Search results for "talous"
showing 10 items of 874 documents
Sectoral policies cause incoherence in forest management and ecosystem service provisioning
2022
Various national policies guide forest use, but often with competing policy objectives leading to divergent management paradigms. Incoherent policies may negatively impact the sustainable provision of forest ecosystem services (FES), and forest multifunctionality. There is uncertainty among policymakers about the impacts of policies on the real world. We translated the policy documents of Finland into scenarios including the quantitative demands for FES, representing: the national forest strategy (NFS), the biodiversity strategy (BDS), and the bioeconomy strategy (BES). We simulated a Finland-wide systematic sample of forest stands with alternative management regimes and climate change. Fin…
Regional sustainability transition through forest-based bioeconomy? Development actors' perspectives on related policies, power, and justice
2022
Forests and forest-based bioeconomy have central roles in the contemporary sustainability transition. However, the transition towards a bioeconomy is loaded with tensions regarding economic growth, ecological integrity, and social justice. These tensions reproduce varying transition discourses. Political actors at the level of the European Union (EU) and nation states take part in the processes creating the discourses and aim to govern the forest bioeconomy-based transition in certain directions viewed as favourable. The transition tensions are strongly felt in regions that are rich with forest resources but poor in terms of economic and political power, called ‘forest peripheries’. In this…
Keep the faith in banking : New evidence for the effects of negative interest rates based on the case of Finnish cooperative banks
2021
This paper analyses the profitability of Finnish cooperative banks during the period of negative nominal interest rates. Contrary to expectations, the continuous decline in money market interest rates between 2009 and 2014, and the following negative rate era, did not have adverse effects on the profitability of banks at the beginning of negative interest rate period. Based on especially using a risk-adjusted measure for bank profitability, these results contrast with previous findings. In our findings, the increasing wholesale funding (WSF) ratio seems to be an important factor. However, after 2017 the banks have not been able to improve especially their risk-adjusted profitability so stro…
Cross-country variation in patience, persistent current account imbalances and the external wealth of nations
2022
This paper is the first to utilize large-scale international surveys on economic preferences to examine the long-run relationships between patience, current accounts and external wealth. We find robust empirical evidence that countries with more patient individuals tend to run persistent current account surpluses, which in turn result in the accumulation of foreign assets. This theoretically plausible but empirically unexplored relationship holds true for euro area current account imbalances, global current account imbalances and net foreign asset positions worldwide. While the existing current account literature concentrates on proximate macroeconomic determinants, this paper’s extension o…
On the stability of stablecoins
2021
This paper investigates the volatility processes of stablecoins and their potential stochastic interdependencies with Bitcoin volatility. We employ a novel approach to choose the optimal combination for the power law exponent and the minimum value for the volatilities bending the power law. Our results indicate that Bitcoin volatility is well-behaved in a statistical sense with a finite theoretical variance. Surprisingly, the volatilities of stablecoins are statistically unstable and contemporaneously respond to Bitcoin volatility. Also, whereas the volatilities of stablecoins are not Granger-causal for Bitcoin volatility, lagged Bitcoin volatility exhibits Granger-causal effects on the vol…
Wage-setting coordination in a small open economy
2022
This paper studies wage-setting coordination in a two-sector, open economy dynamic stochastic general equilibrium model. Two large sectoral unions anticipate the effects of their wage demands on aggregate variables. In an open economy, there are externalities that the unions can take into account to increase aggregate welfare, but the strategic interaction between the sectoral unions tends to erode this gain. When wage coordination takes place through a wage norm set by either of the sectors, this minimizes the strategic interaction. However, wage norms create welfare losses as sector-specific wage adjustment is required to make an efficient adjustment to shocks. Peer reviewed
Effects of the European Monetary Union on High-Technology Exports
2021
AbstractOur study estimates the effects of the European Monetary Union (EMU) on high-technology (HT) export and assesses the potential knowledge spillovers of such trade. Irrespective of the importance of the HT trade channel, none of the previous studies in the literature focus on the effects of a common currency on HT trade. Increasing trade in the HT sector may lead to more efficient use of resources and help countries to move towards a knowledge-based economy. Moreover, it may lead to higher overall growth. After considering multilateral resistances, pair fixed effects and bias correction in the preferred (three-way bias-corrected) model, EMU membership becomes negative and statisticall…
Do commodity assets hedge uncertainties? What we learn from the recent turbulence period?
2022
AbstractThis study analyses the impact of different uncertainties on commodity markets to assess commodity markets' hedging or safe-haven properties. Using time-varying dynamic conditional correlation and wavelet-based Quantile-on-Quantile regression models, our findings show that, both before and during the COVID-19 crisis, soybeans and clean energy stocks offer strong safe-haven opportunities against cryptocurrency price uncertainty and geopolitical risks (GPR). Soybean markets weakly hedge cryptocurrency policy uncertainty, US economic policy uncertainty, and crude oil volatility. In addition, GSCI commodity and crude oil also offer a weak safe-haven property against cryptocurrency uncer…
Budjettipuhe valtaa eduskunnan : kansanedustajien budjettipuheenvuorot vallankäytön välineenä
2010
Tutkielmani lähtökohta on eduskunnan lukujen valossa vaatimaton budjettivalta. Kolmen kuukauden prosessissa eduskunta lisää hallituksen alkuperäiseen esitykseen noin promillen suuruisen rahamäärän. Keskeinen kysymys kuuluu, toimiiko eduskunta tehottomasti. Perusteellisemmassa tarkastelussa nousee voimakkaasti esille myös parlamentin puhevalta. Tulevaisuuden tarpeiden korostaminen budjettipuheissa on keskeinen vallankäytön muoto. Se on eduskunnan kontrollivaltaa suhteessa hallitukseen. Teoreettisen kirjallisuuden lisäksi tutkimusaineistoni muodostuu vuonna 2009 eduskunnassa pidetyistä budjettipuheenvuoroista. Tekstin luentatapana pyrin käyttämään erottelujen, luokittelujen ja erilaisten puhu…
Spatial trade-offs between ecological and economical sustainability in the boreal production forest
2022
Economically-oriented forestry aims to sustain timber harvest revenues, while ecologically-oriented management supplies suitable habitat for species using deadwood as primary habitat. As these objectives are conflicting, planning for economic and ecological sustainability involves compromise and trade-offs. We analyze the spatial trade-offs between the economic value from timber harvesting and the volume of deadwood in the boreal forest. We assess these trade-offs from three perspectives: (1) landscape characteristics, affected by conservation strategies; (2) forest management promoting either economic or ecological values; (3) uncertainty in inventory errors undermining the estimate of the…