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  • Kilponen, Juha (2022)
    Euro & talous. Analyysi
    Keskuspankin rahapolitiikka ei toimi tyhjiössä, vaan keskuspankit joutuvat ottamaan huomioon myös hallitusten finanssipolitiikan luonteen, jossa päätöksiä tehdään usein lyhyemmällä aikajänteellä. Keskuspankin pitkäjänteisyys ja sitoutuminen hintavakaustavoitteeseen tuottaa lopulta paremman lopputuloksen kuin se että rahapolitiikassa annetaan periksi väliaikaista helpotusta tuoville houkutuksille. Tämä edellyttää usein korkojen nostamista yli neutraalikorkotason inflaatiopaineiden ollessa korkealla.
  • Ikonen, Vappu (2022)
    Euro & talous. Blogi
    Ensimmäisen maailmansodan ja sisällissodan aiheuttama setelikaaos jatkui vuosia sotien päättymisen jälkeen. Luottamus rahan arvoon ja setelien aitouteen vaati uuden setelisarjan liikkeeseen laskemista. Suomen Pankin johtokunta ryhtyi suunnittelemaan uutta setelisarjaa jo vuonna 1919. Piirtäjäksi valikoitui tunnettu arkkitehti Eliel Saarinen. Syksyllä 1922 setelisarja oli valmis esiteltäväksi pankkivaltuusmiehille, valtioneuvostolle – ja lehdistön kautta myös suurelle yleisölle.
  • Blomster, Toni; Päivinen, Ville (2022)
    Liikennevakuutuksen tilastotutkimus 2017-2021
    Sisällys Yhteenveto 2 Sammanfattning 3 Vakuutusyhtiöt 4 Maksutulo 5 Maksutulon kehitys 5 Maksutulo asiakasryhmittäin 6 Markkinaosuudet 7 Markkinaosuuksien kehitys 7 Markkinaosuudet asiakasryhmittäin 9 Kannattavuustunnuslukuja asiakasryhmittäin 10 Liikennevakuutuksen toteutunut tulos 12 LIITE 1 - tilastolähteet 14 LIITE 2 16 LähiTapiola-ryhmän yhtiöiden markkinaosuudet 16 LIITE 3 17 Vakuutusmaksun erittely 17
  • Sintonen, Meri; Takala, Kari (2022)
    Bank of Finland. Expository studies. A 129
    Despite the central role of payments in all economic activities, surprisingly little is known about the costs associated with payment transactions. This is the first study conducted in Finland to comprehensively investigate both the private and the social costs of retail payments (i.e. costs incurred by various parties involved in the processing of payments and society as a whole). The study focuses on the costs of the most commonly used payment methods in Finland, i.e. payment cards, credit transfers and cash. The results are mainly based on data collected from commercial banks and merchants with 2018 as the reference year. The questionnaires and calculation methods used follow methodologies jointly agreed in the Eurosystem. Based on the results, the social costs of retail payments, namely the overall costs to society , were an estimated EUR 646 million in 2018, which was 0.3% of Finland’s GDP. Of the social costs, 39% was accounted for by card payments, 38% by credit transfers and 23% by cash. In terms of total cost per transaction, card payments were shown to be the least expensive payment method: in 2018, a single card payment cost society on average 15 cents, a cash payment 22 cents and a credit transfer 25 cents. Although the costs associated with individual payment transactions are relatively small, large payment volumes make them a significant cost element in the national economy. Most of the social costs are incurred by the commercial banks’ production costs of payment services. Based on data provided by banks and comparing them to the previous study carried out in Finland, costs related to cash nearly halved between 2009 and 2018 due to a decline in the use of cash and a reduction in cash services. Although the use of cash as a means of payment has decreased significantly over the years, the banks’ average unit cost of cash withdrawals has remained almost unchanged. In 2018, cash was, however, the only payment service that still generated losses for banks, but the losses arising from cash also more than halved in ten years. The digitalisation of payments has had a significant impact on banks’ costs. Banks have been able to automate the processing of payments and take advantage of the economies of scale associated with electronic payments, which has significantly reduced the unit costs of card payments and credit transfers. As a result, banks’ overall costs of retail payments have declined, despite an increase in the number of payment transactions. At the same time, banks’ revenues from payment services have increased. In 2018, credit card payments were the most profitable payment instrument for banks. The total cost to merchants of accepting different payment methods was an estimated EUR 194 million in 2018, which was approximately 0.5% of total retail sales. Most of this arose from card payments but, in terms of unit costs, accepting them was cheaper for merchants than cash payments. Merchants have, however, raised concerns about increase in fees related to card payments services, which is why they were still studied separately with regard to the largest retail groups for 2019 and 2020. Based on the results, the benefits of digitalisation do not appear to have benefited the retailers in recent years to the same extent as banks, and therefore their concerns would appear to be justified. The cost-efficiency of retail payments is important, as rising overall costs are eventually also passed on to consumers. A comparison of the results with similar studies carried out in other countries suggests that, in terms of payments, Finland is among the most cost-efficient countries in Europe. Comparing the results across countries and drawing conclusion about the cost-efficiency of different countries is not straightforward, however, as the studies differ in many ways, e.g. the level of digitalisation, the structure and concentration of the retail payments market and the scope of the analysis. The improvement of European retail payments and their competitiveness has been made one of the key priorities at EU level for the coming years.
  • Pihlajamaa, Matias (2022)
    Euro & talous. Blogi
    Pitkään jatkunut matalan inflaation kausi on nopeasti kääntynyt tilanteeksi, jossa inflaatio on kiihtynyt ja kuluttajien ostovoima on heikentynyt. Euroalueen palkkamittarit ovat tuoreimpien tietojen mukaan osoittaneet ylöspäin: tuoreimmat ennusteet ennakoivat palkkojen kasvavan huomattavasti tulevina vuosina, vaikka kasvuvauhti pysyykin inflaatiota matalampana. Kehitys tuo mukanaan huolen hinta-palkkakierteen synnystä, jonka syntymekanismia voidaan havainnollistaa alla olevan kuvan esittämällä tavalla.