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  • 1
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: In this study, we analyse the size and role of the Finnish event industry by utilising both industry- and firm-level data. Furthermore, we study the impacts of the Covid-19 crisis on companies operating in the event industry. Based on our results, the event industry accounts for 1.2% of the Finnish GDP. It should be noted that in addition to companies, the event industry consists of associations, foundations and other non-profit organisations. Depending on the definition, the Finnish event industry included in 2019 approximately 8,354-9,126 companies with 15,200-19,500 employees (full-time equivalent), which corresponds to 0.9-1.2% of the employment of all companies. The companies operating in the event industry generated EUR 800-1,200 million value added, corresponding to 0.6-0.9% of the value added of all companies. The turnover decreased between 2019 and 2020 for 70% of these companies. In every fourth of the companies, turnover decreased by at least 50%. Due to update delays of the firm-level data, these shares are probably downward biased because we were not able to take into account the role of companies that that ceased operations.
    Keywords: ddc:330 ; L16 ; L8 ; L84 ; Event industry ; Event ; Significance ; Covid-19 ; Impact ; Role ; Definition
    Language: Finnish
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  • 2
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: The importance of our forests is growing. Forest industry has retained its vital position within Finnish economy, and it seems reasonable to assume our forests' value added will contribute to Finland's wealth also far into the future. Of more recent interest is the value of forests being Finland's major carbon sink. This report discusses the past, present and future of the Finnish forest sector acknowledging both economic and environmental aspects. In the first part, we describe the impacts of the forest industry sectors to Finnish economy in large. National accounts input-output statistics show that the forest industries use significant shares of domestic intermediate products, and hence they connect extensively to other industry sectors. The second section looks at recent development as well as prospects up to year 2025. We expect wood industry to recover rather quickly from the backlash triggered by the COVID-19 pandemic, but paper and pulp industry to experience a less favourable development - particularly due to the fast decrease in demands of paper. The third and final contribution assesses quantitatively how logging relates to the carbon sink of Finnish forests. Our novel model suggests total roundwood removals to have a rather strong impact on forest land carbon sink. We estimate Finland's carbon sink to increase due to COVID-19 perturbed drop in logging, and the sink increase to remain relatively strong during the next few years.
    Keywords: ddc:330 ; L69 ; L73 ; Q23 ; Q54 ; D57 ; Finnish forest sector ; Near future ; Economic forecast
    Language: Finnish
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  • 3
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: The report's main objective is to assess the role that competition has played in the weak development of R&D investments in the Finnish corporate sector in the 2010s. The data suggest that the degree of competition relates to differences in Finland's industry-level R&D-intensity developments in the 2010s. Industries with declining R&D intensity were mainly concentrated, and the degree of competition in their markets weakened. In competitive industries, R&D intensity did not decrease, or it even increased. In these industries, profitability decreased mainly due to the decline in the profitability of continuing companies, but the impact of the structural change on profitability was positive. These findings reflect that competition was getting fiercer. Thus, the intensified competition in the 2010s increased companies' R&D investments or, at least, prevented them from shrinking in relation to the value-added produced. We further assessed the relationship between firms' returns to R&D and found that a decline in the R&D intensity of the Finnish business sector in the 2010s was not directly related to the returns to R&D investments.
    Keywords: ddc:330 ; D22 ; L0 ; O3 ; O31 ; R&D investments ; Competition ; Innovation policy
    Language: Finnish
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  • 4
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: This report reviews economic literature on collective bargaining systems. The studies studying the association of collective bargaining systems and employment, productivity ja wages can not establish causality and the literature is quite thin. The existing results show that coordinated systems are associated with higher employment rate, centralized systems are associated with lower productivity growth and decentralized systems are associated with higher wages. Studies do not support the claim that decentralization of collective bargaining would lead to dumping of terms of employment. Studies on wage stickiness show that wages in Finland are sticky in international comparison and that adjustment to shocks happens more through employment than wages. The bargaining systems have decentralized in Europe during the last decades. Finland has maintained its system based on coordinated sector level agreements while comparison countries moved to a more decentralized but coordinated system in the 1990s. In European comparison, Finland has high levels of trust, low levels of tension between management and employees, good participation possibilities for employees and developed social dialogue in workplaces.
    Keywords: ddc:330 ; J52 ; J53 ; J38 ; Collective bargaining ; Decentralization ; Local bargaining ; Coordination
    Language: Finnish
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  • 5
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: This study examines the employment status of workers who left Nokia during the period 2009-2014. The results reveal that the workers were quite successful in finding employment. According to the latest available data, more than three-quarters of these individuals found a new job, while the share of unemployed was 9.6 percent. The remaining share of ex-employees retired or started to study. Workers with higher education and workers who had held senior officer positions at Nokia were more successful in finding a new job than others. New jobs were often found in the service sector. Some regional differences existed in the employment of the former Nokia employees: finding employment was more successful in North Ostrobothnia, Uusimaa and Central Finland than in Southwest Finland.
    Keywords: ddc:330 ; J01 ; J21 ; J23 ; J64 ; L16 ; ICT ; Structural change ; Nokia ; Employment ; Employee ; Personnel ; Find employment
    Language: Finnish
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  • 6
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: In this study, we have analysed the role of the largest companies in the Finnish economy. According to the results, the list of ten largest companies in terms of their domestic value added is diverse and includes companies operating in the manufacturing industry, the service industry, as well as the financial industry. In 2019, these top 10 companies together produced 5.7% of the Finnish gross domestic product (GDP). In terms of domestic employment, the significance of this group remains lower, accounting for 3.7% of the employment of the business sector. Although both the share of GDP and employment have declined, the role of these top 10 companies in the Finnish economy remains significant.
    Keywords: ddc:330 ; F23 ; L25 ; E22 ; M21 ; L11 ; Large ; Largest ; Companies ; Firms ; GDP ; Gross domestic product ; Concentration ; Group ; Granular
    Language: Finnish
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  • 7
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: We describe the costs of the conscription system from different perspectives. In particular, we consider the definition of opportunity cost related to the service time of conscripts. This is a cost that is not directly reflected in the state budget. In addition, we review related literature and present calculations on the current costs of conscription in Finland.
    Keywords: ddc:330 ; H41 ; J24 ; National defence ; Conscription ; Opportunity cost
    Language: Finnish
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  • 8
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: This report discusses factors that have caused a decrease in tangible investments in machinery and equipment, and intangible assets in Finland. A decline in the R&D investments of the electronics industry practically entirely explains a decrease in investments in Finland, which has prolonged the recovery from the collapse of productivity growth during the financial crisis. The corporate sector, which accounts for most investments, also contracted so much during the financial crisis relative to the rest of the economy that the aggregate productive investments remained lower than before. Companies' investments in relation to their value added did not decrease, however. The main reason for the collapse of the electrotechnical industry is the loss of the Symbian mobile phone operating system in global competition. Together with that, profitability collapsed, and no new R&D investment opportunities of a similar size were found. However, companies should not avoid competition, and instead, the competitive environment, in general, acts as an investment incentive for companies. Developments in the 2010s also highlight the importance of international competition and international trade agreements. The decline in the working-age population that began at the same time as zero growth does not explain the collapse in investments, but it has to do with their slow recovery.
