Suorien ulkomaisten investointien vaikutukset kohdemaassa: Itäisen Euroopan siirtymätaloudet

Tämä kandidaatintyö käsittelee suorien ulkomaisten investointien vaikutuksia itäisen Euroopan siirtymätalouksissa keskittyen erityisesti Puolaan, Viroon ja Ukrainaan. Suorat ulkomaiset investoinnit ovat tärkeä osa kansainvälistä kauppaa ja niillä on suuri rooli monen maan taloudessa. Työ koostuu kolmesta suuremmasta kokonaisuudesta, joista ensimmäisenä on suoran ulkomaisen investoinnin teoria. Toisessa osiossa esitellään lyhyesti kohdemaat, minkä jälkeen kolmannessa osiossa keskitytään suorien ulkomaisten investointien teoreettisiin vaikutuksiin. Teoreettisista vaikutuksista käsitellään tarkemmin vaikutukset talouskasvuun, maksutaseeseen, tuottavuuteen, tuotantoon, teknologiaan, työvoimaan, markkinarakenteeseen ja ympäristöön. Näitä suorien ulkomaisten investointien vaikutuksia havainnollistetaan esimerkeillä kohdemaista.

Assessment of Coals from Russia and Countries of Former Soviet Union for Utility Fluidized Bed Boilers

With the occurrence of fossil fuels such as oil, gas and coal we found new sources of energy that have played a critical role in the progress of our modern society. Coal is very ample compared to the other two fossil fuels. Global coal reserves at the end of 2005 were estimated at 847,5 billion tones. Along with the major energy sources, coal is the most fast growing fuel on a global basis, it provides 26% of primary energy needs and remains essential to the economies of many developed and developing countries. Coal-fired power generation accounts for 41% of the world‘s total electricity production and in some countries, such as South Africa, Poland, China, Australia, Kazakhstan and India is on very high level. Still, coal utilization represents challenges related to high emissions of air pollutants such as sulphur and nitrogen dioxides, particulate matter, mercury and carbon dioxide. In relation to these a number of technologies have been developed and are in marketable use, with further potential developments towards ―Near Zero Emission‖ coal plants. In present work, coals mined in Russia and countries of Former Soviet Union were reviewed. Distribution of coal reserves on the territory of Russia and the potential for power generation from coal-fired plants across Russia was shown. Physical and chemical properties of coals produced were listed and examined, as main factor influencing on design of the combustion facility and incineration process performance. The ash-related problems in coal-fired boilers were described. The analysis of coal ash of Russia and countries of Former Soviet Union were prepared. Feasible combustion technologies also were reviewed.

Letters from Scandinavia, : on the past and present state of the northern nations of Europe : [William Thomson]. Vol. I[-II].

Digital reproduction, The National Library of Finland, Centre for Preservation and Digitisation, Mikkeli

En swensk officerares dag-bok, hållen öfwer en resa, genom Swerige, Ryssland, Pålen och Preussen, år 1788

Issued anonymously. According to Bygdén the author is De la Myle.

Letters from Scandinavia, : on the past and present state of the northern nations of Europe : [William Thomson]. Vol. I[-II].

Digital reproduction, The National Library of Finland, Centre for Preservation and Digitisation, Mikkeli

Regional innovation strategies and sustainability in selected EU countries

This study focuses on regional innovation strategy (RIS) and sustainability aspects in selected regions of European Union (EU) countries. It is known that RIS helps a region to innovate locally and to compete globally and it is considered as one of the main policy tools of the EU for innovation support at a regional level. This study is conducted to explore the existence and adoption of RIS in different regions of selected EU countries, and to highlight and compare regional RIS characteristics. The study is also aimed at identifying the factors that characterise the formulation and implementation of RIS as well as the problems associated thereof. In this study, six regions of EU countries are considered: Päijät-Häme Region (Finland); London Region (United Kingdom); Mid-West Region (Ireland); Veneto Region (Italy); Eastern Region (Poland); and West Region (Romania). Data and information are collected by sending questionnaires to the respective regional authorities of these selected regions. Based on the gathered information and analysis, RIS or equivalent strategy document serves as a blueprint for forwarding innovative programmes towards regional sustainability. The objectives of RIS in these regions are found to be dependent on the priority sectors and state of the region’s development. The current environmental sustainability aspects are focused on eco-design, eco-products, and eco-innovation, although each region also has its own specific aspects supported by RIS. Likewise, regional policies typically follow the RIS yet translated in various sectoral focus or priority areas. The main enhancing factors supporting RIS among selected regions have some similarities and variations; among others, some regions are strongly supported by EU while others have support from own regional agencies, organisations and professional networks. RIS implementation is not without challenges and despite the differences in challenges, almost all of reviewed regions consider financial resource as a common problem. Generally, it is learned from this study that RIS and regional sustainability are reinforcing each other mutually. In this study, the strong focus is given towards environmental sustainability in the regions although regional sustainability also includes economic and social aspects. A well-focused and prioritised RIS is beneficial for regional sustainable development.

