BOFIT Policy Brief (2014- )


BOFIT Policy Brief on siirtymätalousmaita koskevia selvityksiä sisältävä suomen- ja englanninkielinen julkaisusarja. Sarjassa julkaisevat sekä vierailevat että laitoksen omat tutkijat. Vuosina 1999–2013 julkaisu ilmestyi BOFIT Online -nimisenä.
A series devoted to analytical studies by BOFIT economists and guest researchers. The focus is on descriptive work on economic policy and economic developments in transition economies. BOFIT Policy Brief papers are published either in Finnish or in English. The series was called BOFIT Online until 2013.

Uusimmat julkaisut

  • Rautava, Jouko (2018)
    BOFIT Policy Brief 2/2018
    Intian talous on tällä vuosikymmenellä kasvanut keskimäärin 7 % vuodessa. Nopean kasvun taustalla on erittäin alhainen tulotaso, kaupungistumisen tuoma tuottavuuden kasvu sekä joidenkin talouden sektoreiden liberalisointi. Maan kehitystarpeet ovat kuitenkin valtavat, eivätkä vallalla olleet sisäänpäin kääntynyt talousstrategia ja äärimmäisen varovainen uudistuspolitiikka ole kyenneet vastaamaan näihin ongelmiin. Investointiasteen lasku on merkki uudistusten tarpeesta. Vuonna 2017 toteutettu verouudistus (GST) on keskeinen uudistus maan sisäisten markkinoiden integroimiseksi, mutta Intialta on lupa odottaa paljon enemmän, vaikkei sen reformihistoria lupaakaan liikoja. Intian kehityksen vertaaminen Kiinan nousuun maailmantaloudessa on ennenaikaista.
  • Lyubimov, Ivan; Lysyuk, Maria (2018)
    BOFIT Policy Brief 1/2018
    This paper discusses the weakness of average years of schooling as a measure of human capital stock. We consider the example of Russia with its large-scale tertiary education and extensive student employment. Building on Lant Pritchett’s observation (Pritchett, L., 2013), we consider insufficient quality of education and relatively low demand for human capital as potential causes of the “earning while learning” expansion. While the latter is likely to reduce the pace of human capital accumulation, it nevertheless may leave average years of schooling untouched.
  • Yakovlev, Andrei; Freinkman, Lev; Makarov, Sergey; Pogodaev, Victor (2017)
    BOFIT Policy Brief 10/2017
    Tight budget constraints confronting the Russian authorities since the 2008 crisis urge the federal government to adjust the traditional system of its relations with the regions. The paper presents the case of the Republic of Tatarstan (RT) to analyze potential regions’ response to the emerging, considerably harsher “rules of the game.” Our main conclusion is that Tatarstan and other stronger Russian regions can take advantage of the current crisis for transitioning to a new economic development model resembling developmental states in Southeast Asia. This conclusion draws on analysis of the strategies recently implemented by the RT elites in response to external shocks the republic had to cope with in the post-Soviet period. Special focus is on identifying key factors that helped the republic successfully tackle the previous shocks, such as effective mechanisms of aligning the interests of the main regional elite groups and forming a consensus regarding the republican developmental priorities and the instruments for their attainment. The actual prospects for the formation of a developmental state model in Tatarstan will depend upon the success of the current regional elite in finding a consolidated response to new challenges facing the republic in recent years, as well as the constructiveness of the federal policy towards the regions. One of specific obstacles for Tatarstan to follow on Asian experience of catching up relates to a need to accelerate opening up of the regional economy for new, domestic and foreign, players.
  • Korhonen, Iikka; Nuutilainen, Riikka (2017)
    BOFIT Policy Brief 9/2017
    Published in Russian Journal of Economics, Volume 3, Issue 4, December 2017, Pages 366–378
    In this paper we estimate whether monetary policy rules of Bank of Russia have changed during the recent past. Russia has moved towards inflation targeting throughout past years, and this is reflected in our empirical estimations. We start by estimating various monetary policy rules for Russia, concluding that a variant of Taylor rule depicts Bank of Russia’s monetary policy quite well during the past decade or so. Moreover, there clearly have been two breaks in the coefficients of the estimated monetary policy rule, possibly signifying shift towards traditional inflation targeting, but also the current recent economic turbulence.
  • Stern, Caroline; Mäkinen, Mikko; Qian, Zongxin (2017)
    BOFIT Policy Brief 8/2017
    Published in Journal of Chinese Economic and Foreign Trade Studies, Vol. 10 Issue: 3, 215-228
    This paper studies the development of financial technology companies (FinTechs) in China. We describe the recent development of payment services and P2P lending and analyze empirically the determinants of P2P lending in different regions in China in 2014-2017. Our descriptive analysis shows that the surge in the number of the P2P platforms in China follows an inverted U-shaped phenomenon. However, the outstanding balances of P2P lenders is still increasing, while average yields of P2P lenders have sharply plunged. Our empirical findings indicate: (i) P2P lending is more extensive in region with more mobile phone subscriptions; (ii) outstanding balance of P2P lenders in region is negatively associated with the size of traditional banking sector; and (iii) the number of the P2P platforms in negatively related to the fixed assets investments in region, whereas average yield is a positively associated with the fixed assets investments.