    Keywords: ddc:330 ; E22 ; L16 ; O52 ; P45 ; Investments ; Competition ; Competitiveness ; Structural change ; Population ageing
    Language: Finnish
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  • 9
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: In this paper, we describe key problems of the current EU's fiscal framework and offer constructive alternatives to reforming it. A comprehensive reassessment of the rules is necessary, as the development of the rules has reached an impasse for both political and technical reasons. In our view, Europe needs fiscal rules to ensure sustainability of public finances. In order to reconcile the freedom and responsibility of member states' fiscal policies, a balance must be struck in which the rules are simple enough to actually be useful in fiscal policy guidance. This requires that compliance with them can be easily monitored and that the rules are effective enough to allow solidarity to be achieved rarely enough. Our conclusion is that the new rules should emphasize the long-term debt sustainability target more clearly, while at the same time making its monitoring more effective through better short-term indicators, in particular the expenditure benchmark. We provide a proposal for practical implementation option, which is largely consistent with the current rules. At the same time, the expenditure benchmark should be reformed in order to further its countercyclical impact on fiscal policy, and it should replace the structural balance as the operational indicator of fiscal policy stance. Responsibility for economic policy decisions and their consequences should be fully restored to the Member States and the role of national supervisors should be strengthened. Solidarity in times of crisis should be accompanied by strict conditionality that, in good times, the fiscal policy must be in line with the reformed EU framework.
    Keywords: ddc:330 ; E61 ; E62 ; H60 ; H63 ; Fiscal policy ; EU ; Fiscal rules ; Public debt ; Fiscal stance
    Language: Finnish
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  • 10
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2022-03-15
    Description: In order to understand the employment effects of technological progress, it is useful to separate three types of technologies: 1) automation technologies, 2) technologies that create new tasks, and 3) capital- or labor-augmenting technologies. These different types of technological advances affect employment very differently and through different channels. Automation technologies may either decrease or increase employment, whereas the other types of technological progress unambiguously increase employment. Empirical estimates of the employment effects of automation are very different in different countries. The results from United States show negative employment effects, whereas German and French studies show the opposite. It is likely that the employment effects of automation technologies depend on the role of international trade, labor market institutions and political choices. However, there is still little research on these topics. There is even less research on how the direction of technological change (automation technologies vs. technologies creating new tasks) is determined and how it can be affected by policy.
    Keywords: ddc:330 ; O33 ; J21 ; J23 ; J24 ; Technological change ; Employment ; Robots ; Artificial intelligence
    Language: Finnish
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  • 11
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    Helsinki: Bank of Finland, Bank of Finland Institute for Emerging Economies (BOFIT)
    Publication Date: 2022-04-02
    Description: Kiinassa kiinteistösektori ja rakentaminen toimivat talouskasvun vetureina viime vuosikymmenellä ja niiden merkitys taloudelle kasvoi poikkeuksellisen suureksi. Kasvu oli kuitenkin erittäin velkavetoista ja etenkin rakentajien velkatasot nousivat korkeiksi. Kun viranomaiset kiristivät sektorin rahahanoja viime vuonna ja asuntomarkkinat viilenivät, rakentajien maksuhäiriöt lisääntyivät syksyllä 2021 ja ongelmat nousivat pintaan. Tässä artikkelissa tarkastelemme Kiinan kiinteistösektorin ja rakentamisen merkitystä Kiinan taloudelle, nykytilannetta ja sitä, miten sektorin mahdollinen kriisiytyminen vaikuttaisi maan talouteen ja mitä se merkitsisi euroalueen kasvulle. Suorat vaikutukset rahoitussektorin kautta näyttävät euroalueen osalta vähäisiltä. Jos kiinteistösektorin ongelmat leviäisivät Kiinassa laajemmin reaalitalouteen ja epävarmuus kasvaisi maan ulkopuolella, vaikutukset myös euroalueelle olisivat selvästi isommat.
    Keywords: ddc:330
    Language: Finnish
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  • 12
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    Helsinki: Bank of Finland, Bank of Finland Institute for Emerging Economies (BOFIT)
    Publication Date: 2022-04-02
    Description: Kiinan autotuotanto käynnistyi länsimaihin verrattuna hyvin myöhään, mutta nykyään Kiina on maailman suurin autojen tuottaja sekä markkina-alue. Autojen vienti länsimaihin on kuitenkin yhä vähäistä. Tässä selvityksessä tarkastellaan heikon vientimenestyksen syitä sekä pohditaan, mikä on ollut yhteisyritysten rooli kehityksessä. Havaitaan, että ulkomaiset autovalmistajat ovat keskittyneet lähinnä Kiinan kotimarkkinoille ja välttäneet uusimman ja kehittyneimmän teknologiansa tuomista yhteisyrityksiin mm. kopiointipelon vuoksi. Lisäksi arvioidaan koronakriisin, kauppasodan sekä autokannan vähittäisen sähköistymisen vaikutuksia Kiinan asemaan globaaleilla automarkkinoilla. Koronakriisi ja kauppasota ovat saaneet Kiinan kääntymään sisäänpäin ja korostamaan sekä kotimarkkinoiden että tuotantoketjujen suuremman omavaraisuuden merkitystä. Kiinan autoteollisuus kuitenkin kansainvälistyy sähköautojen avulla. Niissä kiinalainen laatu ja osaaminen ovat lähempänä kansainvälistä tasoa kuin perinteisissä polttomoottoriautoissa, ja Kiina on onnistunut kilpailemaan myös niiden hinnoilla globaaleilla automarkkinoilla.
    Keywords: ddc:330 ; Kfz-Industrie ; China
    Language: Finnish
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  • 13
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    Helsinki: Bank of Finland, Bank of Finland Institute for Emerging Economies (BOFIT)
    Publication Date: 2022-04-02
    Description: Globaalit energiamarkkinat ovat olleet murroksessa koko 2000-luvun. Viimeisen kahdenkymmenen vuoden aikana energian kysynnän kasvu on siirtynyt voimakkaasti nouseviin talouksiin samalla kun öljyn ja maakaasun tuotantoteknologiat ovat kehittyneet merkittävästi. Vielä suurempi murros energiamarkkinoilla näyttää kuitenkin olevan edessä. Monien maiden kunnianhimoiset ilmastotavoitteet voivat vähentää globaalia energian kysyntää huomattavasti ja suunnata sitä entistä enemmän uusiutuviin energianlähteisiin. Venäjän taloudelle tällä saattaa olla merkittäviä vaikutuksia, koska öljy- ja kaasusektorin rooli taloudessa on suuri. Tässä julkaisussa tarkastellaan Venäjän öljy ja kaasusektorin viimeaikaista kehitystä ja tulevaisuudennäkymiä globaalien energiamarkkinoiden murroksen taustaa vasten.