Kelpo katsaus katoliseen kirkkoon maailmansotien välisessä Puolassa

Kirjallisuusarvostelu

Euroalueen ja muiden ulkomaisten keskuspankkien julkaisut

Kokoelma sisältää euroalueen keskuspankkien ja muiden ulkomaisten keskuspankkien julkaisemia tilastojulkaisuja, vuosikertomuksia ja lehtiä rahapolitiikasta, rahoitusmarkkinoista, finanssivalvonnasta, rahahuollosta ja pankkitoiminnasta. Julkaisuissa on tilastotietoa kyseisistä maista ja katsauksia taloudelliseen tilanteeseen ja rahapoliittisiin toimenpiteisiin. Tilastot ovat yleensä maan omassa valuutassa. Julkaisuja on n. 3890 nimekettä 1800 -luvulta lähtien. Kokoelman julkaisut ovat enimmäkseen englanninkielisiä, mutta julkaisuja on myös kansallisilla kielillä. Keskuspankkikokoelma kasvaa painetuilla vuosikertomuksilla, tilastoilla ja raporteilla. Osa tilastojulkaisuista sekä lehdistä on verkkojulkaisuina keskuspankkien sivuilla. Kokoelman vanhin aineisto on Ruotsin ja Englannin keskuspankkien lainsäädäntöä 1800-luvun puolivälistä. Euroalueelta kokoelmassa on Alankomaiden, Belgian, Espanjan, Irlannin, Italian, Itävallan, Kreikan, Kyproksen, Luxemburgin, Maltan, Portugalin, Ranskan, Saksan, Slovakian, Slovenian, ja Viron keskuspankkien julkaisuja. Suomen Pankin julkaisut on käsitelty omana alueenaan. Kokoelmassa on myös Argentiinan, Australian, Brasilian, Bulgarian, Intian, Islannin, Ison-Britannian, Israelin, Japanin, entisen Jugoslavian, Kanadan, Kiinan, Latvian, Liettuan, Puolan, Romanian, Ruotsin, Sveitsin, Tanskan, Tsekin, entisen Tsekkoslovakian, Turkin, Ukrainan, Unkarin, Uuden Seelannin, Venäjän ja Yhdysvaltojen keskuspankkien julkaisuja. Painettua kokoelmaa säilytetään varastokokoelmassa, ja se on saatavana pyynnöstä käyttöön ja kopioitavaksi.

Evolution of Bordetella pertussis post vaccination

Evolution of Bordetella pertussis post vaccination Whooping cough or pertussis is caused by the gram-negative bacterium Bordetella pertussis. It is a highly contiguous disease in the human respiratory tract. Characteristic of pertussis is a paroxysmal cough with whooping sound during gasps of breath after coughing episodes. It is potentially fatal to unvaccinated infants. The best approach to fight pertussis is to vaccinate. Vaccinations against pertussis have been available from the 1940s. Traditionally vaccines were whole-cell pertussis (wP) preparations as part of the combined diphtheria-tetanus-pertussis (DTP) vaccines. More recently acellular pertussis (aP) vaccines have replaced the wP vaccines in many countries. The aP vaccines are less reactogenic and can also be administered to school children and adults. There are several publications reporting variation in the i>B. pertussis virulence factors that are also aP vaccine antigens. This has occurred in the genes coding for pertussis toxin and pertactin about 15 to 30 years after the introduction of pertussis vaccines to immunisation programs. Resurgence of pertussis has also been reported in many countries with high vaccination coverage. In this study the evolution of B. pertussis was investigated in Finland, the United Kingdom, Poland, Serbia, China, Senegal and Kenya. These represent countries with a long history of high vaccination coverage with stable vaccines or changes in the vaccine formulation; countries which established high vaccination coverage late; and countries where vaccinations against pertussis were started late. With bacterial cytotoxicity and cytokine measurements, comparative genomic hybridisation, pulsed-field gel electrophoresis (PFGE), genotyping and serotyping it was found that changes in the vaccine composition can postpone the emergence of antigenic variants. It seems that the change in PFGE profiles and the loss of genetic material in the genome of B. pertussis are similar in most countries and the vaccine-induced immunity is selecting non-vaccine type strains. However, the differences in the formulation of the vaccines, the vaccination programs and in the coverage of pertussis vaccination have affected the speed and timing of these changes.

