Browsing by Subject "uudistukset"

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  • Tarkka, Juha (2015)
    Euro & talous. Blogi
    Näinä päivinä tulee kuluneeksi 150 vuotta J.V. Snellmanin toteuttamasta rahauudistuksesta, jota pidetään Suomen kansallisen rahajärjestelmän lähtölaukauksena. Suomen senaatti päätti rahauudistuksesta marraskuun 8. päivänä 1865 ja se tuli voimaan 13.11.1865.
  • Koskinen, Jenni (2015)
    Bank of Finland. Bulletin 2/2015
    Finnish securities settlement and custody servicing is undergoing a major reform. The timetable is tight. The controlled execution of the projects, on time, is essential due to the systemic importance of the securities markets infrastructure and the competitiveness of the Finnish markets. The reform is based on the EU Regulation on central securities depositories, and the centralised platform for securities settlement, preparations for which have been headed by the ECB. These projects are considerable in terms of scale and are necessary for achieving sustainable cost and risk reductions.
  • Schmöller, Michaela (2013)
    Suomen Pankki. BoF online 7/2013
    In the wake of the recent economic crisis, unemployment rates in many countries have notably increased and the question of how to promote employment and combat unemployment has become a central and difficult matter for policy-makers. In the light of these challenges, Germany is commonly considered a role model for tackling the problem of unemployment. Even as recently as a decade ago, Germany faced persistently high unemployment and its labour market institutions were regarded as a symbol of inflexibility. Today, the unemployment rate in Germany is remarkably low and not even the vast GDP drop in the recent 'Great Recession' has hampered this exceptional labour market performance. This striking change in the German labour market even led to the Nobel Prize winner Paul Krugman coining the term 'German job miracle' in order to describe the evolution of the German labour market. The aim of this study is to shed light on this 'job miracle' in Germany.
  • Vauhkonen, Jukka (2012)
    Bank of Finland. Financial market report 1
    The Ministry of Finance has set up a working group to consider how systemic risks threatening the stability of the financial system and the economy as a whole could be identified and prevented. The work is guided, for example, by the principles adopted in the Government programme and the recommendations issued by the European Systemic Risk Board on national macroprudential arrangements.
  • Yakovlev, Andrei; Demidova, Olga (2011)
    BOFIT Online 3/2011
    This paper considers the main consequences of the radical reform of public procurement in Russia carried out in 2005-2006. Using data from two surveys of manufacturing enterprises in 2005 and 2009 we show that before the reform firms with government stakes, old firms (established before 1992) and larger firms had advantages in access to government orders. Our analysis of the 2009 data demonstrated substantial growth in the share of firms participating in government procurements. Large firms retain their advantages in access to government orders. The fact of having fulfilled government orders in 2005 has a positive influence on a firm s participation in government procurements in 2009. Estimated scales of kickback in 2009 were virtually the same as in 2005. Our analysis of the 2009 data also revealed that factors of active restructuring of the enterprises had no influence on the enterprises access to government orders. The results of our analysis enable us to conclude that the principal goals of the radical reform of public procurement in Russia were never achieved. We discuss the reasons for this failure and provide some policy implications. Keywords: Russia, regions, corruption, government, procurement
  • Korhonen, Kari (2004)
    EURO & TALOUS 4
    Euroopan unionissa panostetaan siihen, että arvopaperikauppojen selvitys- ja toimitusprosessit toimisivat tulevaisuudessa nykyistä kitkattomammin ja että ulkomaisten arvopapereiden hankintakustannukset pienenisivät.Tämä edellyttää suuria rakennemuutoksia näihin prosesseihin ja sääntelyn modernisoimista. Miksi arvopaperikaupan selvitysja toimitusprosessit ovat tärkeitä?
  • Fang, Yiwei; Hasan, Iftekhar; Marton, Katherin (2011)
    Bank of Finland Research Discussion Papers 5/2011
    Published in Economics of Transition, Volume 19, Issue 3, July 2011: 495-520
    This study examines the cost and profit efficiency of banking sectors in six transition countries of South-Eastern Europe over the period 1998 2008. Using the stochastic frontier approach, our analysis reveals that the average cost efficiency of SEE banks is 68.59% and the average profit efficiency is 53.87%. The second-stage regressions on the determinants of bank efficiency further show that foreign banks are associated with higher profit efficiency but moderately lower cost efficiency. Government banks are associated with lower profit efficiency. The efficiency gap between foreign banks, domestic private banks and government banks, however, has narrowed over time. We also find that the degree of individual banks competitiveness has a positive association with both cost and profit efficiency. Finally, institutional development, proxied by progress in banking reforms, privatization and corporate governance restructuring, also has a positive impact on bank efficiency.
