Browsing by Subject "vuokrat"

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  • Taipalus, Katja (2006)
    Bank of Finland Research Discussion Papers 29/2006
    The dividend yield ratio in the stock markets is, to an extent, comparable to the rent-price ratio in the housing market.Taking advantage of this definitional similarity, one can then use the traditional unit root test for log dividend yield in this case, the log rent-price ratio to test for the existence of real estate bubbles.Such unit root tests are conducted for Finland, USA, UK, Spain and Germany, and the simple test results strongly suggest the existence of bubbles in nearly all of these countries.In addition to this, we develop a continuous and monthly rent-price information-based method to track the periods when real estate prices diverge from their fundamental levels.This indicator seems to work quite well in most cases, indicating bubbles during periods which, according to the consensus literature, are seen as periods of sizable upward or downward shifts in house prices. Key words: house price, bubble, unit root JEL classification numbers: G12
  • Kinnunen, Helvi; Mäki-Fränti, Petri (2016)
    Euro & talous. Analyysi
    Rahapolitiikan voimakas keventäminen on välittynyt nopeasti kotitalouksien asuntolainojen korkoihin. Korkojen lasku tukee kotitalouksien ostovoimaa luonnollisesti sitä enemmän, mitä enemmän kotitaloudella on velkaa.
  • Kivistö, Jarkko (2012)
    Bank of Finland bulletin. Economic outlook 3
    This article discusses the development of housing prices in Finland, with a special focus on the relationship between rents and housing purchase prices (rent-to-price ratio), which is analysed against a constructed benchmark of the user costs of investors or homeowners. A comparison of the rent-to-price ratio and time series of user costs indicates that the development of housing prices relative to rents has been broadly consistent with the fall in housing user costs. The key determinants of user cost dynamics are house price expectations and level of interest rates. The interest rate fall, in particular, has had a significant impact on the reduction in user costs and, hence, housing prices. However, the increase in housing prices relative to developments in household income has been fairly moderate.
  • Virén, Matti (2011)
    Bank of Finland Research Discussion Papers 11/2011
    Published in Empirical Economics, June 2013, Volume 44, Issue 3, pp 1497-1518 ; https://doi.org/10.1007/s00181-012-0589-x
    This paper deals with the incidence of housing subsidies, which is analysed using Finnish panel data. The main data set comprises 50 000 households that received housing allowances during the period 2000 2008. In addition, we utilize repeated cross-sections of all Finnish households for 1989 2008, the annual sample exceeding 10 000. Estimation results suggest that a part of the subsidies will indeed feed through into rental prices. A conservative estimate of the size of the feed-through is one-third, but it is certainly possible that the number is, in reality, as high as 50 per cent. On the other hand, the subsidy seems to have increased housing demand more than the subsidy-induced income effect would have implied, which is in accordance with the goals of the subsidy programme. Our results seem to be consistent with other studies, which have also indicated relatively high rent effects. If this is indeed the case, we are advised to reconsider the need for reforming the system of housing subsidies, at least with regard to the share of costs that remains on households own accounts and the implicit indexation of the system.
  • Suomen Pankki (1918)
  • Suomen Pankki (2015)
    Euro & talous 3/2015
    Kuluttajahinnat ovat nousseet Suomessa nopeammin kuin muualla euroalueella. Tämä on nakertanut suomalaisten ostovoimaa ja heikentänyt talouden kilpailukykyä. Kotitalouksien menoista noin 40 % kohdistuu palveluihin, ja juuri palveluiden hinnat ovat nousseet Suomessa verrattain nopeasti. Finanssikriisin jälkeen kotimaiset palvelut ovat kallistuneet yli 10 % euroalueen keskiarvoon verrattuna. Suomessa palveluiden hintojen nousu on ollut euroalueen nopeinta.
  • Bank of Finland (2015)
    Bank of Finland. Bulletin 3/2015
    Consumer prices have risen in Finland at a higher pace than in the euro area. This has eroded Finnish consumers' purchasing power and weakened the competitiveness of the economy. Of household expenditure, approximately 40% is services-related, and Finnish services prices, in particular, have risen at a relatively rapid pace. Since the financial crisis, domestic services prices have risen by over 10% compared with the euro area average. Finnish services price inflation has been the highest in the euro area.
