DOCSLIB.ORG

World Bank Document

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
World Bank Document Lgt\>(vP RESTRICTED Copy No. X4T INATIONAL BA^NK FOR RECONSTRUCTIOIN AldD DEVELOPIMENT Public Disclosure Authorized REPORT AND RECOM.IENDATTONS OF THE PRESIDENT Public Disclosure Authorized TO THE BOARPD OF EXECUTIVE DIRECTORS ON THE LOAN APPLICATION OF THE BANK OF FINLAND Public Disclosure Authorized GUMRANTE IM BY THE REPUBLIC OF FIVIAND July 22, 1949 Public Disclosure Authorized INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT REPORT AND RECQ\MEND&TIONS OF THE PRESIDENT TO THE XECUTIVE DIRECTORS CONCERNING THE PROPOSED LOAN TO THE BANK OF FINLAN Page PART I History of Negotiations 1 II Description of the Proposed Loan 2 III Appraisal of the Proposed Loan A. Finland's EconOm7nC Position 3 B. The Projects 5 C. Appraipal of the Proposed Loan 7 IV Compliance with the Articles of' Agreement 8 V Recommendation 10 Appendix I Loan and rGuarantee Agreements IT Finland's Economic Position III The Projects IV Report of the Statutory Loan Committee CONFIDmITIT.IA INTERNATIONAT BAT.1 FOR RECONISTRUCTIOT AND DEVELOPItITT REPORT MSD RSCOOHIfINDATIONS OF TIM PRESIDMNT TO TIE BXECUTIVE DIRECTORS CONCERNING THE PROPOSED LOAN TO THE BANK OF FINLi0ND 1. I submit herewiith the following report and recommendations wYith regard to an application by the Bank of Finland for a loan of $12,500,000. PART I -HISTORY OF NEGOTIATIONS 2. In February 1948 the MIinister of Finland in Ltashin.gton announced Pinland.s intention of a.Oplying to the Bank for a loan of $100 million for reconstruction p?urposes, and in the followring summier the Finnish Government suibmitted, at the recluest of the Bank, information relTting to Finlandis economic position. 3. In September 1948 the Fixnnish Government made an informal applica- tion for a reconstruction loan of $100 million to be spent in the four years 1949-1952, -for agriculture, the wood.working *nd-ustries, electric nowrer develop- ment, the cement and lime industry and transportation. 4. Followving receipt of thio application, the Bank sent a mission to Finland, wrhich spent from October 28 to November 17 assessing the eccno;mic situation, visiting indu$trial establishments, hydroelectric installations, ports and railways, and discussing the loan application with Government officials and leaders of the industries concerned. In the light of the in- formation so obtained, the Bank concluded tiat a loan of $12,500,000 would be appropriate. It was considered that the corrower shoudlcl be the Bank of Finland, that the loan should carry the guarantee of the Finnish Governlment, and that it shou.ld be for a term of not more than 15 years, amortization commencing in 1953. -2- 5.. Negotiation of a loan on this basis was started. on February 1, 1949. PART I-DESCRIPTION OF TBE PR0POS:E) L0ON Borrower 6. The borrower will be the Banlk of Finland., rhich wtas foundced as a state bannk in 1811 and which has operated, since 1867, wUider the supervision and guarantee of the Finnish Diet. The Bank of Finlanid has the nowers and re- sponsibilities of a central bank. Guarant or 7. The Finnish Government will guarantee fully the payment of iprincipal, interest (includ.ing commission) and other charges on the loan, eand all other obligations of the Bank of Finland in respect thiereof. The B:ank has been assured that enabling legislation has been passed. Amount 8. It is proposed to lend a total of $1z,500,OQO, to be allocated as follows: Electric Power $ 2,000,000 Wood.working Industries 10,000,000 Limestone Grinding 500,000 $12,500,000 Pur'jose 9. loan The is to provide the foreign exchange necessary to enable Finland to import equipment and materials for the coqmpletion of the first stage of an electric o-.ower program. for the reconstruction and mod.ernization of the woodworking industries, and for the expansion of limestone grinding capacity. The bull of such equipment axid material xill be -ourchased in the U.S.A. -3- Amortization 10. Tlhe loan will be repayable over a period of 15 years, Amortization will commence on February 1, 1953, and wlill continue thereafter by increasing half-yearly instalments sufficient to retire the entire loan by August 1, 1964. Interest Rate 11. The loan wrill bear interest (including commission) at the rate of LF- per annum. The half-yearly instalments of prir.cipal and interest, includ- ing commission, will amount to alpporoximately $"GPTa on and after February 1, 1953. It is proposed that the commission be established by the Bxecutive Di-rectors at 1% per ann,um. Commitment Charge 12. A commitment charge will be *rovidced, for in accordance with the #bA present policy of the Bank. Legal Instruments 13, Confidential drafts of the Loan and Guarantee Agreements are attached at Appendix I. PART III - APPRAISATi OF TIHE ?ROPOS)ED LOAN A. Finland t s Economic Position 14. A report on the economy of Finland dated JanuarY 31, 1949 has already been circulated