Rautateiden henkilöliikenteen kehitys Baltian maissa

Työn tavoitteena oli selvittää, millaisia muutoksia Viron, Latvian ja Liettuan rautateiden henkilöliikenteessä on tapahtunut neuvostoajan lopun ja tämän päivän välillä. Tarkastelupisteiksi valittiin vuodet 1991, 1997, 2002 ja 2009. Tutkimuksen tavoitteena oli myös selvittää muutoksiin vaikuttaneita taustatekijöitä, kuvata nykytilannetta ja tarkastella tulevaisuuden vaihtoehtoisia kehityspolkuja. Tutkimuksen tulosten perusteella rautateiden henkilöliikenteen määrä on supistunut noin puoleen kaikissa kolmessa maassa tarkasteltuna junakilometrien viikoittaisella määrällä. Matkustajamäärät ovat laskeneet kaikissa kolmessa maassa selvästi tarkastelujakson aikana. Syitä rautateiden henkilöliikenteen supistumiseen ovat olleet mm. kireä kilpailu linja-autoliikenteen kanssa ja lisääntynyt henkilöautojen käyttö. 1990-luvun taloudellisesti vaikeina vuosina rautateillä ei ollut mahdollisuuksia uusia kalustoaan. Kansainvälinen talouskriisi ja sen myötä heikentynyt taloudellinen tilanne kaikissa kolmessa maassa muodostaa uuden uhan rautateiden henkilöliikenteelle. Korkeat rataverkon käyttömaksut toimivat tehokkaana esteenä henkilöliikenteen kehittämiselle.

Siirtymätalouksien tutkimuslaitoksen (BOFIT) kokoelma

Suomen Pankin kirjastolla on erilliskokoelma Siirtymätalouksien tutkimuslaitoksessa, BOFITissa. Kokoelma on painottunut siirtymätalouksia käsittelevään tieteelliseen kirjallisuuteen, tilasto- ja kausijulkaisuihin. Kokoelmaa on kartutettu 1980-luvulta lähtien ja siihen sisältyy merkittävä määrä nimekkeitä, joita ei ole hankittu muihin suomalaisiin kirjastoihin. Kokoelmaa on rajattu sekä aihepiireiltään että maantieteellisesti kulloistenkin tutkimuspainopisteiden mukaisesti. Kokoelman keskeinen aihealue on makrotalous ja erityisinä painopisteinä ovat rahatalous, talouspolitiikka ja talousuudistukset. Paljon kirjallisuutta löytyy myös raha- ja valuuttapolitiikasta, pankkitoiminnasta ja kansainvälisistä taloussuhteista. Maantieteellisinä painopisteinä ovat tällä hetkellä erityisesti Venäjä ja Kiina. Vanhempaa aineistoa löytyy myös Baltian sekä Itä-Euroopan maista, Neuvostoliitosta sekä Suomen idänkaupasta. Kirjakokoelma sisältää n. 5300 nimekettä, lehtikokoelma n. 150 nimekettä. Artikkeliviitteitä löytyy n. 2300 vuodesta 1990 lähtien. Kokoelma sisältää tiedot myös kaikesta BOFITin omasta julkaisutuotannosta. Suurin osa kokoelmasta on englanninkielistä.

Russia’s WTO membership and its effects on global wood sourcing

The aim of the thesis was to find the effects of World Trade Organization and economic integration on the wood sourcing process from Russia to Finland and to the European Union. Also, the fo reign direct investments to Russian forest industry are studied within the WTO and Economic integration framework. Qualitative interviews were carried out as primary data (total of 5 interviews). Research studies and articles regarding the same subject were used as secondary data. Results show that companies may increase their volumes of imported timber from Russia due to the reduction of custom tariffs. Russian companies are becoming more productive, but there are still several problems with legislation, infrastructure, availability and harvesting profitability in some areas. These suggest that sourcing process may not be profitable in the future. The Russian forest industry sector will not gain significant foreign direct investments in the recent years because of the infrastructure and overall atmosphere of investments. Forest industry is not seen as profitable enough. The demand for cellulose and paper in Russia is not increasing fast enough and the cost inflation is cutting the profits made from producing in Russia.

