Browsing by Subject "valuuttavaranto"

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  • Ma, Guonan; Yao, Wang (2016)
    BOFIT Discussion Papers 1/2016
    A global renminbi needs to be backed by a large, deep and liquid renminbi bond market with a world-class Chinese government bond (CGB) market as its core. China’s CGB market is the seventh largest in the world while sitting alongside a huge but non-tradable and captive central bank liability in the form of required reserves. By transforming the non-tradable cen-tral bank liabilities into homogeneous and tradable CGBs through halving the high Chinese reserve requirements, the size of the CGB market can easily double. This would help over-come some market impediments and elevate the CGBs to a top three government bond mar-ket globally, boosting market liquidity while trimming distortions to the banking system. With a foreign ownership similar to that of the JGBs, CGBs held by foreign investors may increase ten-fold by 2020, approaching 5 percent of the 2014 global foreign reserves and facilitating a potential global renminbi, especially in the wake of the renminbi’s inclusion into the basket of the IMF Special Drawing Rights.
  • Erkkilä, Mika (2008)
    Bofit. Focus/Opinion. Expert view 7/2008
  • Välimäki, Tuomas (2011)
    Bank of Finland. Bulletin. Monetary policy and the global economy 4
    The main risks of central banking are always related to the success of the policy implemented, ie whether the decisions made lead to price stability and whether other economic policies can be supported without prejudice to price stability. Central banking is also associated with financial risks. These are relevant particularly in situations marked by destabilising developments on the financial markets and in the economy and by central bank interventions in foreign exchange, money or capital markets. Although financial returns are not a primary central bank objective, financial independence is a prerequisite for an effective conduct of monetary policy aimed at maintaining price stability. This article examines the financial risks involved in Eurosystem activities from the perspective of developments in the Eurosystem balance sheet.
  • Knight, John; Wang, Wei (2011)
    BOFIT Discussion Papers 15/2011
    Published in The World Economy, Vol. 34, Issue 9, pp. 1476-1506, September 2011
    In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the sense of very high investment and very low consumption, giving rise to rapid capital accumulation; and an imbalance between expenditure and pro-duction, producing external imbalance, i.e. a huge surplus on the current account of the balance of payments. Both imbalances imply a low rate of time discount by both govern-ment and society: consumption in the present is forgone in favour of consumption in the future. The paper examines how these imbalances came about, and goes on to consider whether they can be sustained and how they might be redressed. There is no evidence that the rapid capital accumulation has reduced the rate of profit on capital and thus the incen-tive to invest. However, persistent external imbalance poses a threat to investment if it ge-nerates excess liquidity and asset bubbles. The current account surplus rose remarkably in the years 2004-7. This was associated with exogenous increases in competiveness and in saving, both attributable to the economic reform policies. On current policies, the surplus is likely to rise again once the world economy recovers from its recession. This poses three sorts of problems, each of which is examined in turn: difficulties for macroeconomic stabi-lization policies; risk of capital loss on the foreign exchange holdings; and the threat of re-taliation by China's trading partners. A combination of internal and external policies will be required to redress the imbalance. Keywords: China; investment; consumption; current account; exchange rate; external im-balance; macroeconomic imbalance. JEL Classification: E21; E22; E61; F32; F41; F51.
  • Aurikko, Esko (1981)
    Bank of Finland. Monthly Bulletin 55 ; 3 ; March
  • Korhonen, Tapio (2006)
    Euro on vakiinnuttanut asemansa dollarin jälkeen toiseksi tärkeimpänä valuuttana maailman valuuttamarkkinoilla.Eurolla on keskeinen asema yhä lähinnä vain euroalueen lähiympäristössä.
  • Korhonen, Tapio (2001)
    Euro on odotetusti ottanut paikkansa maailman toiseksi tärkeimpänä kansainvälisenä valuuttana.Euro on olemassaoloaikanaan joiltakin osin lisännyt osuuttaan kansainvälisillä markkinoilla, mutta monilla keskeisillä alueilla Yhdysvaltain dollari on yhä hallitsevin valuutta.