    Keywords: ddc:330 ; Energiemarkt ; Welt
    Language: Finnish
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  • 14
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    Helsinki: Bank of Finland
    Publication Date: 2020-05-08
    Description: Koronaviruksen taltuttamisen seurauksena talouttamme on kohdannut samanaikaisesti en-nennäkemätön tarjonta-, kysyntä- ja rahoitusmarkkinahäiriö, joka leikkaa ison loven ta-louteemme. Talousvaikutusten arviointi edellyttää tietoa epidemian kestosta, jota mallinne-taan epidemiakäyrän avulla. Epidemian kesto, rajoitustoimien tehokkuus, talouspolitiikka ja kansalaisten valinnat yhdessä ratkaisevat, kuinka suureksi koronakriisin kansantaloudelliset kustannukset lopulta muodostuvat. Yksityisen ja julkisen sektorin taseiden heikkeneminen kriisin aikana hidastaa talouden elpymistä taantumasta. Osa tuotantomenetyksistä jää pysy-viksi.
    Keywords: ddc:330 ; E10 ; E23 ; E60 ; J48 ; Suomen talous ; Covid-19 ; ennusteet ; koronakriisi
    Language: Finnish
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  • 15
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: Many elderly people in Finland could increase they standard of living and receive more freedom of choice regarding long-term care by releasing part of their housing equity. The possibility to purchase reasonably priced life annuities and long-term care insurance would increase the benefits of housing equity release. However, there is virtually no market for such insurance in Finland. This report illustrates the benefits of life annuities and long-term care insurance, provides example of actuarially fair insurance pricing, and describes the conditions for this market to emerge. It argues that the government should support the emergence of an insurance market by clarifying the public welfare promise related to old age care and by promising not to seize private pension and long-term care insurance payouts e.g. via higher user fees for publicly provided long-term care.
    Keywords: ddc:330 ; H24 ; G22 ; Long-term care insurance ; Life annuities ; Ageing
    Language: Finnish
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  • 16
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: In this paper, we analyse the economic impacts of the low-carbon roadmap made for the Finnish forest indus-tries. The analysis is based on a future scenario provid-ed by AFRY. Given the unit prices and production levels of six forest industry production categories, we assess the value added and employment effects to the Finnish economy. If the scenario is fulfilled, the change would be stark compared to the developments in the previous decades. The value added of forest industries would in-crease 55-75% from 2017 to 2035 and 90-135% from 2017 to 2050. The indirect effects through the value chains would be of similar magnitude. If the develop-ment of labour productivity would remain at recently ob-served levels, the increased forest industry production would maintain the current employment leve
    Keywords: ddc:330 ; L6 ; L73 ; Q01 ; Forest industry ; Climate change ; Low carbon ; Impact ; Value added ; Employment
    Language: Finnish
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  • 17
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: In this paper, we study service exports by Finnish companies,with a special focus on their EU trade. We use a register-based dataset of all Finnish service export firms. We find that service export growth has been fast. In 2010–2017, Finland's service export volume grew by more than 50%, which exceeded the corresponding growth in service exports in Sweden, Denmark and Germany. 53%of Finnish service exports were directed to the EU. According to the results, the number of Finnish companies that engage in service trade to the EU has increased by around 55% since 2010. The share of exports by service industries has also increased dramatically and reached 65% of the total service trade to EU in 2017. Manufacturing accounts for almost 29% and other industries, such as utilities and construction, 6% of the total service exports to the EU. The study also yielded preliminary results on the impact of Business Finland's activities on service exports. In these analyses, it was found that there was a significant degree of uncertainty in the estimates, and no statistically significant impact on the growth of service exports was found.
    Keywords: ddc:330 ; F14 ; F60 ; L8 ; O38 ; Service ; Service exports ; Subsidy ; Financing ; Impact
    Language: Finnish
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  • 18
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: The role of the digital technologies are becoming increasingly important in our day-to-day life. Digital technologies have become part of our social life as well as business operations across different industrial and public sectors. Because of digitalization the internet protocol and data traffic have been on the rise for several years. A few studies and estimates have been presented about the increasing future use of energy and electricity. Occasionally consumer behaviors have been claimed to be behind of these increases in electricity use.This report makes an effort to understand the energy and electricity consumption of the Finnish Information sector (ICT-sector) from 2011 until 2017. Additionally, we compare the Finnish electricity use to other Europe-an countries with similar data available. The findings of this study are partly inconsistent with those previously presented in terms of future energy and electricity use. Our report also shows that energy efficiencies of the information sector have not been retained while the internet protocol and data traffic have been increasing in both fixed and mobile networks
    Keywords: ddc:330 ; L8 ; L82 ; L86 ; L94 ; Information economy sector ; ICT ; IP traffic ; Data use ; Energy consumption ; Electricity consumption
    Language: Finnish
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  • 19
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: The spatial concentration of production and population to urban areas is an important theme in societal discussion. The spatial concentration of economic activity is called agglomeration in urban economics. The economic impact of agglomeration is seen in the productivity of firms. Understanding agglomeration and its impacts is important from the point of view of transport, business and urbanization policies. This report lays out a theoretical framework that can be used to analyze the impacts of agglomeration and examine how the improvements of the transport system affects agglomeration. The recent empirical literature on the impact of the transport system on agglomeration is reviewed and the challenges of this literature are discussed. The focus is especially on how the impact of changes in the transport system on agglomeration can be analyzed in a reliable way. The main threats to reliable analysis are double counting of benefits and poor research designs leading to too large estimates of the elasticity between accessibility and productivity. The report provides recommendations on how the transport appraisal frameworks should be developed to capture agglomeration effects, and highlights the need for Finnish research on this subject.
    Keywords: ddc:330 ; R42 ; H43 ; H54 ; Transport system ; Agglomeration ; Wider economic impacts
    Language: Finnish
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  • 20
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Coronavirus ; Volkswirtschaft ; Russland
    Language: Finnish
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  • 21
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Energiewirtschaft ; China
    Language: Finnish
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  • 22
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Intia ; talous ; talouspolitiikka ; protektionismi ; talousuudistukset
    Language: Finnish
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  • 23
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We examine the growth of real value added, labour input and labour productivity of immigrant-owned firms in Finland in 2007–2016. In our analysis we use the so-called FLOWN (Finnish Longitudinal OWNer-Employer-Employee) data by Statistics Finland that allows linking register information on firms, their owners and employees. As immigrant-owned firms account for a few percent of all firms and about one percent of all labour in the business sector, their contribution to the growth of output and employment must be limited. However, the growth rate of their real value added is markedly stronger than in other firm groups. Their job creation rates are exceptionally high but their job destruction rates are, however, about the same magnitude as in the indigenous-owned firms. The immigrant-owned firms have created a relatively large amount of low productivity and low wage jobs. On an average, their wage growth has been somewhat higher than in other firms, but pro-cyclical variation of wages has been stronger.
