WTO shock should increase regional output, especially in the established coastal economies.Regional labour movement is found to increase 69.2% at the completion of economic structural reforms.A slight decrease in the Gini coefficient for income inequality is also anticipated. Keywords: Applied CGE modelling, China, WTO, labour movement, inequality JEL classification: C68, O18, R12, R23
  • Orjasniemi, Seppo; Viertola, Hannu (2015)
    Bank of Finland. Bulletin 3/2015
    The decline in exports has been the most important factor behind the contraction in GDP since 2008. The impact of this decline is also felt in sectors that traditionally focus on the domestic market, as the production of intermediate inputs for exports ties up a considerable amount of resources. Exports have had a significant indirect impact on employment. The overall drop in employment has, however, remained moderate, as employment has been sustained by domestic demand.
  • (1924)
    Bank of Finland. Monthly Bulletin 4 ; 11 ; November
  • Annala, Vilho (1927)
    Bank of Finland. Monthly Bulletin 7 ; 12 ; December
  • Strömmer, Mikko (1931)
    Bank of Finland. Monthly Bulletin 11 ; 2 ; February
  • Xing, Yuqing (2007)
    BOFIT Discussion Papers 1/2007
    Published in Journal of Asian Economics, Volume 18, Issue 4, August 2007, Pages 685-700
    This paper analyzes dynamic changes of China's intra-industry trade with its major trading partners, Japan and the US, from 1980 to 2004.It also investigates to what extent foreign direct investment promoted intra-industry trade.The empirical results show that, while shares of China's intra-industry trade with both Japan and U.S rose substantially, its intraindustry trade with Japan has reached 35 per cent of the overall trade, considerably larger than 10 per cent with the US.Sino-Japan intra-industry trade concentrated in the electrical and machinery sectors accounted for 52 per cent and 46 per cent of overall trade respectively.On the other hand, it is in the chemical and food sectors where intra-industry trade represented a relatively large proportion of Sino-US trade, 50 per cent and 30 per cent accordingly in each sector.In addition, the analysis indicates that Japanese direct investment in China performed a significant role in enhancing intra-industry trade between Japan and China.However, it found no evidence that the US direct investment in China contributed to the growth of the bilateral intra-industry trade between the two countries. JEL:F14, F23 Key Words: Intra-industry trade, FDI, China
  • Lindgren, Verner (1927)
    Bank of Finland. Monthly Bulletin 7 ; 2 ; February
  • Lindgren, Verner (1928)
    Bank of Finland. Monthly Bulletin 8 ; 2 ; February
  • Pylkkönen, Pertti (2005)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Helsingin pörssi otti käyttöön uuden toimialaluokituksen heinäkuun alussa. Uusi luokitus yhtenäistää eri maiden pörssien toimialojen hintakehityksen vertailtavuutta.
  • Forsman, Pentti; Jalava, Jukka (2006)
    Bank of Finland. Bulletin 1
  • Suominen, Matti (1999)
    Suomen Pankin keskustelualoitteita 23/1999
    In this paper we study industry equilibrium and the effects of integration under the assumptions that 1) firms must use outside financing and 2) they face a moral hazard problem due to the possibility of taking excessive risks.These are typical features of banking and insurance, for instance.We examine an industry equilibrium where firms choose not to take excessive risks and compare this with the equilibrium in industries that do not have a moral hazard problem.We show that, as markets integrate, competition intensifies and prices fall in both types of industry. In markets with moral hazard there are relatively more exits, a smaller fall in prices and, contrary to the other case, the market value of the industry increases. Key words: industry equilibrium, outside financing, risk-taking behaviour, market integration