to the Board. its conclusions, modified as necessary in the light of more recent developments, are given in Appendix II. Thlley may be summarized as followis: 15. Internal Political Situiation - Although the present minority government of Social Democrats (Socialists) is threatened by the "iDemocratic League" (a combination of Communists and left-wing Socialists) and, to a lesser degree, by the Agrarian Party, it has surwvived by narrow margiLns two votes of confidence in 1949 and may conceivably live through its remaining twvo years of office i-internal economic conflicts- are niot intensified andc if the international situation does not deteriorate. iInternational Relations - Internally, Finland continues to enjoy virtually complete independence in political and economic affairs. The neutrality of Sweden, and Finlandts deliberate propriety in her relations with the Soviet Union, have thus far enabled her to remain unaffected by the strained relations existing bet7ween the Great Powers. It must be acknowledged, however, that there are exceptional political riskcs in lending to Finland. 17. Reparations and Other Indemnities - Nearly 80% of the %650 million (in 1948 dollars) payable to the Soviet Union in the form of reparations and other indemnities had been paid off by the iniddle of 19h9, and, although some 414O million remain to be paid in the next three years, the burden oL such indemnities on the Finnish economy will disappear by the end of 1952. 18. Economic Effects of the *ar - Though Finland has gained slightly from wartime expansion of metals and engineering capacity, the war inflicted heavy losses in territory, population, agriculture, industry and shipping. 19. Post-war Recovery - Despite great handicaps, Finland has made a remarkable economic recovery. Both industrial production and the national income now exceed prewTar levels. 20. Internal Financial Situation - State finances are not now an infla- tionary element, and the restrictive credit policy adopted in 1947, but re- laxed slightly this year, has checked inflationary expansion of bank credit. in consequence, prices have until recently been Lalling steadily. Owing, how,,rever, to a reduction in the discount rate, derationing ad the recent devaluatiorn of 15%, the threat of inflation is still present and the situation wi32, continue to require careful handling. -5- 21. Postar Balan o - There have been balance of payments deficits of {13 million in 1947 and million in 948..4.45 If, however, reparations and other indemnities had been supplied on a commercial basis there would have been balance of payments surpluses of ,`g6 r.Aillion and ',49 million, respectively, in these years. 22. Future Balance ofPay,ments - ProspeQts for Finnish exports appzear favourable, despite the recent fall in world prices, and European couintries should be able to absorb increasiz^ quantities of timtiber aind wood products over the next few years, particularly since th3 Finnish Government has showm a readiness to make * whatever adjustments seem necessary, including devaluation, in order to maintain exports. The Finnish Governme-nt estimates that the end of reparations deliveries and conmletion of post-war reconstruction should, by 1953, result in a sur,)lus in the commercial balance of payments on current account suff'icient to cover debt amortization. 23. Finlandts dollar balance of payments is less favourable. To date she has had a series of deficits iinvolvin, dollar borrowing of ',18. million. There are, however, good possibilities that a surx lus can be achieved by 1953. 24. External Debt - Finland's debt record is excellent; she paid off a debt ' of ',206 million (about ',500 million at present prices) betwieen 1930 and 1939. She has built up a foreign debt of 0`362 mrillion since the war. However, even if this increased by as much as lOO million, as was at one tirmie contemplated, its service seems feasible, providing the marked neak of debt service in the middle 750s can be suceessfully negotiated by exteidixg existing credits or br new borrowing6 B. The Projects 25. The main consideration on which tlhe recommendations on, individual projects are based, given in more detail in Appendix II, may be summarized as follows: -6- Electric Powier 26. Shortage of electric power has been one of the main factors limiting production in the export industries and is still a handicap, although the position is improving. Total demand has risen in the last decade by 25% to 4.,000 million kwh a year. Owing partly to the loss of 30% of capacity in the ceded territories and partly to deficient water supply, output in 1948 was only 2,750 million kwh. 27. The development program now being carried out, mainly hydroelectric, should ensure adequate supplies if it can be completed on schedule. This program can be divided into tvwo stages. The first, involvirng 11 hydro- electric plants and 2 stean plants, is already far advanced and should be con- pleted by 1951.