    Keywords: ddc:330 ; J15 ; J21 ; J24 ; E24 ; Immigrants ; Output growth ; Employment growth ; Productivity growth ; Creative destruction
    Language: Finnish
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  • 24
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: The aim of this paper is to broaden the knowledge concerning the development of Finnish firms’ innovation activities. The results show that during 2008–2017 the share of overseas R&D has risen. Currently, 14–25% of Finnish firms’ total R&D are conducted overseas. If Nokia is taken into account, the share of overseas R&D rises to 53–65%. Furthermore, the results suggest that Finnish firms invest approximately Eur 1.8 billion in innovation activities outside the traditional R&D definition.
    Keywords: ddc:330 ; O31 ; O32 ; Research ; Development ; R&D ; Company ; BERD ; Internationalization ; Globalisation ; Innovation ; Finnland
    Language: Finnish
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  • 25
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We study the use of pension funds in the Finnish earnings-related pension system with the aim of smoothing contributions over time under demographic and economic risks. Smoothing is affected by the revisions in long-term forecasts and is thus imperfect. As a partially funded defined-benefit system, demographic risks and asset yield risks directly affect the contributions. In a general equilibrium setup, these risks also affect wages and thus pension benefits and replacement rates. We also consider alternative benefit rules where risks are transferred more to the pensioners.
    Keywords: ddc:330 ; E17 ; H55 ; Pensions ; Funding ; Contribution smoothing ; Risks ; Generational fairness
    Language: Finnish
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  • 26
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    Helsinki: Bank of Finland
    Publication Date: 2020-01-18
    Description: Talouden kehitystä kuvaavat tilastoaineistot valmistuvat viiveellä, ja tilastojen lukuja tarkennetaan eli revisioidaan lähdeaineistojen täydentyessä ja tarkentuessa. Tässä artikkelissa tarkastellaan kansantalouden neljännesvuositilinpidon tavaroiden ja palveluiden tilin (entinen huoltotase) revisioita. Artikkelissa kuvaillaan Suomen bruttokansantuotteen kausitasoitetun volyymin ja sen kysyntäerien revisioita ja testataan mahdollisuuksia ennakoida revisioita. BKT:n kasvun estimaatit ovat tulosten mukaan hieman harhaisia tarkastelujakson aikana, ja revisiot ovat suurimmillaan suhdanteen käännepisteissä sekä kahdella ensimmäisellä vuosineljänneksellä. BKT:n neljännesvuosikasvun revisiot eivät ole ennakoitavissa pelkkää BKT-aineistoa käyttämällä, mutta tavaroiden ja palveluiden tilin tilastollisella erolla on jonkin verran ennustekykyä. Kysyntäeristä mittaluokaltaan suurimmat revisiot ovat voimakkaasti vaihtelevilla tuonnilla ja viennillä, mutta nettoviennin revisiot jäävät pieniksi tuonnin ja viennin tarkentuessatyypillisesti samaan suuntaan. Yksityisen kulutuksen revisiot ovat maltillisia, mutta erän suuresta koosta johtuen revisiot ovat merkittäviä kokonaiskysynnän kannalta.
    Keywords: ddc:330 ; E01 ; E20 ; E23 ; Suomi
    Language: Finnish
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  • 27
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: Occupational restructuring means that worker skills need to be updated, broadened or totally renewed. This report focuses on persons whose employment prospects have been particularly challenged by occupational restructuring: persons who in the mid-1990s were employed in occupations characterized by declining employment throughout the period of study, i.e. up to the year 2009. The analysis focuses on their participation in various modes of adult education and their long-term labour market outcomes. Employees in declining occupations are found to have participated only moderately in adult education. The result is the same also when adult education is split into four main modes, and into shorter and longer time horizons. Younger cohorts and those with a higher education are strongly overrepresented among those participating in adult education programmes leading to a certificate. The labour market status of the older cohorts and the low-educated is typically much weaker, and labour market training their most common form of adult education. In view of these findings, it would be imperative to reliably evaluate the economic but, to the extent possible, also the social effects of adult education and its various modes.
    Keywords: ddc:330 ; J24 ; J62 ; I21 ; E24 ; Occupation ; Occupational restructuring ; Adult education ; Labour market training ; Labour market status ; Age ; Education
    Language: Finnish
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  • 28
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: EU's trade sanctions against Russia came into force 1.8.2014. Sanctioned products were exported to Russia at a value of 22 billion euros during the time period 2001-2017. The most important exporting countries were Ukraine, China, South Korea, Germany and the United States. Exports of banned products from a country to Russia may be very high in some years and very small in other years. Some products have been exported even during the years 2015-2017 at a value of 2,2 billion euros because export contracts which were made before 1.8.2014 are still in force and the ban on exports of sensitive technology concerns only products, the destination of which is forbidden projects in the oil sector. The exports of the sanctioned products from the whole world to Russia fell substantially in the year 2015 from 1,6 billion euros in the previous year to 0,7 billion euros, which corresponded to the level in 2005. Finland exported banned products to Russia during the years 2001-2017 at a value of 0,57 billion euros. In the years 2010-2011, there were exceptionally big deliveries at a value of 0,2 billion euros. In relation to our total export of goods to Russia, this accounted for a share of 6,6 percent in the year 2010, the corresponding share for the whole world was one percent. In the other years before the sanctions, Finland's percentage share has been substantially smaller than the average share of the whole world and after they have been imposed Finland's share has fallen less than in other countries. We draw the conclusion that Finland has suffered less from the trade sanctions than the rest of the world on average.
    Keywords: ddc:330 ; F13 ; F14 ; Trade sanctions ; EU ; Russia ; Exports ; Arms
    Language: Finnish
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  • 29
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: At present, businesses in Finland can deduct the cost of many investment goods from taxable income only gradually over several years. Higher expensing limits would allow them to deduct investments costs faster, while full expensing would allow them to deduct the cost of investment goods in full in the year they are purchased. In this report, I explain how investment expensing rules affect the profitability of investment and the neutrality of the corporate taxation and discuss how higher expensing limits or a move to full expensing would likely affect investment and public finances in Finland. The current relatively low corporate tax rate, low interest rates, and the special tax treatment of dividends from non-listed companies reduce the likely impact of higher expensing limits on aggregate investment. However, the risks to public finances would be small as well. From the point of view of tax neutrality, a permanent move to full expensing should be combined with the elimination of interest deduction for investment loans.