Eriarvoisuus Puolassa ja Suomessa

Kirjallisuusarvostelu

Interdependence of Emerging Eastern European stock markets

One of the main developments in the global economy during the past decades has been the growth of emerging economies. Projections for their long-term growth, changes in the investment climate, corporate transparency and demography point to an increasing role for these emerging economies in the global economy. Today, emerging economies are usually considered as financial markets offering opportunities for high returns, good risk diversification and improved return-to-risk ratios. However, researchers have noted that these advantages may be in decline because of the increasing market integration. Nevertheless, it is likely that certain financial markets and specific sectors will remain partially segmented and somewhat insulated from the global economy for the year to come. This doctoral dissertation investigates several stock markets in Emerging Eastern Europe (EEE), including the ones in Russia, Poland, Hungary, the Czech Republic, Bulgaria and Slovenia. The objective is to analyze the returns and financial risks in these emerging markets from international investor’s point of view. This study also examines the segmentation/integration of these financial markets and the possibilities to diversify and hedge financial risk. The dissertation is divided into two parts. The first includes a review of the theoretical background for the articles and a review of the literature on EEE stock markets. It includes an overview of the methodology and research design applied in the analysis and a summary of articles from the second part of this dissertation and their main findings. The second part consists of four research publications. This work contributes to studies on emerging stock markets in four ways. First, it adds to the body of research on the pricing of risk, providing new empirical evidence about partial stock market segmentation in EEE. The results suggest that the aggregate emerging market risk is a relevant driver for stock market returns and that this market risk can be used to price financial instruments and forecast their performance. Second, it contributes to the empirical research on the integration of stock markets, asset prices and exchange rates by identifying the relationships between these markets through volatility and asset pricing. The results show that certain sectors of stock markets in EEE are not as integrated as others. For example, the Polish consumer goods sector, the Hungarian telecommunications sector, and the Czech financial sector are somewhat isolated from their counterparts elsewhere in Europe. Nevertheless, an analysis of the impact of EU accession in 2004 on stock markets suggests that most of the EEE markets are becoming increasingly integrated with the global markets. Third, this thesis complements the scientific literature in the field of shock and volatility spillovers by examining the mechanism of spillover distribution among the EU and EEE countries. The results illustrate that spillovers in emerging markets are mostly from a foreign exchange to the stock markets. Moreover, the results show that the effects of external shocks on stock markets have increased after the enlargement of the EU in 2004. Finally, this study is unique because it analyzes the effects of foreign macroeconomic news on geographically closely related countries. The results suggest that the effects of macroeconomic announcements on volatility are significant and have effect that varies across markets and their sectors. Moreover, the results show that the foreign macroeconomic news releases, somewhat surprisingly, have a greater effect on the EEE markets than the local macroeconomic news. This dissertation has a number of implications for the industry and for practitioners. It analyses financial risk associated with investing in Emerging Eastern Europe. Investors may use this information to construct and optimize investment portfolios. Moreover, this dissertation provides insights for investors and portfolio managers considering asset allocation to protect value or obtain higher returns. The results have also implications for asset pricing and portfolio selection in light of macroeconomic news releases.

