Bank of Finland

Economic outlook

Executive summary, pp. 6-7
Economic outlook, p .9
Recent developments, pp. 9-13
- Box 1. National accounts for the third quarter of 2012, p. 12
Operating environment, pp. 13-20
Non-financial corporations, pp. 20-22
Households, pp. 23-27
- Box 2. Precautionary savings push up household savings ratio in a recession, p. 24
GDP and employment, pp. 27-33
- Box 3. The link between economic growth and the unemployment rate has changed, p. 30
Public finances, pp. 33-41
- Box 4. Finland’s public finances, p. 36
External balance, pp. 41-42
Wage and price trends, pp. 42-45
Risk assessment, pp. 45-51
- Box 5. Alternative scenario: increased competition in labour and product markets, p. 48
Changes from the previous forecast, pp. 53-54
Financial stability, pp. 55-73
KINNUNEN Helvi, MÄKI-FRÄNTI Petri – Hannu ViertolaFiscal sustainability projections for Finland, pp. 75-86
KAJANOJA Lauri - Finland’s competitiveness and its measurement, pp. 87-97
Forecast tables, pp. T1-T5

Monetary policy and the global economy

FREYSTÄTTER Hanna - Monetary policy and the global economy, pp. 3-36
KILPONEN Juha - Bursting of the housing price bubble and the economic policy challenges for Spain, pp. 37-47
SIMOLA Heli - Fiscal policy cyclicality and sovereign risk premia, pp. 49-58
How have emerging economies changed global price trends? pp. 59-68

Economic outlook

Executive summary, pp. 6-8
Economic outlook, pp. 9
- Recent developments, p. 9
  - Box 1. National Accounts for the first quarter of 2012, p. 11
- Operating environment, pp. 12-19
- Non-financial corporations, pp.19-25
  - Box 2. Finnish services exports still narrowly based, p. 21
- Households, pp. 25-27
- GDP and employment, pp. 27-33
  - Box 3. Productivity developments reflect sectoral, structural and cyclical factors, p.30
- Public finances, pp. 33-36
- External balance, pp. 36-39
  - Box 4. Current account decline based on several factors, p. 37
- Wage and price trends, pp. 39-42
- Risk assessment, pp. 42
  - Box 5. Alternative scenario: Households strengthen their financial position by adjusting demand, p. 43
- Changes from the previous forecast, pp. 47-48
KIVISTÖ Jarkko - An assessment of housing price developments against various measures, pp. 49-58
ORJASNIEMI Seppo, RAVASKA Terhi - Market share of Finnish goods exports contracted sharply since 2000, pp. 59-67
KINNUNEN Helvi, MÄKI-FRÄNTI Petri, NEWBY Elisa, ORJASNIEMI Seppo, RAILOVO Jukka - Long-term growth forecast for the Finnish economy, pp. 69-78

Financial Stability

Summary, pp. 4-6
- Box 1: The biggest risks to £finland's financial system relate to developments in debt and the real economy
Operating environment, pp. 7
- Box 2: Bank deleveraging both a threat and an opportunity
Banking and insurance sector, pp. 19
- Box 3: The profitability of Nordic banks restored through efficiency measures
Financial market infrastructure, pp. 33
Financial system policy, pp. 39-51
Appendix, p.52
KAUKO Karlo - Countercyclical capital buffers in Finland, pp. 53-59
HEIKKINEN Päivi, KEMPPAINEN Kari - Changes in payment and settlement systems require effective risk management, pp. 61-64
KILPONEN Juha, LAAKKONEN Helinä, VULMUNEN Jouko - The effects of debt crisis-related policy decisions in European sovereign bond markets, pp. 67-75

Monetary policy and the global economy

Monetary policy and the global economy, pp. 1-29
- Box 1: eurosystem introduces 3-year refinancing operation
- Box 2: Dualism in labour markets piles employment pressures on the young
HASKO Harri - Monetary policy transmission and debt accumalation in the euro area, pp. 29-37
KURRI Samu - Euro area economic policy coordination: what has been done, and why? pp. 39-52
VILMI Lauri - Quantitative easing of monetary policy, pp. 53-62

Dernière modification le 22.03.2022