  • Kivistö, Jarkko (2012)
    Euro & talous. Talouden näkymät 3
    Tässä artikkelissa tarkastellaan Suomen asuntojen hintakehitystä, erityisesti vuokrien ja asuntojen hintojen suhdetta sekä konstruoidaan sen vertailukohdaksi sijoittajan tai omistusasujan käyttökustannukset (user cost). Vuokrien ja asuntojen hintasuhteen sekä käyttökustannusten aikasarjojen vertailu viittaa siihen, että asuntojen hintojen kehitys suhteessa vuokriin on pääpiirteissään vastannut asumisen käyttökustannusten pienenemistä. Käyttökustannusten dynamiikassa tärkeimpiä tekijöitä ovat odotettu asuntojen hintakehitys ja korkotaso. Erityisesti korkotason lasku on vaikuttanut merkittävästi käyttökustannusten pienenemiseen ja siten asuntojen hintoihin. Kotitalouksien tulojen kehitykseen nähden asuntojen hinnat ovat nousseet varsin maltillisesti.
  • Kivistö, Jarkko (2012)
    Suomen Pankki. BoF online 4/2012
    Tässä selvityksessä tarkastellaan Suomen asuntohintakehitystä 1980-luvun puolivälistä ja siihen vaikuttaneita tekijöitä. Erityisesti tarkastellaan vuokrien ja asuntojen hintojen suhdetta ja konstruoidaan sen vertailukohdaksi omistusasujan kohtaama käyttökustannus (user cost). Vuokra-hintasuhteen ja käyttökustannuksen välillä on arbitraasiehto, jonka mukaan tasapainotilanteessa vuokratuoton tulisi vastata käyttökustannusta. Vuokra-hintasuhteen ja käyttö-kustannuksen vertailu viittaa siihen, että vuokrien ja asuntohintojen kehitys on pääpiirteissään vastannut asumisen käyttökustannusten laskua, eikä asuntomarkkinoilla tämän tarkastelun perusteella ole merkittävää epätasapainoa. Käyttökustannusten dynamiikassa nousee esiin tärkeimpinä tekijöinä odotettu asuntojen hintakehitys ja korkotaso. Erityisesti viime vuosina korkojen laskun vaikutus käyttökustannusten laskuun on ollut merkittävä. Samaan aikaan käyttökustannustarkastelun ulkopuoliset tekijät, kuten asuntolainojen maturiteetin pidentyminen on jättänyt tilaa asuntolainojen koon kasvulle niin, etteivät lainanhoitokulut suhteessa kotitalouksien tuloihin ole kasvaneet kohtuuttomasti. Rahoitusmarkkinatekijöiden lisäksi asuntojen kysyntää Suomessa on tukenut tulojen kasvu, verotuet, väestön kasvu, muuttoliike keskuksiin sekä asuntokuntien lukumäärän kasvu.
  • Pyle, William (2011)
    BOFIT Discussion Papers 26/2011
    The voluminous literature on the privatization of Russian industry overlooks, almost completely, the story of enterprise land rights - a story that does not jibe well with the standard narrative of post-Soviet reform. This paper explains the path that has led to significant inter-regional variation in the ownership status of lands underneath urban industrial enterprises. It then introduces unique data from a survey of 359 large industrial firms across several dozen of Russia's largest cities to explore why some firms have purchased their production plots whereas others continue to lease or hold these lands under the old Soviet system of tenure. In exploring both inter-regional and inter-firm variation in land rights, we find evidence consistent with the proposition that the decisions of regional officials and (the managers and owners of) firms are guided by securing rights over real estate rents. Keywords: urban land, property rights, Russia JEL codes: K11, L6, P26, P31, R33
  • Eerola, Essi; Saarimaa, Tuukka (2015)
    Bank of Finland Research Discussion Papers 30/2015
    ​This paper studies how much public housing generates rent savings for the tenants, how these savings are distributed among the tenants, and whether the tenants reside in better quality neighborhoods than similar low-income private rental tenants. Our rent savings estimates are based on a hedonic regression and detailed data on the private and public rental housing units from the city of Helsinki. We estimate that the total subsidy to public housing tenants is considerable and comparable in size to the housing allowance, the main tenant-based housing program. We also find that the subsidy is less targeted towards low-income households than the housing allowance. Regarding neighborhood quality, we find that public housing tenants live in lower quality neighborhoods than similar households living in private rental housing. This result suggests that public housing is not better than the housing allowance in delivering better neighborhood quality to low-income households.