Logistics of North-West Russia and Rail Baltica: Standpoints of Private Sector

The main aims of the present report are to describe the current state of railway transport in Russia, and to gather standpoints of Russian private transportation logistics sector towards the development of new railway connection called Rail Baltica Growth Corridor, connecting North-West Russia with Germany through the Baltic States and Poland. North-West Russia plays important role not only in Russian logistics, but also wider European markets as in container sea ports handling is approx. 2.5 mill. TEU p.a. and handling volume in all terminals is above 190 million tons p.a. The whole transportation logistics sector is shortly described as an operational environment for railways – this is done through technical and economic angles. Transportation development is always going in line with economics of the country, so the analysis on economical development is also presented. Logistics integration of the country is strongly influenced by its engagement in the international trade. Although, raw material handling at sea ports and container transports (imports) are blossoming, domestic transportation market is barely growing (in long-term perspective). Thus, recent entrance of Russia into World Trade Organization (WTO) is analyzed theme in this research, as the WTO is an important regulator of the foreign trade and enabler of volume growth in foreign trade related transportation logistics. However, WTO membership can influence negatively the development of Russia’s own industry and its volumes (these have been uncompetitive in global markets for decades). Data gathering in empirical part was accomplished by semi-structured case study interviews among North-West Russian logistics sector actors (private). These were conducted during years 2012-2013, and research compiles findings out of ten case company interviews. Although, there was no sea port involved in the study, most of the interviewed companies relied in European Logistics within significant parts in short sea shipping and truck combined transportation chains (in Russian part also using railways). As the results of the study, it could be concluded that Rail Baltica is seen as possible transport corridor in most of the interviewed companies, if there is enough cargo available. However, interviewees are a bit sceptical, because major and large-scale infrastructural improvements are needed. Delivery time, frequency and price level are three main factors influencing the attractiveness of Rail Baltica route. Price level is the most important feature, but if RB can offer other advantages such as higher frequency, shorter lead times or more developed set of value-added services, then some flexibility is possible for the price level. Environmental issues are not the main criteria of today, but are recognized and discussed among customers. Great uncertainty exists among respondents e.g. on forthcoming sulphur oxide ban on Baltic Sea shipping (whether or not it is going to be implemented in Russia). Rather surprisingly, transportation routes to Eastern Europe and Mediterranean area are having higher value and price space than those to Germany/Central Europe. Border crossing operations (traction monopoly at rails and customs), gauge widths as well as unclear decision-making processes (in Russia), are named as hindering factors. Performance standards for European connected logistics among Russian logistics sector representatives are less demanding as compared to neighbourhood countries belonging to EU.

Vitsien tutkiminen ei ole vitsikästä

Kirjallisuusarvostelu

Deregulation’s Impact on the Railway Freight Transport Sector’s Future in the Baltic Sea Region

The European transport market has confronted several changes during the last decade. Due to European Union legislative mandates, the railway freight market was deregulated in 2007. The market followed the trend started by other transport modes as well as other previously regulated industries such as banking, telecommunications and energy. Globally, the first country to deregulate the railway freight market was the United States, with the introduction of the Staggers Rail Act in 1980. Some European countries decided to follow suit already before regulation was mandated; among the forerunners were the United Kingdom, Sweden and Germany. The previous research has concentrated only on these countries, which has provided an interesting research gap for this thesis. The Baltic Sea Region consists of countries with different kinds of liberalization paths, including Sweden and Germany, which have been on the frontline, whereas Lithuania and Finland have only one active railway undertaking, the incumbent. The transport market of the European Union is facing further challenges in the near future, due to the Sulphur Directive, oil dependency and the changing structure of European rail networks. In order to improve the accessibility of this peripheral area, further action is required. This research focuses on topics such as the progression of deregulation, barriers to entry, country-specific features, cooperation and internationalization. Based on the research results, it can be stated that the Baltic Sea Region’s railway freight market is expected to change in the future. Further private railway undertakings are anticipated, and these would change the market structure. The realization of European Union’s plans to increase the improved rail network to cover the Baltic States is strongly hoped for, and railway freight market counterparts inside and among countries are starting to enhance their level of cooperation. The Baltic Sea Region countries have several special national characteristics which influence the market and should be taken into account when companies evaluate possible market entry actions. According to thesis interviews, the Swedish market has a strong level of cooperation in the form of an old-boy network, and is supported by a positive attitude of the incumbent towards the private railway undertakings. This has facilitated the entry process of newcomers, and currently the market has numerous operating railway undertakings. A contrary example was found from Poland, where the incumbent sent old rolling stock to the scrap yard rather than sell it to private railway undertakings. The importance of personal relations is highlighted in Russia, followed by the railway market’s strong political bond with politics. Nonetheless, some barriers to entry are shared by the Baltic Sea Region, the main ones being acquisition of rolling stock, bureaucracy and needed investments. The railway freight market is internationalizing, which is perceived via several alliances as well as the increased number of mergers and acquisitions. After deregulation, markets seem to increase the number of railway undertakings at a rather fast pace, but with the passage of time, the larger operators tend to acquire smaller ones. Therefore, it is expected that in a decade’s time, the number of railway undertakings will start to decrease in the deregulation pioneer countries, while the ones coming from behind might still experience an increase. The Russian market is expected to be totally liberalized, and further alliances between the Russian Railways and European railway undertakings are expected to occur. The Baltic Sea Region’s railway freight market is anticipated to improve, and, based on the interviewees’ comments, attract more cargoes from road to rail.

