https://publications.bof.fi:443/handle/10024/8 2026-04-16T04:49:06Z https://publications.bof.fi:443/handle/10024/43439 97 prosenttia ei aio vaihtaa vanhenevia markkojaan euroiksi Pösö, Mika Vuodenvaihteessa tuli kuluneeksi kymmenen vuotta siitä, kun eurosetelit ja -kolikot laskettiin liikkeeseen. Helmikuun lopussa taas päättyy Suomen Pankin kymmenen vuotta kestänyt velvollisuus lunastaa markkaseteleitä ja -kolikoita. Maaliskuusta lähtien markoilla on siis enää vain keräily- tai muistoarvoa, joka joissain tapauksissa voi kuitenkin olla nimellisarvoa suurempi. Selvittääkseen kuinka monella on vielä hallussaan markkoja ja mitä markoille on aikomus tehdä, Suomen Pankki tilasi Taloustutkimukselta kyselytutkimuksen. 2016-06-22T12:47:48Z https://publications.bof.fi:443/handle/10024/45365 A brief assessment of Russia's treasury bill market Korhonen, Iikka Russia's treasury bill market has taken off in recent years.The volume of outstanding stock has grown manyfold, so that the volume of trading on the secondary market is now enough to ensure liquidity.The yields of treasury bills, which once fluctuated wildly in response to trends in inflation and political uncertainty, have now settled to low enough levels where they may actually help stabilize Russian financial markets.If this, happens, we may soon expect to see increasing investments in production capacity. The T-bill market is mainly regulated by the Central Bank of Russia, which uses treasury bills as an instrument of monetary policy.Meanwhile, the government of the Federation of Russia has increasingly sought to use the T-bill market as a source of revenue.As the Central Bank of Russia will no longer extend direct credit to the government, inflation has naturally fallen.However, if there are to be further cuts in the yields of treasury bills, the government would probably have to curtail its borrowing.For this to happen the government must cut expenditures even further or improve its tax collection systems. Uudelleenjulkaistu pdf-muodossa 2002 (Idäntalouksien yksikön sarja); Reprint in PDF format 2002 (Unit for Eastern European Economies series) 2014-10-17T11:27:05Z https://publications.bof.fi:443/handle/10024/44475 A busy week at the stock exchanges as structural changes continue Myller, Marko The 'swallow or be swallowed' game between stock exchanges continues. The focus of attention has shifted to the Nordic countries, with the OMX Group getting its turn in the global integration of exchanges. This coincides with completion of the merger between parent companies of the London and Milan stock exchanges. 2014-09-23T07:35:54Z https://publications.bof.fi:443/handle/10024/53440 A comment on competitive and oligopolistic financial markets Lempinen, Urho 2024-06-17T11:57:15Z https://publications.bof.fi:443/handle/10024/53327 A comparative look at the economic and environmental performances of India and China Herrala, Risto We compare the economic and environmental performances of India and China over the past decade against the Euro Area, Japan, and the USA. India has emerged as the world’s fastest growing large economy, but closer scrutiny suggests this impressive economic performance derives largely from structural factors such as labor force growth and the Balassa-Samuelson effect. Indeed, notwithstanding its superior level of economic development relative to India, China still posts stronger economic gains from investment and total factor productivity growth. While the two economies have grown markedly faster than the three developed economies against which we compare them, both Indian and Chinese growth has come with huge increases in greenhouse gas emissions. Our findings underscore the importance of Chinese and Indian participation in efforts to avoid the more dire impacts of climate change. Abstract....3 1. Introduction....4 2. India takes the lead....4 3. Decomposing economic growth....6 4. Greenhouse gas emissions on the rise....8 5. Concluding remarks....9 References....10 2024-04-10T07:28:40Z https://publications.bof.fi:443/handle/10024/44887 A Decade of RMB Internationalization Cheung, Yin-Wong This article recounts China’s renminbi (RMB) internationalization experiences since the 2009 RMBcross-border trade settlement initiative. In the first few years, the RMB made inroads into global financial markets and had a few remarkable accomplishments, including the Special Drawing Right currency status. Since the 2015 market turmoil, RMB internationalization has levelled off – possibly due to changes in both domestic and geopolitical conditions. The RMB is currently under-represented in the global market compared with China’s economic importance. China’s deliberate and schematic policies will elevate the RMB’s global stature in a gradual manner but there will not be a leapfrogging in the near term. 2020-12-22T11:24:42Z https://publications.bof.fi:443/handle/10024/44557 A decline in real interest rate on fixed-term deposits Toivanen, Mervi Banks advertise their offerings of fixedterm deposits with attractive interest rates. They promise to pay attractive interest on deposits held for long periods. But rising inflation lowers the real yield on fixedterm deposits. 