  • Feldkircher, Martin; Horvath, Roman; Rusnak, Marek (2013)
    BOFIT Discussion Papers 11/2013
    Published in Journal of International Money and Finance, Volume 40, February 2014, Pages 21–41
    In this paper, we examine whether pre-crisis leading indicators help explain pressures on the exchange rate (and its volatility) during the global financial crisis. We use a unique data set that covers 149 countries and 58 indicators, and estimation techniques that are robust to model uncertainty. Our results are threefold: First and foremost, we find that price stability plays a pivotal role as a determinant of exchange rate pressures. More specifically, the currencies of countries that experienced higher inflation prior to the crisis tend to be more affected in times of stress. Second, we investigate potential effects that vary with the level of pre-crisis inflation. In this vein, our results reveal that domestic savings reduce the severity of pressures in countries that experienced a low-inflation environment prior to the crisis. Finally, we find evidence of the mitigating effects of international reserves on the volatility of exchange rate pressures. Keywords: Exchange market pressures, financial crisis JEL Codes: F31, F37
  • Välimäki, Tuomas (2011)
    Euro & talous. Rahapolitiikka ja kansainvälinen talous 4
    Keskuspankkitoiminnan merkittävimmät riskit liittyvät aina toteutettavan politiikan onnistumiseen eli siihen, päästäänkö tehdyillä päätöksillä hintavakauteen ja pystytäänkö hintavakautta vaarantamatta tukemaan muita talouspoliittisia tavoitteita. Keskuspankkitoimintaan liittyy myös taloudellisia riskejä. Nämä korostuvat erityisesti tilanteissa, joissa rahoitusmarkkinoiden ja talouden kehitys on epävakaata ja keskuspankit intervenoivat valuutta-, raha- tai pääomamarkkinoilla. Vaikka taloudellinen tulos ei ole keskuspankin ensisijainen tavoite, taloudellinen riippumattomuus on edellytys hintavakauteen pyrkivälle tehokkaalle rahapolitiikalle. Tässä artikkelissa tarkastellaan eurojärjestelmän toiminnan taloudellisia riskejä sen taseen kehityksen näkökulmasta.
  • Mehrotra, Aaron (2013)
    BOFIT Discussion Papers 1/2013
    We document recent developments in the use of sterilisation bonds by six central banks in emerging Asia, and discuss the implications for monetary policy and the financial sector. An important development in the sterilisation of foreign exchange interventions in past years has been the frequent use of central banks' own paper. There has been an attempt to lengthen the maturity structure of sterilisation bills, and maturities have risen, especially in 2010-11. The choice of sterilisation instrument is likely to depend partly on their relative costs. In particular, as the yield on central bank securities has fallen relative to the rate of remuneration of required reserves, some central banks in Asia have increasingly used central bank securities for sterilisation. Keywords: sterilisation bond, central bank bonds and bills, foreign exchange reserves, emerging Asia JEL classification: E43, E50, E52, E58
  • Simola, Heli (2022)
    Euro & talous. Blogi
    Venäjän raakalaismainen hyökkäys Ukrainaan ja siitä seuranneet pakotteet romahduttivat ruplan kurssin historiallisen matalalle tasolle helmikuun lopussa. Sodasta ja pakotteista aiheutuvan valtavan epävarmuuden seurauksena pääomaa virtasi ulos Venäjältä ja ruplia vaihdettiin vauhdikkaasti muihin valuuttoihin. Venäjällä jouduttiin turvautumaan rajuihin toimiin valuuttamarkkinoiden vakauttamiseksi.
  • Filardo, Andrew J.; Siklos, Pierre L. (2013)
    BOFIT Discussion Papers 5/2013
    Published in Emerging Markets Finance and Trade, Volume 52, Issue 2, 2016: 364-381.
