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Rahoitus Uutiset

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April 24, 2018


Market discipline and liquidity key issues in the EMU reform

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EMU, ESM, ECB, market discipline, debt restructuring, liquidity
EMU, EVM, EKP, markkinakuri, likviditeetti, velkajärjestely, likviditeetti

Abstract The EMU institutions need to be reformed. There is, however, a deep disagreement about the right way to proceed. Some see increased risk sharing and centralisation of decision making as being essential, while others emphasise risk reduction and market discipline. A recent paper by a group of French and German economists combines these elements […]

Business owners, employees, and firm performance

Maliranta, Mika – Nurmi, Satu

The novel Finnish Longitudinal OWNer-Employer-Employee (FLOWN) database was used to analyze how the characteristics of owners and employees relate to firm performance as determined by labor productivity, survival, and employment growth. Focusing on the role of the employment history, the results show that previous experience in a high-productivity firm strongly predicts high productivity and probability […]

Common or own goals: Reforming the financing of the European Union

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EU budget, own resources, optimal taxation, fiscal federalism, EU added value
EU:n budjetti, omat varat, optimaalinen verotus, fiskaalinen federalismi, EU:n lisäarvo
Kari, Seppo – Määttänen, Niku – Ropponen, Olli – Tamminen, Saara – Valkonen, Tarmo

Abstract This study evaluates the Monti report and the suggested new own resources from the point of the view of optimal taxation and fiscal federalism. Monti report emphasizes the objectives of EU and vaguely described European added value as criteria. The report also leaves aside the need to coordinate the budget reform and national tax […]

Suhdanne 2018:1

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Sisällysluettelo: Talouspolitiikka s. 5 Talouspoliittinen tilanne EU:ssa ja Suomessa keväällä 2018 – Markku Kotilainen Suhdannekatsaus s. 13 Katsaus suhdannekehitykseen Kansainvälinen suhdannekehitys Kotimainen suhdannekehitys – Vienti – Investoinnit – Yksityinen kulutus – Julkinen talous – Tuotanto ja työllisyys – Tuonti ja maksutase – Hinnat ja kustannukset Artikkelit s. 83 Finanssipolitiikkaa epävarmuuden vallitessa – Tero Kuusi Erityyppisten […]

Economic Dynamics and Changes in Values and Attitudes among Finnish Regions: A Descriptive Analysis

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Convergence, Regional heterogeneity, Values and attitudes
Alueellisen heterogeenisyys, lähennys, arvot ja asenteet

Abstract Finland is characterized by a substantial heterogeneity across its regions. Key economic indicators, such as the GDP per capita and the unemployment rate, vary widely for different areas, with Uusimaa, the region where Helsinki is located, being significantly richer than regions such as Kainuu and Savo. This heterogeneity, however, has not been stable over […]

How Do Intelligent Goods Shape Closed-Loop Systems?

Circular economy, environmental protection, green manufacturing, platforms, decentralized systems, open systems
Rajala, Risto – Hakanen, Esko – Mattila, JuriSeppälä, Timo – Westerlund, Mika

Disruptive technologies can increase the intelligence of goods and revitalize business models in the circular economy. Applying an industrial ecology perspective, this article discusses how intelligent goods can boost the sustainability of industrial ecosystems. North American and European cases highlight how business model innovators can utilize goods-related information to develop more competitive closed-loop systems. The […]

Ctrip: China’s Online Travel Platform – Local Giant or Global Competitor?

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Shao, Tianyi – Kenney, Martin

In a large number of sectors, Chinese internet platform firms have grown to enormous size leveraging a rapidly growing, largely protected domestic market This paper describes the formation and growth of the largest Chinese travel and tourism platform, Ctrip within the context to the changing Chinese economy. In 2018, Ctrip was one of the largest […]

The Application of Artificial Intelligence at Chinese Digital Platform Giants: Baidu, Alibaba and Tencent

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Artificial Intelligence, Platforms, Platform Business Group strategy, Baidu, Alibaba, Tencent
Tekoäly, Alustat, PBG-strategia, Baidu, Alibaba, Tencent
Jia, Kai – Kenney, Martin – Mattila, JuriSeppälä, Timo

Abstract The Chinese digital platform giants – Baidu, Alibaba and Tencent – have quickly risen to be amongst the most notable developers and users of artificial intelligence. One important catalyst for this development has been the so-called Platform Business Group (PBG) strategy used by Chinese digital platform firms. In this strategy a platform firm aims […]

Aggregate risks, intergenerational risk-sharing and fiscal sustainability in the Finnish earnings-related pension system

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Pensions, funding, contribution smoothing, risks, generational fairness
Työeläkkeet, maksujen tasaus, talous- ja väestöriskit, sukupolvittainen tuotto

Abstract: We study how aggregate demographic and economic risks affect the finances of the Finnish earnings-related pension system and the different generations of the insured. As a partially funded defined-benefit system, demographic risks and asset yield risks directly affect the contributions. Our analysis, based on a general equilibrium overlapping-generations model, show that these risks also […]

Borrowing constraints and housing market liquidity?

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Housing, Borrowing constraint, Matching
Eerola, Essi – Määttänen, Niku

We study how changes in household borrowing constraints influence housing market liquidity. To this end, we develop a housing market model with both matching and credit frictions. In the model, risk-averse households may save or borrow in order to smooth consumption over time and finance owner housing. Prospective sellers and buyers meet randomly and bargain […]

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