Load more

Recommended publications
  • Toimintakertomus 2005
    Dnro 1/031/2006 15.3.2006 VALTION TALOUDELLISEN TUTKIMUSKESKUKSEN (VATT) TOIMINTAKERTOMUS 2005 Helsinki 2006 SISÄLLYSLUETTELO 1. JOHDON KATSAUS TOIMINTAAN ................................................................................................................................... 3 2. TULOKSELLISUUDEN KUVAUS ...................................................................................................................................... 5 2.1 TOIMINNAN VAIKUTTAVUUS .............................................................................................................................................. 5 TUTKIMUSALUE I TYÖMARKKINAT, VEROTUS JA SOSIAALITURVA ............................................................................................. 5 TUTKIMUSALUE II JULKINEN TALOUS, YRITYKSET JA INTEGRAATIO .......................................................................................... 9 TUTKIMUSALUE III YMPÄRISTÖ JA INFRASTRUKTUURIT ....................................................................................................... 11 TUTKIMUSALUE IV JULKISET PALVELUT JA ALUETALOUS ..................................................................................................... 14 2.2 TOIMINNALLINEN TULOKSELLISUUS .................................................................................................................................. 19 2.3 TULOSANALYYSI JA JOHTOPÄÄTÖKSET ............................................................................................................................
    [Show full text]
  • Bank of Finland Survey on Capital Requirements
    Bank of Finland Survey on Bank Capital Requirements: Preliminary Results April 2019 Bank of Finland Survey on Bank Capital Requirements Survey Team List of members of the Survey Team Esa Jokivuolle Bank of Finlandy Iftekhar Hasan Fordham University and Bank of Finlandy Kim Ristolainen University of Turku Gene Ambrocio Bank of Finlandy Members of the Survey Advisory Board Mark Flannery Thomas Gehrig Seppo Honkapohja William Kerr Philip Molyneux Steven Ongena George Pennacchi Tuomas Valimaki yThe Bank of Finland is the national monetary authority and the central bank of Finland. At the same time, it is also part of the Eurosystem, which is responsible for monetary policy and other central bank tasks in the euro area and administers use of the world's second largest currency - the euro. The Survey, its contents, and potential use does not necessarily reflect the views, opinion, and intended course of action of the Bank of Finland, its Board, or the Eurosystem. i Bank of Finland Survey on Bank Capital Requirements Survey Description Following the Global Financial Crisis of 2007{2009, banking regulation has undergone signifi- cant reforms. In conjunction, the academic literature on banking regulation has made a great deal of progress in identifying key issues and tackling many of these in turn. The optimal amount of capital banks should have remains a central question. In order to facilitate an overview of the current state and future of banking regulation, with a focus on bank capital requirements, we have conducted a survey addressed to leading academic experts worldwide in the field of economics and finance.
    [Show full text]
  • Seppo Honkapohja: 1St Hundred Years of the Bank of Finland
    Seppo Honkapohja: 1st hundred years of the Bank of Finland Speech by Mr Seppo Honkapohja, Member of the Board of the Bank of Finland, at the Finnish Economic Association XXXVII Annual Meeting, Helsinki, 12 February 2015. * * * The Bank of Finland was established in 1811, by an Imperial Decree of Emperor Alexander I. We are the fourth oldest central bank operating today. Only the Swedish Riksbank, the Bank of England, and Banque de France are older. The Bank of Finland is also more than 100 years older than Finland’s political independence, which was achieved only in 1917. In this speech I will tell you about the first hundred years of the Bank, including its old main building where we have this reception. The first task of the Bank of Finland was to separate the Finnish financial system from Sweden by issuing (rouble- and kopeck–denominated) notes, and by granting credits to Finnish landowners and merchants. The Bank of Finland was originally established in the city of Turku, in the south-west of Finland, and moved to Helsinki, the new capital of the country, in 1819. Initially the Bank operated out of a house owned by Commercial Counselor Sederholm, and then moved to the Senate House. A purpose-built building was completed on Tallinmaki, Nikolai Street, in 1883. I will shortly tell you more about the main building. Despite the efforts of the Bank of Finland, Swedish money remained widely used in Finland until 1840, when Finland went on the silver standard (following Russia), and the remaining Swedish paper money was withdrawn from circulation.
