Suomen Pankin Julkaisuarkisto
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Talouskatsaus 4/2017
No full textRaha- ja reaalitalouden kehitys 2
Yhteenveto 2
1 Ulkoinen ympäristö 5
2 Rahoitusmarkkinoiden kehitys 11
3 Talouskehitys euroalueella 16
4 Hinnat ja kustannukset 22
5 Rahan määrä ja luotonanto 27
6 Julkisen talouden kehitys 34
Kehikot 37
1 Maailmantalouden riskien viimeaikaisen kehityksen arviointia 37
2 EKP:n yrityssektorin velkapapereiden osto-ohjelman toteutus ja vaikutukset 41
3 Likviditeettitilanne ja rahapoliittiset operaatiot 25.1.–2.5.2017 48
4 Euroalueen vaihtotaseen viimeaikainen kehitys 53
5 Yksityisen sektorin velkaantuminen ja sen vähentäminen euroalueen maissa 58
6 Mitkä sektorit myivät eurojärjestelmän ostamat valtioiden velkapaperit? 64
7 Vuoden 2017 talouspolitiikan eurooppalaisen ohjausjakson maakohtaiset finanssipolitiikkasuositukset 69
8 Finanssipoliittinen sopimus: komission arviointi ja jatkotoimet 73
Artikkelit 72
(Saatavissa englanninkielisinä EKP:n verkkopalvelusta http://www.ecb.europa.eu/pub/economic-bulletin/articles/html/index.en.html)
1 Domestic and global drivers of inflation in the euro area 73
Box 1 China’s influence on inflation dynamics in advanced economies 86
Box 2 Augmenting the traditional Phillips curve with measures of global slack 94
Tilastot T
Bond finance, bank credit, and aggregate fluctuations in an open economy
No full textCorporate sectors in emerging markets have noticeably increased their reliance on foreign financing, presumably reflecting low global interest rates. The evidence also shows a rebalancing from bank loans towards bonds. To study these developments, we develop a dynamic open economy model where these modes of finance are determined endogenously. The model replicates the stylized facts following a drop in world interest rates in particular, rebalancing towards bonds occurs because bank credit becomes relatively more expensive, reflecting the scarcity of bank equity. More generally, the model is suitable for studying interactions between modes of finance and the macroeconomy.BoF DP 22/201
FinTechs in China : with a special focus on peer to peer lending
No full textChina is a country with the most number of operating peer-to-peer (P2P) lending platforms (approximately 2,000) worldwide. This study aims to provide an overview on FinTechs in China. It was examined why payment services and P2P lending are so popular in China and what are the determinants for the emergence of P2P lending platforms in different provinces in China.BOFIT Policy Brief 8/201
Complementarities between employee involvement and financial participation : do institutional context, differing measures, and empirical methods matter?
No full textThe authors investigate whether productivity is greater if firms use employee involvement (EI) in decision making and financial participation (FP) as complementary practices. Based on representative panel data from Finnish manufacturing firms, the study uses diverse specifications to examine different theoretical explanations of the productivity effects of complementarities. The authors find virtually no evidence to support the theory of complementarities when EI and FP are simply measured by their incidence. They do find some evidence for complementarities using cross-sectional data (controlling for several covariates that related work has found to be important for firm performance) and also when analyses use measures of the intensity of FP. In accounting for differences in empirical findings across varying settings, the findings suggest that outcomes depend on the institutional context and are sensitive to variation in measurement and analytical methods
Yritysdynamiikka ja makrotalous – luovan tuhon merkkejä etsimässä
No full textTässä artikkelissa tarkastellaan yritysdynamiikan vaikutuksia talouteen makrotasolla käyttämällä hyväksi tietoja aloittaneiden ja lopettaneiden yritysten lukumääristä ja joukosta keskeisiä makrotalouden muuttujia. Tulosten mukaan erityisesti uusien yritysten syntymisellä on tärkeä rooli työllisyyden, tuottavuuden ja talouskasvun näkökulmasta Suomessa. Koko kansantalouden tasolla työllisyyden, tuottavuuden ja tuotannon vaihteluista selittyy jopa 40 % yritysten syntymiseen ja tuhoutumiseen vaikuttavilla sokeilla. Uusien yritysten syntyminen nopeuttaa talouskasvua sekä työllisyyden että tuottavuuskasvun kiihtymisen kautta. Tuottavuuskasvun kiihtyminen ei siis johda työllisyyden heikkenemiseen koko kansantalouden tasolla vaan päinvastoin. Tämä voi heijastaa tuottavuuskasvun kiihtymisen yleisen tasapainon vaikutuksia
Annual report 2016
No full textGovernor's editorial 6
Bank of Finland – promoter of stability 7
Bank of Finland activities 2016 8
Monetary Policy 8
Financial system 20
Financial asset management 29
Banknotes and coins 33
Other operations 36
Management and personnel 44
Strategy 44
Management system 48
Personnel 49
Budget and operating expenses 51
Environment 53
Total risk exposure 55
Financial statements 59
Balance sheet 60
Profit and loss account 62
The Board’s proposal on the distribution of profit 63
Accounting conventions 64
Notes on the balance sheet 68
Notes on the profit and loss account 80
Appendices to the financial statements 85
Notes on risk management 89
Auditor’s report 93
Statement regarding the audit as defined in Article 27 of the Statute of the European System of Central Banks and the European Central Bank 94
Appendices 96
Monetary policy measures of the Eurosystem in 2016 96
Key measures affecting the financial markets in 2016 99
Main opinions issued by the Bank of Finland in 2016 100
Bank of Finland publications in 2016 102
Supplementary tables 103
Organisation of the Bank of Finland 11
Real effects of bank capital regulations: Global evidence
No full textWe examine the effect of the full set of bank capital regulations (capital stringency) on loan growth, using bank-level data for a maximum of 125 countries over the period 1998–2011. Contrary to standard theoretical considerations, we find that overall capital stringency only has a weak negative effect on loan growth. In fact, this effect is completely offset if banks hold moderately high levels of capital. Interestingly, the components of capital stringency that have the strongest negative effect on loan growth are those related to the prevention of banks to use as capital borrowed funds and assets other than cash or government securities. In contrast, compliance with Basel guidelines in using Basel- and credit-risk weights has a much less potent effect on loan growth.BoF DP 23/201
Neo-Fisherian monetary policy
No full textAccording to the Neo-Fisherian Hypothesis a nominal policy rate increase leads to an in-crease in the rate of inflation also in the short-run and the effects of Neo-Fisherian forward guidance on inflation and output are small. These results are obtained by assuming that the nominal interest rate is unresponsive to the output gap and inflation at least temporarily and that an arbitrary assumption that a backward stable perfect foresight solution is selected among a continuum of perfect foresight equilibria is valid. The result that nominal policy rates can move inflation in the same direction is at odds with monetary theory and practice
Finlands Banks pensionsfond : Årsberättelse 2016
No full text1 Finlands Banks pensionsfond 5
2 Pensionsåtagande och utbetalda pensioner 7
3 Bokslut 8
3.1 Balansräkning 8
3.2 Resultaträkning 9
3.3 Noter till bokslutet 12
4 Hantering av pensionsfondens finansieringsrisker och placeringsverksamhet 14
4.1 Mål för placeringsverksamheten och placeringspolicy 14
4.2 Pensionsfondens tillgångar och placeringsverksamhet 2016 15
4.3 Genomförande av placeringsverksamheten 16
4.4 Riskhantering av placeringsverksamheten 1