  • Chowdhury, Abdur (2003)
    BOFIT Online 2003/5
    Only a successful implementation of an overall reform program will enable Russian banks to provide financial intermediation and assist in the country's development from a nascent market economy to a mature financial system.The chances for reform are better now than at any time during the last decade.Favorable political and economic conditions and a change in attitude among bank management have created an unusual window of opportunity.The paper analyzes the past performance of the Russian banking industry, evaluates the reform agenda of the monetary authority, and argues for an overall reform program in order to seize the available opportunity. Key words: Russia, banking, reform
  • Haajanen, Jyrki (2012)
    Bank of Finland. Financial market report 2
    Banking union is one of the most important and urgent current EU projects. The aim of efforts to enhance banking supervision, bank crisis resolution and deposit insurance is to improve the stability of the financial markets and ensure broader involvement of creditors.
  • Vauhkonen, Jukka (2010)
    Bank of Finland. Financial market report 3
    Banks are required to have significantly more equity capital and other higher-quality regulatory capital in future. An additional capital requirement may be imposed on systemically important banks
  • Vauhkonen, Jukka (2010)
    EURO & TALOUS 3
    Baselin pankkivalvontakomitean valmisteleman laajan kokonaisuudistuksen tavoite on korjata finanssikriisin paljastamia vakavia puutteita pankkien sääntelyssä. Pankeilta vaaditaan vastaisuudessa huomattavasti nykyistä enemmän korkealaatuisia omia varoja suojaamaan pankkeja ja veronmaksajia pankkien tappioilta. Pankeille asetetaan myös uusia pääomapuskuri- ja maksuvalmiusvaatimuksia. Pankkien velkaantumista rajoitetaan uudella vaatimuksella vähimmäisomavaraisuusasteesta.
  • Westman, Hanna (2011)
    Bank of Finland. Financial market report 1
    The key objectives of the reform of financial market regulation are to strengthen financial institutions' capital structure and ensure that the costs of crises need not be borne by taxpayers. To support these objectives, new types of contingent capital instruments are being developed.
  • Westman, Hanna (2011)
    Suomen Pankki. Rahoitusmarkkinaraportti 1
    Rahoitusmarkkinoiden sääntelyuudistus-ten tärkeimpiä tavoitteita on vahvistaa rahoituslaitosten pääomarakennetta ja varmistaa, että kriiseistä syntyvät kustannukset eivät jää veronmaksajien vastuulle. Tavoitteiden tueksi suunnitellaan myös uuden tyyppisiä ehdollisia pääomainstrumentteja.
  • Vauhkonen, Jukka (2010)
    Suomen Pankki. Rahoitusmarkkinaraportti 3
    Pankeilta vaaditaan vastaisuudessa merkittävästi nykyistä enemmän osakepääomaa ja muita korkealaatuisimpia omia varoja. Systeemisesti merkittäville pankeille saatetaan asettaa vielä lisäpääomavaatimus.
  • Palva, Marianne (2005)
    Bank of Finland. Financial market report 3
    The two key payment system initiatives in the European Union, TARGET2 and SEPA, are not progressing as planned, which poses challenges also to the Baltic countries. Sweden will disconnect from TARGET and acquire a new real-time gross settlement system (RTGS). In Estonia a new retail payment system, ESTA, was introduced. DVP links have been established between the central securities depositories of the Baltic countries. VP Securities Services of Denmark has lengthened its clearing and settlement day. In its assessment based on the Financial Sector Assessment Program (FSAP) for Norway, the IMF recommends that Norway upgrade the risk management of its securities clearing and settlement system.
  • 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
  • Kaukoranta, Ilkka; Westman, Hanna (2010)
    Bank of Finland. Financial market report 3
    New financial market legislation was adopted in July in the United States. The aim of the comprehensive legislative package is to reform the operation of the financial sector to prevent a financial crisis like the one in 2008. This is the most significant financial market reform since the 1930s recession.
  • Koivu, Tuuli (2001)
    BOFIT Online 2001/8
    AbstractA deteriorating demographic situation, rising unemployment, difficulties in taxes, and a growing informal sector have created substantial difficulties during recent years for the pay-asyou-go (PAYG) pension systems in Baltic countries.For the purpose of guaranteeing solid pension systems, all three Baltic countries are implementing "three-pillar" systems, which supporters claim will be more robust to demographic changes.Latvia leads the Baltics in pension reform, having all pillars of the system working. Nevertheless, Baltic pension reform remains a politically thorny issue.This fact may delay plans to have three-pillar systems operational in all three countries by the beginning of 2003.Keywords: Estonia, Latvia, Lithuania, Pension systems, Social security
  • Funke, Michael (2001)
    BOFIT Online 15/2001
    This paper discusses the impact of Estonia's 2000 income tax law using Tobin's q theory of investment.The results indicate a net increase in the capital stock of 6.1 % over the long run.
  • 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.