2014-09-23T07:36:04Z https://publications.bof.fi:443/handle/10024/53002 A Dynamic analysis of Finnish export prices Aurikko, Esko In this paper the degree of dependency of Finnish export prices on the exchange rate, competitors' prices and domestic costs is investigated. A distinction is made between heterogeneous and homogeneous output. A dynamic model selection procedure, especially in the form of an error correction mechanism, is utilized in both aggregated and disaggregated frameworks. The conclusion is that changes in exchange rates and in competitors' prices are transmitted to Finnish export prices fairly quickly and virtually in full, while the effects of domestic costs are relatively modest. 2023-07-10T10:54:20Z https://publications.bof.fi:443/handle/10024/53502 A Dynamic disaggregated model of Finnish imports of goods Aurikko, Esko 2024-06-19T11:23:53Z https://publications.bof.fi:443/handle/10024/45400 A few observations on the monetary and exchange rate policies of transition economies Korhonen, Iikka This paper briefly examines the exchange rate arrangements of several of Eastern Europe's transition economies.Generally speaking, countries that have included some form of fixed exchange rate regime in their stabilization packages have been more successful in curbing inflation, and consequently reviving output. Further, while a fixed exchange rate is no panacea for economic problems, it can act as a credible nominal anchor in a comprehensive reform package.Such credibility, however, is contingent on the government's ability to implement a balanced budget. As transition progresses, fixed exchange rate regimes eventually become outmoded as they lack some of the flexibility and potency in conducting monetary policy central banks may require as the economy grows.To date, even the most advanced of the transition countries have balked at making this switch.A possible explanation may simply be inertia from past success of fixed exchange rates in reducing inflation and enhancing the credibility of such central banks. Uudelleenjulkaistu pdf-muodossa 2002 (Idäntalouksien yksikön sarja); Reprint in PDF format 2002 (Unit for Eastern European Economies series) 2014-10-17T11:27:08Z https://publications.bof.fi:443/handle/10024/43474 A framework for evaluating mobile payments Heikkinen, Päivi A great number of mobile payment schemes exist in the market. This paper suggests a framework, based on payment type and technology, to classify mobile payment schemes. The framework supports a definition of mobile payments as a way to use existing payment instruments. Based on the framework, mobile payments' success factors from the payer and payee viewpoints are discussed. In the mobile payments value chain, both banks and mobile operators are critical players, but their business cases are not self-evident. This paper aims at contributing to central banks' need to better understand the functioning of mobile payment schemes and mobile payment markets. 2014-09-22T08:03:33Z https://publications.bof.fi:443/handle/10024/47135 A model for predicting Finnish household loan stocks Nyholm, Juho; Silvo, Aino We propose a new Bayesian VAR model for forecasting household loan stocks in Finland. The model is designed to work as a satellite model of a larger DSGE model for the Finnish economy, the Aino 2.0 model. The forecasts produced with the BVAR model can be conditioned on projections of several macro variables obtained from the Aino 2.0 model. We study several specifications for the set of variables and lags included in the BVAR, and evaluate their out-of-sample forecast accuracy with root mean squared forecasting errors (RMSFEs). We then select a preferred specification that performs best in predicting the loan stocks over forecast horizons ranging from one to twelve quarters ahead. The model adds to the existing toolkit of forecast models currently in use at the Bank of Finland and improves our understanding of household debt trends in Finland. 2022-06-22T12:16:32Z https://publications.bof.fi:443/handle/10024/44828 A new growth model for the Russian economy Kudrin, Alexey; Gurvich, Evsey ​The slowdown of the Russian economy is due to chronic factors and cannot be cured by simple fixes such as relaxing monetary or fiscal policy. The biggest impediment to growth in Russia’s case is the weak market environment, evidenced foremost by the dominance of state-owned enterprises and quasi-government companies. Strong incentives for business and public administration to enhance efficiency are required. The key policy objectives necessary to move Russia away from its current model based on imported growth to a new growth model are laid out in this analysis. 2015-03-03T11:19:25Z https://publications.bof.fi:443/handle/10024/43504 A new look at price level targeting Mayes, David G. 1 Introduction 3 2 Context 4 3 Price-level and inflation targets 6 4 Communicating the Price Level Target 11 5 Intermediate regimes 13 6 Uncertainty and Robust Policy 13 7 Changing the Regime 14 8 Concluding remark 16 List of charts Chart 1. Price level path targets and inflation targets contrasted 7 Chart 2. Inflation Experience Compared to a Price Level Target 8 Chart 3. Reacting to Shocks under Inflation and Price level Targets 9 2014-09-22T08:03:36Z https://publications.bof.fi:443/handle/10024/45282 A note on inflation under the Estonian Currency Board Sepp, Urmas Uudelleenjulkaistu pdf-muodossa 2002 (Idäntalouksien yksikön sarja); Reprint in PDF format 2002 (Unit for Eastern European Economies series) 2014-10-17T11:26:55Z