    Keywords: ddc:330 ; H25 ; D25 ; Capital expensing ; Investment ; Corporate taxation
    Language: Finnish
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  • 30
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2021-08-24
    Description: This report studies working time and competitiveness. The first part of the report compares working time in Finland to other European countries using working time data from Eurostat and provides a review of the economics literature on working time and employment. The second part of the report studies the impact of the Competitiveness Pact on employment and Finnish competitiveness using Etla's macro model. This analysis separates the impact of working time extension and social security contributions and taxation on employment. The results of the working time comparison show that the average hours worked are little less than an hour shorter in Finland compared to the EU average. The low incidence of part-time work increases the average hours worked in Finland, while the working hours of both full-time and part-time employees are among the shortest in Europe. Annual holidays, public holidays and absences decrease working time in Finland more than in most other European countries. The literature review shows that the impact of working time changes on employment depend crucially on how they affect labor costs. The Competitiveness Pact increased employment and improved Finnish competitiveness. Working time extensions account for about 40% of the employment impact, while the rest is accounted for by the reductions in social security contributions and taxation.
    Keywords: ddc:330 ; E24 ; E27 ; E65 ; J23 ; Employment ; Working time ; Competitiveness ; Competitiveness pact
    Language: Finnish
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  • 31
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In the report we analyse the reasons for the weakness of Finland’s economic performance over the past decade and assess the growth prospects in the coming 5 years. The weakness of Finland’s performance relative to comparative EU-countries since 2009 can largely be explained by the collapse of Nokia’s production and the deterioration of cost competitiveness. The recovery in turn stems from a stronger export market growth, the fading away of the negative Nokia shock, and the improvement of cost competitiveness. Of the rise of employment by some 100 000 jobs since 2015 about half can be explained by a number of policy measures to increase labour supply and the so-called competitiveness pact. Based on a realistic assumption on productivity growth, we estimate that Finland could achieve an annual growth rate of about 2 per cent in the coming 5 years. This requires, nevertheless, that the employment rate increases by 2023 to the level reached by comparative countries. Although such a change would not be greater than what is taking place during the current government period, ambitious reforms are needed to achieve this.
    Keywords: ddc:330 ; E37 ; E61 ; E62 ; F10 ; J11 ; J20 ; O11 ; Growth ; Employment ; Productivity ; Labour supply ; Competitiveness ; Finland’s economy ; Wirtschaftswachstum ; Produktivitätsentwicklung ; Arbeitsangebot ; Internationaler Wettbewerb ; Finnland
    Language: Finnish
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  • 32
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In Finland, universities have the explicit mandate to support the transformation of high-quality knowledge into profitable business, as well as to promote the creation of new businesses and workplaces within the boundaries of their so-called third mission. This report looks at how Finnish universities perform in the task. The results point at a clear lack of dedicated resources. The underlying reason is systemic: performance is not linked to incentives in the form of public university funding. Currently, resources for the implementation of the third mission are largely obtained via competition from external sources, endangering the continuity of the technology transfer function and creating disincentives to invest in its development. The lack of incentives is echoed among researchers: Nearly half of the scientists who, according to their own view, have made economically valuable findings state they do not find the time to promote their exploitation. The report proposes several remedies: (1) the performance of universities in their third mission needs to be metered. (2) These metrics need to be linked to earmarked public university funding; (3) Individual-level metrics concerning the exploitation of their findings should encourage researchers and promote their academic careers. In order to support more rapid cultural change, universities could (4) recruit professors directly from the business world; and (5) set up cooperative, joint laboratories with industry in their respective strategic research areas.
    Keywords: ddc:330 ; O31 ; O32 ; O33 ; O38 ; O43 ; O52 ; D02 ; I23 ; I25 ; I26 ; I28 ; Technology transfer ; Third mission ; Commercialization ; University ; Higher education ; Hochschule ; Technologietransfer ; Kommerzialisierung ; Bewertung ; Finnland
    Language: Finnish
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  • 33
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: Banking and financial services have traditionally been a heavily regulated industry where technology alone has not been a sufficient factor to transform the operating architectures of the industry. The pervasive view in the financial industry has been that digitalization and its integrational development will take place on the platforms of the banks. Due to the inherent secondary nature of financial services, however, it is more likely that the customer interface of financial services will increasingly migrate towards primary service platforms. As a result, the commoditization of payment processing services is expected to increase. Additionally, the visibility into customer data will become more opaque and the value capturing capabilities of the financial industry will be radically redefined. Furthermore, a strategic impact can also be anticipated on several public institutions, such as financial supervisory authorities, the tax administration and other public registry holders.
    Keywords: ddc:330 ; G2 ; L2 ; L22 ; Platform: embedded banking ; Distributed banking ; Open banking ; Platform ; Distributed ledgers ; Blockchain ; FinTech ; Bank ; Finanzdienstleistung ; Digitalisierung ; Branchenentwicklung
    Language: Finnish
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  • 34
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330
    Language: Finnish
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  • 35
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330
    Language: Finnish
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  • 36
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330
    Language: Finnish
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  • 37
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Öffentliche Finanzen ; Hongkong ; China
    Language: Finnish
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  • 38
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We characterize increases and decreases in plant-product -level output sales in the Finnish manufacturing sector during years 2006 to 2015. We show that during the recession of 2008 to 2009, the intensity of variation in plant-product -level sales diminished, and it took several years until the intensity of variation reached its pre-recession level. However in 2015 the intensity of variation was largest since 2006. We also decompose the changes in the plant-product -level output sales into changes in volume and changes in price.
    Keywords: ddc:330 ; L11 ; L23 ; L25 ; L60 ; O12 ; Production ; Renewal of product structures ; Measurement of prices and quantities ; Manufacturing ; Diversifikation ; Industrie ; Finnland
    Language: Finnish
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  • 39
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this study we analyse the development of business investments in Finland and in other countries of comparison on the basis of national accounts, survey data and a sector-level general equilibrium model. According to the results, the decline in investments in Finland is mainly explained by two factors: the decrease in the investments in construction and the collapse of the research and development costs of the Nokia cluster. The aggregate production has, however, dropped almost at a corresponding rate with the investments. For this reason, the investment rate of companies is currently almost at the same level as in the years 2000–2008. However, after the financial crisis the development of investment volume has been weaker in Finland than in many other countries. The differences cannot be explained by the availability of debt financing, as access to capital in clearly better in Finland than in most other European countries. The investment rate in Finland is reduced especially by weak future prospects for the growth of productivity. The anticipated decline in the labour force also somewhat hinders the rate of investment. The analyses also show that Finland competes against Estonia for manufacturing investments as well as for headquarter locations. In the long term, the greatest concern is that in industries other than electronics, the Finnish private R&D investments are no higher than the European average. In other words, Finland does not seem to have an especially strong ambition to seek for a competitive advantage in innovations.