    This paper examines past evidence of prolonged periods of reserve accumulation in Asian emerging market economies and the direct and indirect implications for monetary stability through the potential impact of such episodes on financial stability. The empirical research focuses on identifying periods of prolonged interventions and correlations with key macro-financial aggregates. Related changes in central bank balance sheets are also examined, especially in periods when the interventions are linked to strong capital inflows. In particular, we consider whether changes in the central bank's balance sheet from prolonged intervention lead to spillovers to the balance sheet of the private sector. We explore the possible forms of the spillovers and the consequences on asset prices (e.g., housing prices, equity prices, the growth in domestic credit). Policy implications are drawn. Finally, we propose a new indicator of reserves adequacy and excessive foreign exchange reserves accumulation based on a factor model. Two broad conclusions emerge from the stylized facts and the econometric evidence. First, the best protection against costly reserves accumulation is a more flexible exchange rate. Second, the necessity to accumulate reserves as a bulwark against goods price inflation is misplaced. Instead, there is a strong link between asset price movements and the likelihood of accumulating foreign exchange reserves that are costly. Keywords: foreign exchange reserves accumulation, monetary and financial stability JEL Classification system: F41, F32, E44, D52
  • Hämäläinen, Timo (1981)
    Keskustelualoitteita. Discussion Papers 2/1981
    Kaupan ja pääomanliikkeiden vapautuminen ovat johtaneet kansantalouksien kasvavaan keskinäiseen riippuvuuteen. Tämä heijastuu myös harjoitettavassa talouspolitiikassa. Jos jossakin maassa pyritään rahapolitiikan kiristämisen avulla kotimaisten inflaatiopaineiden hillintään, lisääntyy pääomantuonti ja rahapolitiikan vaikutus "vuotaa" ulkomaille. Pääomanliikkeiden kautta tapahtuva vuoto vaikeuttaa itsenäisen rahapolitiikan harjoittamista. Tämän raportin tarkoituksena on lähinnä periaatteellisella tasolla selvittää, missä määrin pääomanliikkeet vaikuttavat rahapolitiikan tehokkuuteen. Aluksi tarkastellaan aiheeseen liittyvää makroteoreettista kirjallisuutta ja ongelmaa valaistaan yksinkertaisten graafisten tarkastelujen avulla. Edelleen raportissa selvitetään termiinimarkkinoiden toimintaa ja vaikutuksia pääomanliikkeisiin sekä rahapolitiikan ja termiinimarkkirioiden kytkentää. Lisäksi raportissa pyritään rahapolitiikan ns. vuodon kvantifioimiseen Suomen taloudessa referoimalla tehtyjä empiirisiä tutkimuksia ekä esittämällä eräitä omia tutkimustuloksia. Raportti on jatkoa tekijän aikaisemmille pääomanliikkeitä ja rahapolitiikkaa käsitteleville selvityksille.
  • Lainela, Seija (2014)
    Suomen Pankki. Blogi
    Venäjän keskuspankki ilmoitti jo vuonna 2010 virallisesti vähentävänsä asteittain ruplan kurssin ohjausta, ja vuonna 2012 keskuspankki ilmoitti, että täyden kellutuksen edellyttämät valmistelut saadaan suoritettua vuoden 2014 loppuun mennessä. Kelluva rupla vapauttaa keskuspankin valuuttakurssin ohjailusta ja mahdollistaa pankin keskittymisen päätehtäväänsä eli inflaation torjuntaan rahapolitikan avulla.
  • Simola, Heli (2015)
    BOFIT Policy Brief 4/2015
    Russia's international reserves decreased considerably in 2014, due in particular to the outflow of capital. The reserves are still relatively large and consist of liquid assets in accordance with international reporting practice. The majority of oil funds accumulated by Russia are part of the country's international reserves because they are controlled by the central bank, which has invested them in liquid foreign assets. This year, Russia has again started to tap its oil funds to compensate for the weakness of the economy. Because the assets have been drawn from the funds in roubles, this has not impacted the volume of international reserves.