    [Show full text]
  • H.E. Harri Holkeri, President
    United Nations Nations Unies T HE PRESIDENT OF THE GEN ERAL ASSEMBLY LE PRESIDENT DE L’AS SEMBLEE GENERALE Biography of Mr. Harri Holkeri, President of the 55th Session of the General Assembly Mr. Harri Holkeri, the President of the fifty-fifth session of the United Nations General Assembly—the Millennium Assembly—brings to the post a wealth of political experience, as well as a reputation as a skilled mediator and consensus builder. He was Finland's Prime Minister from 1987 to 1991, and for over four decades has served his country and the international community in several political and economic posts. The most renowned and prestigious conservative political figure in Finland over the last few decades, he served as Secretary of the National Coalition Party from 1965 to 1971 and as Party Leader from 1971 to 1979. From 1970 to 1978, he was a Member of the Parliament. He also served as a Member of the Board of Governors of the Bank of Finland (central bank) from 1978 to 1997. As Prime Minister, he headed a coalition formed by his party and the Social Democrats. Mr. Holkeri played a key role in developing the social consensus that led to the creation of the coalition government in power from 1987 to 1991, and of which he was Prime Minister. That government was based on cooperation between the Conservative and the Social Democratic parties—a cooperation that extended to international affairs as well. His political philosophy— “You cannot make easy decisions unless you first commit yourself to hard solutions”—has guided his political life.
    [Show full text]
  • Olli Rehn's Calendar
    Olli Rehn’s calendar Governor of the Bank of Finland Member of the ECB Governing Council May 2019 Date Event1 Place 2 May Speech: ‘European Economic and Monetary Stockholm Policy Outlook’, Riksbanken and U.S. National Association of Business Economics (NABE) seminar 6 May Meeting with media BoF 6 May Speech (in Finnish): ‘Views from the pitch on Mikkeli football and the economy’, FC Mikkelin Palloilijat 90th Anniversary Seminar 7 May Meeting: KONE Corporation BoF 8 May Speech (in Finnish): ‘Sustainable growth – the Helsinki world and Finland’, Government programme negotiations, kick-off seminar 9 May Speech: ‘Living with populism: reflections on Valletta the economy and democracy in Europe’, Central Bank of Malta seminar 13 May Meeting: Bank for International Settlements Basel (BIS) 1 Details of topics and participants provided where applicable. Olli Rehn’s calendar, May 2019 1 (3) Date Event1 Place 14 May Speech (in Finnish): ‘Digitalisation is Helsinki reshaping the landscape of financial services – rules must be reviewed critically’, Bank of Finland’s Payments Forum 14 May Meeting: J.P. Morgan Corporante & BoF Investment Bank ”Global economic development” 15 May Meeting with media BoF 16 May Speech (in Finnish): ‘Renewing the company in Helsinki a transforming economy’, Family Business Network Finland, spring meeting 16 May Meeting: OP Financial Group BoF ”Financial market developments” 16 May Meeting with Ambassador Pia Rantala- BoF Engberg ”Economic policy in Europe and Italy” 17 May Speech (in Finnish): ‘Outlook for the Finnish Hyvinkää and European economy in a world of uncertainties’, City Council of Vantaa seminar 17 May Speech (in Finnish): ‘Will Finnish and euro Tampere area growth withstand the global economic turmoil?’, Tampere Chamber of Commerce and Industry 17 May Meeting with Mayor Lauri Lyly, City of Tampere Tampere ”Current economic issues” 17 May Speech (in Finnish): ‘Personal finances and the Tampere macroeconomy: how to keep a solid footing’, Tampere University 17 May Meeting with media Tampere 21 May Meeting with Professor Dr.
    [Show full text]
  • 1998, a Brief Statistical Analysis
    CHANGES IN THE FINNISH INTERNATIONAL INVESTMENT POSITION 1985 – 1998, A BRIEF STATISTICAL ANALYSIS Jorma Hilpinen Bank of Finland, Information Services Department P.O. Box 160 FIN-00101 Helsinki, Finland [email protected] Heikki Hella Bank of Finland, Information Services Department P.O. Box 160 FIN-00101 Helsinki, Finland [email protected] 1. Introduction This paper aims to describe and study by main component the fluctuations in the Finnish IIP. These components are the Balance of Payments flows by institutional sector as well as the valuation changes induced by asset prices and exchange rate movements. Large structural and institutional changes of the Finnish economy are highlighted by dividing the sample period 1985-1998 into two subperiods (1985Q1-1992Q2 and 1992Q3-1998Q2). The period before autumn 1992 can be characterised by a fixed exchange rate regime leading to continual credibility problems. A cyclical and monetary bubble ballooned in the last years of the 1980’s, bursting into a deep recession and a banking crisis. The international capital markets became increasingly volatile, but the Finland remained largely outside. In September 1992, the Finnish markka was allowed to float. The following year, the markka started to appreciate, and a few years later the stability of the exchange rate was regained. The recession and banking crisis greatly reshaped financial markets, production and institutional structures. The internationalisation of Finnish enterprises accelerated, and participation in international capital markets vastly expanded. Following membership in European Union and the EMU, the Finnish economy has been restructured to meet the new competitive conditions ushered in by the Economic and Monetary Union.