    Keywords: ddc:330 ; E22 ; O34 ; Investment ; Business ; Structural change ; Comparison ; Financial constraint ; Investition ; Strukturwandel ; Fremdkapital ; Produktivitätsentwicklung ; Finnland
    Language: Finnish
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  • 40
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we re-assess the role of so-called job banks as mediators into the open labour market but also as employers of unemployed job-seekers. The focus is primarily on the unemployed who became job bank clients during 2013. We follow up the labour market situation of these individuals during one year’s timeahead, until the end of 2014. In the latter part of the report, we compare the main findings to those obtained for the unemployed having re-entered the labour market with the help of a job bank either in 2011 or 2012. We present two different sets of results concerning individuals’ near-future labour market experiences. The first set illustrates the development of their employment situation more generally both before and after employment via a job bank while the second set reports results obtained from using statistical evaluation methods. The results indicate that the labour market prospects of those having been employed via a job bank have, on average, been clearly better than for identical unemployed persons who did not use the services of a job bank. Moreover, those employed via a job bank often also seem to have faced better opportunities to stay employed. The results are the same irrespective of whether or not the job bank client‘s employment involves wage subsidies.
    Keywords: ddc:330 ; I38 ; J64 ; Job bank ; Employability ; Employment ; Active labour market policies ; Impact ; Evaluation ; Subsidies ; Youth ; Arbeitsvermittlung ; Arbeitsmarktintegration ; Aktivierende Arbeitsmarktpolitik ; Wirkungsanalyse ; Finnland
    Language: Finnish
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  • 41
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report is a synthesis of the previous literature analyzing the role of different types of companies on economic growth and employment, and an overlook on the impacts of different policy measures on companies. The role of large companies in the economy is still significant, although diminishing. However, the size of a company is nearly always determined at the company level, rather than at the group level, which brings some uncertainty to the interpretation of the results. Majority of the research on public corporate funding concerning Finland focuses on R&D subsidies; there are fewer studies covering other business subsidies and public venture capital investments. R&D subsidies have mostly positive impacts on employment, especially among young and small companies. Impacts on the productivity are, however, uncertain. Cooperation of public and private investors maximizes the impact of public venture capital investments. The other business subsidies may help firms to grow larger but do not improve their productivity.
    Keywords: ddc:330 ; L25 ; O14 ; O47 ; J21 ; J23 ; Growth ; Company ; Employment ; Firm size ; Small ; SME ; Value added ; Productivity ; Forschungsfinanzierung ; Risikokapital ; KMU ; Wirtschaftswachstum ; Erwerbstätigkeit ; Produktivität ; Betriebsgröße ; Finnland
    Language: Finnish
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  • 42
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: There is a lack of comprehensive information on the quality of management in Finland as compared to other countries. Funded by the Strategic Research Council, the Skills, Education and the Future of Work research project has started filling this gap. As part of the project, an extensive survey concerning management practices has been implemented for Finnish manufacturing establishments. Its design meticulously follows the Management and Organizational Practices Survey (MOPS), a survey conducted by the US Census Bureau. The United States is a useful benchmark for international comparisons, because its management practices have been recognised as the best in the world in studies that utilise a long-standing survey project called the World Management Survey (WMS). Even though the WMS is an open-ended interview survey, whereas the MOPS is based on closed-ended questions, the two surveys are based on the same theoretical framework. This report introduces the Finnish Management and Organizational Practices (FMOP) survey data and presents some interesting preliminary observations. The FMOP data do not contain establishments that belong to firms with fewer than 50 employees. When calculating averages for Finnish manufacturing, two different imputation methods are used to estimate management scores for these missing establishments: a baseline and a (very) conservative one. Our conservative method provides us with an approximate lower limit for the scores. The analysis reveals large dispersion in management practices between establishments and that the average management score for manufacturing is 0.52, with a lower limit of 0.46. Furthermore, a clear positive connection is found between number of employees and management. Rather than looking at unweighted averages, it is more relevant, in terms of competitiveness, to study how much of the workforce is allocated into well-managed establishments. A decomposition of industry management practices shows that labour is more heavily allocated to larger establishments with higher quality management. The allocation effect is between 29% and 20% of the aggregate (employment weighted) average management score, depending on the imputation method applied. Further analysis shows that, even though the allocation effect is significant in size, it appears to be substantially smaller than in the United States. This reflects the fact that, when compared to Finland, a much larger share of the US workforce is employed by very large, well-managed establishments. The management scores are only slightly behind those of the US and, depending on the imputation method, and either a bit higher than or on par with those of Germany. This suggests that management practices in Finnish manufacturing are on an internationally competitive, high quality level.
    Keywords: ddc:330 ; L2 ; M2 ; O32 ; O33 ; Management practises ; Productivity ; Competitiveness ; Reallocation ; Management ; Produktivität ; Industrie ; Finnland
    Language: Finnish
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  • 43
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: International literature suggests that productivity growth of the global frontier firms – those in the best five percent – has diverged from the others during the 2000s. We study this issue using Finnish firm-level data. We find that the productivity of the Finnish frontier firms does not diverge from the others to such a degree as in the international comparisons. The findings do not provide clear evidence of a slowdown in the diffusion process. We also analyze whether frontier firms are associated with characteristics related to digitalization – and do not find clear evidence of that either. This might be related to the fact that the employed measures are related to technology adoption – not to the creativity or efficiency of its use.
    Keywords: ddc:330 ; D22 ; O30 ; O40 ; Productivity ; Divergence ; Diffusion ; Ddigitalization ; Finland ; Produktivität ; Betriebsgröße ; Unternehmen ; Computerunterstützung ; Automatisierung ; Finnland
    Language: Finnish
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  • 44
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    Helsinki: Bank of Finland
    Publication Date: 2020-01-18
    Description: Keskuspankit ovat perinteisesti laskeneet liikkeeseen seteleitä yleisön käytettäviksi. Digitalisaation myötä setelit alkavat olla teknisesti vanhentunut maksuväline, ja jotkut keskuspankit ovat harkinneet vähittäismaksamiseen soveltuvaa elektronista keskuspankkirahaa. Elektroninen keskuspankkiraha tarjoaisi yleisölle mahdollisuuden pitää hallussaan keskuspankkirahaa mahdollisessa setelittömässä tulevaisuudessa. Lohkoketjuteknologia nykyisellään todennäköisesti sopisi tarkoitukseen huonosti, sillä se ei pysty käsittelemään riittävän suurta määrää transaktioita. Elektronisella keskuspankkirahalla olisi todennäköisesti muille keskuspankkipolitiikan lohkoille merkittäviä vaikutuksia, joita olisi selvitettävä huolellisesti.