  • (2000)
    Euroopan keskuspankki. Kuukausikatsaus Tammikuu
    Pääkirjoitus 5 Euroalueen talouskehitys 7 Rahatalous ja rahoitusmarkkinat 7 Hintakehitys 21 Tuotanto, kysyntä ja työmarkkinat 23 Valuuttakurssit ja maksutase 30 Euroalue vuosi euron käyttöönoton jälkeen: rahoitusrakenteen tärkeimmät piirteet ja muutokset 35 Eurojärjestelmän valuuttavaranto ja -operaatiot 51 Euroalueen tilastot 1* Eurojärjestelmän rahapoliittiset toimenpiteet 53* Euroopan keskuspankin (EKP) julkaisuja 57*
  • Tudeer, A. E. (1948)
    Bank of Finland. Monthly Bulletin 22 ; 1-2 ; January-February
  • Bingham, T.R.G. (1992)
    Bank of Finland Research Discussion Papers 17/1992
    The exceptional growth of the Ecu financial market during the past decade and a half has important implications for international reserve management strategies, particularly of countries outside the EMS linking their currencies to the Ecu. After examining the various criteria used to determine the currency composition of a central bank's reserve portfolio (maintenance of confidence in the exchange rate, minimisation of transactions costs, maintenance of the value of reserves in terms of imports, achievement of goals with respect to liquidity, risk and return), the paper considers the strengths and weaknesses of the Ecu as a reserve currency. It· concludes that, despite the absence of a single lender of last resort and the need to develop the clearing and settlement system for private Ecus, the Ecu has clear advantages as a reserve asset, The principal arguments for holding a part of the reserve portfolio in this unit are increased credibility of the Ecu Jink, absence of offsetting action by, or pressure from, another central bank of issue and a reduced mismatch between assets and liabilities leading to greater stability of revenue.
  • Sosunov, Kirill; Zamulin, Oleg (2006)
    BOFIT Discussion Papers 11/2006
    The paper investigates the ability of monetary authorities to keep the real exchange rate undervalued over the long run by implementing a policy of accumulating foreign exchange reserves.We consider a model of a three-sector, small, open economy, where the central bank continuously purchases foreign currency reserves and compare them to Russian and Chinese economies in recent years.Both countries appear to pursue reserve accumulation policies.We find a clear trade-off between the steady state levels of the real exchange rate and inflation.After calibration, the model predicts an 8.5% real undervaluation of the Russian currency and a 13.7% undervaluation of the Chinese currency.Predicted inflation is found to match observed levels. Keywords: Real exchange rate targeting, foreign exchange reserves, Dutch disease. JEL classification: E52, F4
  • Lehto, Taru (1994)
    Suomen Pankin keskustelualoitteita 15/1994
    The study introduces the theory of the level of foreign exchange reserves and examines, in light of prior research, the different factors that affect the demand for reserves.The empirical part of the study uses results based on new and more extensive data to discuss the validity of the dependency relationships that have been found in previous studies and compares developments in Finland's foreign exchange reserves with those of other countries. The data used in the empirical analysis covers the period 1974-1991 for 56 different countries, of which 22 are industrialized countries and 34 are less-developed countries.The basic analysis uses unweighted least squares regressions on cross-section data. Also, results from two weighted regressions are examined.The time series and cross-section data for industrialized countries are also pooled for testing purposes and the results are compared with those from the normal least squares regressions. The degree of openness is an important determinant of the level of foreign exchange reserves for both industrialized and less- developed countries: the larger a country's foreign trade relative to total output the more reserves it demands.The results of the study also indicate that money growth increases the need for reserves and that the interest rate level is negatively correlated with the relative reserve level, at least in the less-developed countries.In the industrialized countries, the demand for reserves increases as yearly balance of payments' fluctuations increase. Moreover, the amount of reserves adjusts slowly to its long-run target level.