    [Show full text]
  • Tapio Korhonen: Finnish Monetary and Foreign Exchange Policy And
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Korhonen, Tapio Working Paper Finnish monetary and foreign exchange policy and the changeover to the euro Bank of Finland Discussion Papers, No. 25/2001 Provided in Cooperation with: Bank of Finland, Helsinki Suggested Citation: Korhonen, Tapio (2001) : Finnish monetary and foreign exchange policy and the changeover to the euro, Bank of Finland Discussion Papers, No. 25/2001, ISBN 951-686-757-X, Bank of Finland, Helsinki, http://nbn-resolving.de/urn:NBN:fi:bof-20140807313 This Version is available at: http://hdl.handle.net/10419/211903 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die
    [Show full text]
  • Finland and the Finns : a Selective Bibliography
    F I N LAN D AND THE FINNS A Selective Bibliography FINLAND AND THE FINNS tttucrcDus in aim pater \ Dn0*Dn0 itonraDus ww> ui tt apfite feois gra pful tccfit %totnf UttrnDtns in fua oioctfi Ubzos miCRiUu pauntat! i£o:unoc# tozrup no ; no moDica* £tt$ tjor qruDem facrrDptn teletnStiu töfurg^ turbatfc it inotwotionf • B50 liteos mtCTales ftöm oerii mDinadu Cue ((tfie g eftrntu oiru kantelein tt egt?(rialme omufitatm parifien rant thtologie jpfef* fO2e infigne/optime tO2t(tto$^( inmalit t j inCpirattöe Oma t> tjonorabilem oiru QartttobmtO (?t|Otan # giä ctiSH ibefu iru fuma Diligftia ?n imlita tiuitate lube teit imp2eITO0^uftO2ttatc oiDinaria atP2Obauit 1 cöfir tnauit tt fsngulis faterDoribj Tut Diort? e? ciToe Ub2ts miffas legrrcib; (t cclttoddte toticnfifticns 16( omipote tt0 on iniTröia «ft autte bttoe \bttntt i^ault td£f(u0« quaD2agtnta Dies inoulgetiafi pc intuttts fibj pemtctqs ituTrtiroiDit relatauit ^nno Dm PH«UcfimoqD2tngctefi mooctuagtftmooctauoiDit mm, Colored woodcut in the Missale Aboense, the first book printed for Finland by printer Bartholomäus Ghotan in Lubeck, Germany, in 1488 (see entry no. 623) F I N LAN D AND THE FINNS A Selective Bibliography By Dr. Elemer Bako Former Finno-Ugrian Area Specialist European Division Library of Congress Washington 1993 The symbolic device on the cover and the title page is widely recognized by the Finns as representing the clasped hands of two Kalevala singers. The version used here is the logo of the Finlandia Foundation, Inc., a national cultural organization of Finns in the United States. This work is dedicated to the Finnish people on the seventy-fifth anniversary of their independence.