    Description: An English translation of this article was published under the title ”Central bank digital currency”, BoF Economics Review 5/2017: http://urn.fi/URN:NBN:fi:bof-201711211668
    Description: Central banks have traditionally issued cash to the general public. With digitalisation, banknotes are becoming a technically outdated payment instrument, and some central banks have explored the possibility of central bank-issued electronic money applicable to retail payments. Electronic central bank money would offer the public the possibility to hold central bank money in a potentially cashless future. In its present form, blockchain technology would probably not be a suitable solution, since it is unable to process a sufficiently large number of transactions. Electronic central bank money would potentially have significant implications for other areas of central bank policy, which should be meticulously analysed.
    Keywords: ddc:330 ; G21 ; E58 ; E42 ; keskuspankkiraha ; digitaalinen keskuspankkiraha ; money ; central banks ; central bank electronic money
    Language: Finnish
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  • 45
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    Helsinki: Bank of Finland
    Publication Date: 2020-01-18
    Description: Tässä 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.
    Keywords: ddc:330 ; E32 ; E24 ; luova tuho ; yritysdynamiikka
    Language: Finnish
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  • 46
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    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Energieversorgung ; China
    Language: Finnish
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  • 47
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    Unknown
    Helsinki: Bank of Finland, Institute for Economies in Transition (BOFIT)
    Publication Date: 2022-04-02
    Keywords: ddc:330 ; Entwicklung ; China
    Language: Finnish
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  • 48
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: The amount of work done in the economy has been subject to a lot of debate in Finland recently. Unemployment is considered a major problem. On the other hand, extending annual working time receives little support. In fact, a widely held view is that one should reduce the working time of the currently employed so that more people could be employed. The efforts of the Government to increase labour input, i.a. by reducing length of annual leave or the number of banking holidays are widely criticised. In the report we first describe how much work is done in Finland. Secondly, we recall the key messages of economics about the determination of labour input in a market economy. Thirdly, we endeavour to argue why, in the current Finnish circumstances, increasing the amount of work is useful and important, why the idea of work sharing is flawed, and why reducing labour costs makes sense.
    Keywords: ddc:330 ; J2 ; J3 ; H5 ; E24 ; Work ; Labour input ; Employment ; Sustainability of public finances ; Erwerbstätigkeit ; Arbeitskosten ; Öffentliche Finanzen ; Nachhaltigkeit ; Finnland
    Language: Finnish
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  • 49
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report examines whether Google search queries can be used to predict the present and the near future house prices in Finland. Compared to a simple benchmark model, Google searches improve the prediction of the present house price index by 7.5 % measured by mean absolute error. In addition, search queries improve the forecast of near future house prices. Predicting the present and near future house prices is relevant information to many agents, such as realtors and political decision makers.
    Keywords: ddc:330 ; C1 ; C22 ; C43 ; C53 ; C82 ; E27 ; Google Trends ; Internet ; Nowcasting ; Forecasting ; Housing market ; Time series ; Prognoseverfahren ; Online-Recherche ; Immobilienpreis ; Zeitreihenanalyse ; Finnland
    Language: Finnish
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  • 50
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we study the development of Finnish startup firms based on both survey and register data. The sample includes all firms that were founded in the first half of the year 2005, and those firms have been monitored for eight years. We find that entrepreneurs in growth-oriented startups have had typically already some experience from being an entrepreneur or managing business, and have had success in risk-taking activities. Growth-oriented startup firms are in turn more likely to be networked with other firms and institutions, and are already in the startup phase larger than others. Growth-orientation correlates significantly with ex-post growth, but does not boost failure rates. Besides growth-orientation, the larger size of the firm in the startup phase and the limited liability company form correlate significantly positively with ex-post growth.
    Keywords: ddc:330 ; D92 ; L26 ; L53 ; M13 ; Entrepreneurship ; Growth firm ; Start-up ; Enterprise policy ; Entrepreneurship ; Unternehmensgründung ; Strategisches Management ; Unternehmenserfolg ; Finnland
    Language: Finnish
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  • 51
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we analyze the Finnish R&D tax incentive scheme of the years 2013 and 2014. Under the scheme, firms were eligible for double corporate tax deduction incentive on labor expenses incurred for undertaking R&D activities. Our report consists of a literature review, an empirical analysis of the Finnish register data, and an internet survey. We find that the scheme failed to reach its anticipated impact. The deduction was claimed far less than expected, the actual tax loss being only 8 % of the expected tax loss. Furthermore, our analysis suggests that the R&D tax incentive failed to reach clear, blind spots in the current Finnish, mainly direct-subsidy-based innovation system. Although the scheme’s design does not allow an unambiguous analysis of its impact on the R&D expenditure, our tentative results suggests that its impact remained rather small. The previous, international literature shows that the R&D tax incentives have an increasing effect on the R&D expenditures, but the impact tends not to exceed the amount of the tax subsidy. Based on our results it is unlikely that even a better-designed R&D tax deduction scheme would bring great value-added to the current, Finnish innovation system.
    Keywords: ddc:330 ; O38 ; H25 ; R&D ; Tax credits ; Forschungsfinanzierung ; Steuervergünstigung ; Wirkungsanalyse ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this study, we analyze the characteristics and development of Finnish startups based on firm-level data available in public databases. By startups we refer to young, small, and independent firms holding basic elements for growth. Some 4 000–5 000 of such firms are being established annually, of which 6–7% grow to employ at least 10 workers in three years and have had simultaneously increased their employment by at least 20% per annum. About one third of all startups operate in knowledge intensive services and altogether around 70% in services; only few dozen of new startups are in high-tech manufacturing industries. Approximately 70% of startups survive for at least five years. During this period, their employment has on average doubled. The most intensive growth spurt emerges usually in the very first years after establishing the business. Only a few percent of startups get venture capital investments or public innovation subsidies.
    Keywords: ddc:330 ; D92 ; L26 ; L53 ; M13 ; Entrepreneurship ; Growth firm ; Start-up ; Enterprise policy ; Unternehmensgründung ; KMU ; Unternehmenswachstum ; Unternehmenserfolg ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: About half of all new business activity in Finland can be categorized as being entrepreneurial. The number of this kind of new businesses has not increased dramatically during the last ten years. However, the characteristics of these businesses have changed. Nowadays, new entrepreneurs have higher education background, they have more likely work experience from a relevant field, they are more innovation-oriented, and they have higher initial growth aspirations. Their businesses are more likely to seek sales growth by utilizing international markets and by focusing more on consumer markets and less on business-to-business markets. On the other hand, maybe due to prolonged recession in the Finnish economy, the higher share of new entrepreneurial businesses is being started because there are no better opportunities to get a job. Heavy regulation and tight legislation are being seen as the most significant disincentives at the start-up phase. Growth-oriented new entrepreneurial firms see financial issues and labor market rigidities as significant restrictions for growth.