Suomessa ja Itävallassa toimivien liiketoimintamallien siirrettävyys puupohjaisen uusiutuvan energian tuotantoon Puolaan, Romaniaan ja Slovakiaan

Tutkimus kuvaa tiedon, osaamisen ja teknologian siirtoa Suomesta ja Itävallasta Puolaan, Romaniaan ja Slovakiaan hajautetussa puupohjaisessa sähkö- ja lämpöenergian tuotannossa. Metsävaroiltaan rikas ja bioenergia-asioissa toimintatavoiltaan edistynyt Suomi toimi Metsäntutkimuslaitoksen (nykyisin Luonnonvarakeskus) johdolla tutkimuksen empiirisen aineiston tuottaneen kehittäjäverkostohankkeen pääkoordinaattorina vuosina 2011-2014. Tutkimusmenetelmänä käytettiin hankkeen dokumentaation sisällönanalyysiä. Itävalta on tunnettu edistyksellisistä bioenergia-alan tuki- ja ohjausjärjestelmistä. Suomi ja Itävalta kuuluvat EU:n viiden edistyneimmän maan joukkoon uusiutuvien energialähteiden hyödyntämisessä. Tämän työn tavoitteena oli selvittää, miten Suomessa ja Itävallassa hyvin toimivia liiketoimintamalleja voidaan siirtää kohdemaihin puupohjaisen uusiutuvan energian tuotannossa hyödynnettäviksi. Työssä kuvataan tiedonsiirtäjämaiden eli Suomen ja Itävallan ydinosaaminen kiinteän biomassan energiantuotannossa politiikkatasolta käytännön liiketoiminnan tasolle. Lisäksi työssä analysoidaan poliittisen ohjauksen merkitystä alan kehittämisessä, missä käydään läpi maakohtaiset uusiutuvan energian toimintasuunnitelmat vuodelta 2010. Lopuksi arvioidaan tiedonsiirtäjä- ja tiedonhyödyntäjämaiden välisiä eroavaisuuksia kyseisellä liiketoiminta-alueella, ja onko olemassa sellaisia tekijöitä, mitkä estävät tiedonsiirtoa tai hyväksi todettujen liiketoimintamallien soveltamista kohdemaissa. Kussakin maassa metsänomistusolosuhteet ratkaisevat kiinteän biomassan tarjonnan toimivuuden eli tilanteen toimitusketjun alkupäässä. Tuotannon ohjauksen pyrkimys on myös hyödyntää mekaanisen puunjalostuksen sivutuotevirrat mahdollisimman tarkoin energiantuotannon tarpeisiin. Yleiset taloudelliset suhdanteet vaikuttavat ketjun toimivuuteen ja tehokkuuteen. Yksin energiantuotannon tarpeisiin puunkorjuuta ei kannata suunnitella, koska se harvemmin erikseen toteutettuna on kannattavaa liiketoimintaa. Puun käyttö energiantuotantoon tarvitsee hyvin suunniteltua tuki- ja ohjausjärjestelmää, joista kansalliset hallitukset vastaavat. Suomalainen tuotannon suunnittelun ja ohjauksen ajattelutapa sekä itävaltalainen energiapuun varastointi biomassan logistiikkakeskuksiin koettiin kohdemaiden yrittäjäkunnassa varteenotettavimpina liiketoiminnan kehittämisvaihtoehtoina paikallisissa toimintaympäristöissä. Lean-tuotantoajatteluun kuuluva hukan poistaminen toimitusketjusta liittyy mm. varastonhallinnan järjestelyihin ja sivutuotevirtojen hyödyntämiseen. Näitä piirteitä oli myös löydettävissä tiedonhyödyntäjämaiden yritysten toiminnassa hankkeen toteutuksen aikana.