Browsing by Subject "verkostot"

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  • Fung, K.C.; Korhonen, Iikka; Li, Ke; Ng, Francis (2008)
    BOFIT Discussion Papers 9/2008
    Published in Journal of Economic Integration, September 2009, v. 24, iss. 3, pp. 476–504
    China has emerged as one of the world's leading recipients of foreign direct investment (FDI). Meanwhile, the successful transition experience of many Central and Eastern Euro-pean countries (CEECs) also enables them to attract an increasing share of global foreign investment, particularly from the European Union (EU). What is the relationship between inward FDI of China and the CEECs? We conceptualize the relationship according to three alternative paradigms: 1) China and the CEECs each exist in its own regional pro-duction network, with no linkage between FDI flows into China and into CEECs; 2) China and the CEECs together comprise a global production network, so that FDI into China is positively related to FDI into CEECs; and 3) FDI into China is a substitute for FDI into the CEECs, so that the correlation between them is negative. In this paper, we employ pan-el data to study this issue in detail. Specifically, we compare empirical estimates for 15 CEECs over the 15-year period 1990-2004 using four different econometric approaches: FGLS with Random effects, FGLS with fixed effects, EC2SLS and GMM. The result supports the conclusion that China's inward FDI does not crowd out CEECs' inward FDI. In fact, it shows that in some circumstances FDI flows in these two regions are moderately complementary. In addition, our analysis confirms the importance for FDI flows of recipient-country characteristics such as market size, degree of trade liberalization and labor quality, as well as a healthy global capital market. JEL classification numbers: F20, F21, F43 Keywords: Foreign Direct Investment (FDI), Regional Networks, Global Supply Chain, China's FDI, Central and Eastern European Countries' FDI
  • Hasan, Iftekhar; Schmiedel, Heiko (2003)
    Suomen Pankin keskustelualoitteita 2/2003
    The economic theory of network externalities provides the rationale for this paper, which investigates whether adoption of network strategies in European stock exchanges creates additional value in the provision of trading services.Using unbalanced panel data from all major European exchanges over the period 1996-2000, the paper examines empirically the presence of network effects on the liquidity, growth, and efficiency of the exchanges; the transaction cost of trades; and the cost of exchange operations.The evidence shows that adopting a network strategy is significantly associated with higher liquidity, growth and efficiency in the sample markets. Moreover, a network strategy helps to reduce transaction costs of trades as well as operational costs for stock exchanges. Key words: stock exchanges, network externalities, remote access, Europe JEL classification numbers: F36, G15, 052
  • Kauko, Karlo (2003)
    Bank of Finland. Discussion papers 26/2003
    Published in Journal of Banking & Finance, Volume 31, Issue 10, October 2007, pp. 2962-2977
    Central securities depositories (CSDs) have opened mutual links, but most of them are seldom used.Why are idle links established? By allowing a foreign CSD to offer services through the link the domestic CSD invites competition.The domestic CSD can determine the cost efficiency of the rival by charging suitable fees, and prevent it from becoming more competitive than the domestic CSD.By inviting the competitor the domestic CSD can commit itself not to charge monopoly fees for secondary market services.This enables the domestic CSD to charge high fees in the primary market without violating investors participation constraints. Key words: securities settlement systems, central securities depositories, network industries, access pricing JEL classification numbers: G29, L13
  • Fang, Yiwei; Francis, Bill; Hasan, Iftekhar (2012)
    Bank of Finland Research Discussion Papers 26/2012
    This paper examines through various channels the effects of CEO social network heterogeneity on firm value. We construct four measures of heterogeneity based on demographic attributes, intellectual backgrounds, professional experience, and geographical exposures of individuals in the CEO social network. We find that CEO social network heterogeneity leads to higher Tobin's Q of firms. Greater CEO social network heterogeneity also leads to: (i) more innovation, (ii) more foreign sales growth, (iii) higher investment sensitivity to Tobin's Q, and (iv) better M&A performance. Overall, our results indicate that CEO social network heterogeneity is an aspect of CEO social capital and soft skills that deserves the attention of shareholders. Keywords: CEO, social networks, corporate finance policy decisions, firm value JEL classification: G32, G30, D71, Z10
  • Schmiedel, Heiko (2004)
    Suomen Pankki. E 28
    This study evaluates the performance of international securities markets by analysing the efficiency, economies of scale, and technological development in stock exchanges and securities settlement systems.Implications for future policy and market design are also addressed.This work provides empirical support for theoretical projections in research on stock markets.At the heart of this study is an international comparison that explores productivity, efficiency, and innovation of a wide range of stock exchanges over recent years.There is evidence of considerable variability in the efficiency of stock exchanges, both within Europe and world-wide.The evidence also indicates a positive relationship between the organisational structure and performance of the stock exchanges.It also reveals that technological change is the key driver of rising total productivity and appears to be advantageous for the performance of international securities markets.Furthermore, the study conveys how strategic interactions between stock exchanges are affected by network activity, and examines its influence on stock market performance.The adoption of network strategies was observed to be a promising tool for creating added value in the provision of trading services, and appears to be a crucial component in the strategic decision-making and performance of stock exchanges.The study also examines how far consolidation of and mergers among securities depository and settlement systems might go in the face of economies of scale and technological advancements.The results indicate substantial scale economies in settlement activities, although the extent of such effects differs by size of settlement institution and region. Overall, cost effectiveness has improved in recent years, partly due to innovations and upgrades in settlement technologies. Finally, the results are relevant for practitioners, policymakers, monetary and regulatory authorities, as they suggest further equity market integration.Networks, alliances, mergers and so forth seek to improve market efficiency, explore the benefits of economies of scale, and reduce the average transaction cost to end-users.Key words: exchanges, settlement systems, networks, economies of scale, efficiency JEL classification: C2, F3, G2, L2, O3
  • Raijas, Anu (2020)
    Euro & talous. Blogi
    Suomen Pankki ilmoitti 29.1. yhdessä oikeusministeriön kanssa, että Suomen Pankki alkaa hoitaa kotitalouksien talousosaamisen edistämiseen liittyvän toiminnan koordinointia Suomessa. Uutinen otettiin alan toimijoiden keskuudessa iloisena vastaan, koska tämän kaltaista toimintaa on toivottu jo vuosien ajan.
  • Milne, Alistair (2005)
    Bank of Finland Research Discussion Papers 16/2005
    The developed world exhibits substantial but poorly understood differences in the efficiency and quality of low-value payment services.This paper compares payments arrangements in the UK, Norway, Sweden, and Finland, and discusses the impact of network effects on incentives to adopt new payments technology.A model is presented, in which private benefits for investment in shared inter-bank payments infrastructure are weak.In contrast, due to 'account externalities', there are strong incentives for investment in intra-bank payment systems.These two features, distinguishing bank payments from other network industries, can help explain some of the observed cross country differences in payments arrangements. Key words: network effects, incentives, payment technology, externalities JEL classification numbers: G21, L14