    Keywords: ddc:330 ; D92 ; L26 ; L53 ; M13 ; Entrepreneurship ; Growth firm ; Start-ups ; Growth-orientation ; Enterprise policy ; Unternehmensgründung ; Entrepreneurship ; Mittelstandspolitik ; Unternehmenswachstum ; Unternehmenserfolg ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report analyzes the role of the largest companies in the Finnish economy. According to the results, the ten largest companies in terms of their value added together produce 7,6 % of the Finnish GDP. In addition, these companies generate notable multiplicative effects in the economy. According to the findings, the productivity and the growth rates of the ten largest companies clearly surpass the economy average. In this study, it was also analyzed what kinds of macroeconomic effects will generated by Metsä Fibre’s investment into their new bioproduct factory in Äänekoski, Finland. The calculations were conducted for the construction phase and the production phase individually. According to these analyses, the construction phase alone will generate a positive impact on employment reaching thousands of man-years. However, the true significance of the investment will only become evident in the production phase, since not all investments of equal scale produce similar macroeconomic effects. Besides the characteristics of the examined industries, the size of these effects also depends on which countries acquisitions are made from.
    Keywords: ddc:330 ; F23 ; L25 ; E22 ; M21 ; L11 ; Large ; Largest ; Companies ; Firms ; GDP ; Productivity ; Gross domestic product ; Concentration ; Multiplier effect ; Investment ; Pulp ; Äänekoski ; Group ; Granular ; Concentration ; Großunternehmen ; Wertschöpfung ; Bruttoinlandsprodukt ; Produktivitätsentwicklung ; Multiplikator ; Finnland
    Language: Finnish
    Type: doc-type:report
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  • 55
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: In this report, we follow up the situation of individuals having re-entered the labour market with the help of a so-called job bank. The follow-up period extends over the next two years after their job-bank-mediated transition into the open labour market. We present two different sets of results concerning individuals’ near-future labour market experiences. The first set illustrates the development of their employment situation more generally while the second set reports results obtained from using statistical evaluation methods. The results show, inter alia, that the labour market prospects of those having been employed via a job bank have, on average, been clearly better than for identical individuals not having used the services of a job bank.
    Keywords: ddc:330 ; I38 ; J64 ; Job bank ; Employability ; Employment ; Active labour market policies ; Impact ; Evaluation ; Arbeitsmarktintegration ; Arbeitsvermittlung ; Erwerbstätigkeit ; Wirkungsanalyse ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: This report uses an international input-output dataset to present an analysis of Finland’s position in global value chains. The results show that intermediate products account for a larger share – some three-quarters – of Finnish exports than they do in most other countries. The share of foreign value added in Finnish export production is around the international average, but it has grown more rapidly than average. A higher share of foreign value added means that exports, on average, have less capacity to generate economic growth. The share of domestic value added has fallen particularly sharply in the fuel refining industry as well as in metal processing and the manufacture of metal products. The share of domestic value added has decreased more in Finnish than in Swedish industry. A value added based analysis changes the picture of Finland’s most important trade partners and our international economic dependencies. Based on the analysis Finnish economic growth is heavily dependent on Chinese and US final demand. Over 10% of Finland’s value added exports are ultimately destined for China, and almost the same proportion goes to the United States. However, the combined final demand from EU-28 countries still outweighs the demand from these two countries.
    Keywords: ddc:330 ; F14 ; F6 ; F62 ; F68 ; Globalisation ; Value chain ; Value network ; Global ; Value added ; Intermediate ; Input-output ; Internationale Wirtschaft ; Wertschöpfung ; Internationale Produktion ; Internationale Arbeitsteilung ; Vorleistungen ; Input-Output-Analyse ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We analyze 51 medium-sized manufacturing industry companies identified by Ali-Yrkkö and Rouvinen in their earlier research in 2015. Currently, out of these 51 companies with a staff of 250–499 employees in 2013, none are using digital platforms for business network management. It is typical for digital platforms that different actors can create, provide and maintain complementary products and services to the various distribution channels and markets, within the framework of mutually agreed business and contract rules, technical bourdary resources and a predefined user experience. Only seven companies (14%) offer digitally featured products and services. Digital product and service features are charted by using 26 different Finnish and English search terms, such as ’internet of things’, ’sensor’, ’cloud service’ and ’preventive maintenance’. Finally we consider four strategic questions for open boundary resources.
    Keywords: ddc:330 ; L6 ; L8 ; L86 ; L89 ; Digital platforms ; Boundary resources ; Digital offering ; Kemppi ; Internetportal ; Unternehmensnetzwerk ; Virtuelle Organisation ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: We consider the taxation of non-listed companies and their owners in Finland. We analyse how the current highly non-linear dividend taxation influences the allocation of labour and capital across different firms, average labour productivity and the equilibrium wage level. To this end, we use a general equilibrium model of firm investment where firms may have different production technologies. We find that the current tax system is likely to distort resource allocation compared to linear dividend taxation. This works to lower the average labour productivity as well as the general wage level.
    Keywords: ddc:330 ; D92 ; G35 ; H24 ; Dividend taxation ; Non-listed companies ; Productivity ; Kapitalertragsteuer ; Allokation ; Arbeitsproduktivität ; Finnland
    Language: Finnish
    Type: doc-type:report
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    Helsinki: The Research Institute of the Finnish Economy (ETLA)
    Publication Date: 2019-08-03
    Description: Unlike conventional contracts established through speech, written words, or actions, smart contracts are algorithmic, self-executing and self-enforcing computer programs. In this article, we analyze smart contracts from the perspective of digital platforms and the Finnish contract law. We examine how well the formation mechanisms of the general principles of contract law can be applied to the new technological framework of smart contracts. In addition, the adoptability of smart contracts as a part of our current legislation is evaluated on the basis of this analysis. We find that instead of a clearly defined single use case, smart contracts can be applied in a multitude of different ways, with highly varying goals and circumstances. We conclude that at least in some cases, smart contracts can create legally binding rights and obligations to their parties. The mechanism best suited for describing the formation of a smart contract seems to be analogous to a vending machine where the declaration of intent is implicitly expressed by performing contractual obligations. Contracts have not been formerly percieved as a technical boundary resource in the sense that platform ecosystems could foster broader network effects by opening their technical contracting interfaces to third parties. Smart contracts are an example of the new kinds of technology-enabled contracting practices to which companies and public policy makers should start preparing well ahead of time. However, due to the relative immaturity of the smart contract technology, the number of current real-world applications is still very limited. The evolution of digital platforms requires an approach with a combination of technological, economic and legal perspectives.
    Keywords: ddc:330 ; K12 ; K19 ; O33 ;