    [Show full text]
  • BANK of FINLAND ANNUAL REPORT 2010 Bank of Finland Annual Report 2010 Bank of Finland
    BANK OF FINLAND ANNUAL REPORT 2010 Bank of Finland Annual Report 2010 Bank of Finland Annual Report 2010 Bank of Finland Established 1811 Street address Snellmaninaukio, Helsinki Postal address PO Box 160, FI-00101 Helsinki Finland Telephone national 010 8311 international +358 10 8311 Fax +358 9 174 872 SWIFT SPFB FI HH E-mail [email protected] [email protected] Internet www.suomenpankki.fi/en Regional offices Vantaa Turvalaaksontie 1, Vantaa, PO Box 160, FI-00101 Helsinki Telephone +358 10 8311 Kuopio Puutarhakatu 4, PO Box 123, FI-70101 Kuopio, Telephone +358 10 8311 Drafted in accordance with Oulu Section 19 of the Act on Kajaaninkatu 8, the Bank of Finland. PO Box 103, FI-90101 Oulu, The figures in the Annual Report Telephone +358 10 8311 are based on data available in February–March 2011. Tampere Koskikatu 9 C, ISSN-L 1239-9345 (print) PO Box 325, ISSN 1456-579X (online) FI-33101 Tampere, Edita Prima Oy Telephone +358 10 8311 Helsinki 2011 2 Bank of Finland Annual Report 2010 Contents Bank of Finland ....................................................................................................................................5 Foreword ....................................................................................................................................................7 Bank of Finland’s strategy ..........................................................................................................9 Bank of Finland activities 2010 ..........................................................................................13
    [Show full text]
  • Bank of Finland and Its Activities and the Finnish Economic Outlook
    Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Honorary Consulars meeting, Helsinki, 9 June 2011. * * * Dear Honorary Consulars, Welcome to the Bank of Finland. I appreciate the opportunity to give a presentation to you. Let me first tell you about the Bank of Finland and its activities. Then I will move on to the Finnish economic outlook. Bank of Finland and the Eurosystem The Bank of Finland has an interesting history. We got a central bank already before our country’s independence. The Bank of Finland is the fourth oldest central bank in the world. In 1811 Tsar Alexander I of Russia establishes the Bank of Finland under the name of “Office of Exchange, Lending and Deposits in the Grand Duchy of Finland” (Slide 3). In 1865 Finnish markka is tied to the silver standard, and, in practice, Finland exits from the Russian monetary system. In 1999 the euro area is born. The euro becomes the official currency of the euro area. The Bank of Finland becomes a part of the Eurosystem The Bank of Finland acts as Finland’s central bank, national monetary authority and member of the European System of central banks and the Eurosystem (Slide 4). The Eurosystem covers the European Central Bank and the euro area central banks. It administers the world’s second largest currency, the euro. There are over 300 million people living in the euro area and from the beginning of 2011 the area covers 17 countries.
    [Show full text]
  • The Finnish Economy 1860 -1985
    THE FINNISH ECONOMY 1860-1985 BANK OF FINLAND PUBLICATIONS STUDIES ON FINLAND'S -ECONOMIC GROWTH XI11 RIITTA HJERPPE THE FIIYNISH ECONOMY 186G1985 GROWTH AND STRUCTURAL CHANGE Riitta Hjerppe The Growth and Structural Change BANK OF FINLAND GOVERNMENT PRINTING CENTRE/HELSINKI Original title: Suomen talous 1860 - 1985 Kasvu ja rakennemuutos Translated by Richard Walker 01989 Riitta Hjerppe and Government Printing Centre Cover: Petteri Kivekas ISBN 951-861-290-0 ISSN 0355-6050 Government Printing Centre Helsinki 1989 Contents PREFACE ..................................................11 ACKNOWLEDGMENTS .....................................14 1. STARTING POINT .......................................17 1.1. Background to the growth study ........................ 17 1.2. When did modern economic growth begin? .............. 19 1.3. The structure of the study ..............................20 2 . METHODOLOGY AND SOURCES .........................23 2.1. From sources to accounts ..............................23 2.2. Estimation problems ..................................29 2.3. New and old time series ...............................33 3 . THE DEVELOPMENT OF GROSS DOMESTIC PRODUCT 1860-1985 ..............................................41 3.1. Growth before 1860 .................................. 41 3.2. Accelerating growth 1860 - 1985 .......................42 3.2.1. Period of instability 1860 - 1890 .................. 46 3.2.2. Toward greater stability 1890 - 1913 .............. 47 3.2.3. Acceleration 1920 - 1938 ........................48 3.2.4.
    [Show full text]
  • Lessons Learned from the World's First CBDC
    A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Grym, Aleksi Research Report Lessons learned from the world's first CBDC BoF Economics Review, No. 8/2020 Provided in Cooperation with: Bank of Finland, Helsinki Suggested Citation: Grym, Aleksi (2020) : Lessons learned from the world's first CBDC, BoF Economics Review, No. 8/2020, Bank of Finland, Helsinki, http://nbn-resolving.de/urn:nbn:fi:bof-202009152340 This Version is available at: http://hdl.handle.net/10419/224448 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu Bank of Finland BoF Economics Review 8 2020 Lessons learned from the world’s first CBDC Aleksi Grym, Bank of Finland1 Abstract Central banks worldwide are currently exploring so called Central Bank Digital Currencies (CBDC).
    [Show full text]