Essays on pricing of risk and international linkage of Russian stock market

Last two decades have seen a rapid change in the global economic and financial situation; the economic conditions in many small and large underdeveloped countries started to improve and they became recognized as emerging markets. This led to growth in the amounts of global investments in these countries, partly spurred by expectations of higher returns, favorable risk-return opportunities, and better diversification alternatives to global investors. This process, however, has not been without problems and it has emphasized the need for more information on these markets. In particular, the liberalization of financial markets around the world, globalization of trade and companies, recent formation of economic and regional blocks, and the rapid development of underdeveloped countries during the last two decades have brought a major challenge to the financial world and researchers alike. This doctoral dissertation studies one of the largest emerging markets, namely Russia. The motivation why the Russian equity market is worth investigating includes, among other factors, its sheer size, rapid and robust economic growth since the turn of the millennium, future prospect for international investors, and a number of important major financial reforms implemented since the early 1990s. Another interesting feature of the Russian economy, which gives motivation to study Russian market, is Russia’s 1998 financial crisis, considered as one of the worst crisis in recent times, affecting both developed and developing economies. Therefore, special attention has been paid to Russia’s 1998 financial crisis throughout this dissertation. This thesis covers the period from the birth of the modern Russian financial markets to the present day, Special attention is given to the international linkage and the 1998 financial crisis. This study first identifies the risks associated with Russian market and then deals with their pricing issues. Finally some insights about portfolio construction within Russian market are presented. The first research paper of this dissertation considers the linkage of the Russian equity market to the world equity market by examining the international transmission of the Russia’s 1998 financial crisis utilizing the GARCH-BEKK model proposed by Engle and Kroner. Empirical results shows evidence of direct linkage between the Russian equity market and the world market both in regards of returns and volatility. However, the weakness of the linkage suggests that the Russian equity market was only partially integrated into the world market, even though the contagion can be clearly seen during the time of the crisis period. The second and the third paper, co-authored with Mika Vaihekoski, investigate whether global, local and currency risks are priced in the Russian stock market from a US investors’ point of view. Furthermore, the dynamics of these sources of risk are studied, i.e., whether the prices of the global and local risk factors are constant or time-varying over time. We utilize the multivariate GARCH-M framework of De Santis and Gérard (1998). Similar to them we find price of global market risk to be time-varying. Currency risk also found to be priced and highly time varying in the Russian market. Moreover, our results suggest that the Russian market is partially segmented and local risk is also priced in the market. The model also implies that the biggest impact on the US market risk premium is coming from the world risk component whereas the Russian risk premium is on average caused mostly by the local and currency components. The purpose of the fourth paper is to look at the relationship between the stock and the bond market of Russia. The objective is to examine whether the correlations between two classes of assets are time varying by using multivariate conditional volatility models. The Constant Conditional Correlation model by Bollerslev (1990), the Dynamic Conditional Correlation model by Engle (2002), and an asymmetric version of the Dynamic Conditional Correlation model by Cappiello et al. (2006) are used in the analysis. The empirical results do not support the assumption of constant conditional correlation and there was clear evidence of time varying correlations between the Russian stocks and bond market and both asset markets exhibit positive asymmetries. The implications of the results in this dissertation are useful for both companies and international investors who are interested in investing in Russia. Our results give useful insights to those involved in minimising or managing financial risk exposures, such as, portfolio managers, international investors, risk analysts and financial researchers. When portfolio managers aim to optimize the risk-return relationship, the results indicate that at least in the case of Russia, one should account for the local market as well as currency risk when calculating the key inputs for the optimization. In addition, the pricing of exchange rate risk implies that exchange rate exposure is partly non-diversifiable and investors are compensated for bearing the risk. Likewise, international transmission of stock market volatility can profoundly influence corporate capital budgeting decisions, investors’ investment decisions, and other business cycle variables. Finally, the weak integration of the Russian market and low correlations between Russian stock and bond market offers good opportunities to the international investors to diversify their portfolios.

Implementation and Integration of New Baggage Logistic Centre at HelsinkiVantaa Airport

This thesis deals with improving international airport baggage supply chain management (SCM) by means of information technology and new baggage handling system. This study aims to focus on supply chain visibility in practice and to suggest different ways to improve the supply chain performance through information sharing. The objective is also to define how radio frequency identification (RFID) and enterprise resource planning (ERP) can make processes more transparent. In order to get full benefits from processes, effective business process management and monitoring as well as the key performance indicators must be defined, implemented and visualized through e.g. dashboard views for different roles. As an outcome of the research the need for the use of information technology systems and more advanced technologies, e.g. RFID in the supply chain management is evident. Sophisticated ERP is crucial in boosting SCM business processes and profitability. This would be beneficial for dynamic decision making as well in the airport and airline supply chain management. In the long term, economic aspects support the actions I have suggested in order to make production more flexible in reacting to quick changes.

The us subprime crisis and stock market integration: evidence from the BRICS

The aim of this study is to examine the level of stock market co-movement in the BRICS countries and three major industrialized countries (Japan, UK and USA). While analyzing the interdependence and integration of markets, two subsets are examined: before (2000 – 2007) and during the global financial crisis (2007-2011). Generally, interdependence across markets is likely to increase during a highly volatile period. This is problematic because if it were true, the main benefit of international diversification would be reduced at times when it is most needed. The results reveal the dominant role of the US financial markets over the examined time period. Empirical studies of this research paper indicate that cross-market linkages have become slightly stronger during the ongoing subprime crisis than before crisis. However, results also show that an investor may obtain some international diversification benefits by investing especially in the BRICS countries despite the fact of unstable economic condition and growing globalization.

Market integration, return and volatility dynamics; empirical evidence from African stock markets

Frontier and Emerging economies have implemented policies with the objective of liberalizing their equity markets. Equity market liberalization opens the domestic equity market to foreign investors and as well paves the way for domestic investors to invest in foreign equity securities. Among other things, equity market liberalization results in diversification benefits. Moreover, equity market liberalization leads to low cost of equity capital resulting from the lower rate of return by investors. Additionally, foreign and local investors share any potential risks. Liberalized equity markets also become liquid considering that there are more investors to trade. Equity market liberalization results in financial integration which explains the movement of two markets. In crisis period, increased volatility and co-movement between two markets may result in what is termed contagion effects. In Africa, major moves toward financial liberalization generally started in the late 1980s with South Africa as the pioneer. Over the years, researchers have studied the impact of financial liberalization on Africa’s economic development with diverse results; some being positive, others negative and still others being mixed. The objective of this study is to establish whether African stock-markets are integrated into the United States (US) and World market. Furthermore, the study helps to see if there are international linkages between the Africa, US and the world markets. A Bivariate- VAR- GARCH- BEKK model is employed in the study. In the study, the effect of thin trading is removed through series of econometric data purification. This is because thin trading, also known as non-trading or inconsistency of trading, is a main feature of African markets and may trigger inconsistency and biased results. The study confirmed the widely established results that the South Africa and Egypt stock markets are highly integrated with the US and World market. Interestingly, the study adds to knowledge in this research area by establishing the fact that Kenya is very integrated with the US and World markets and that it receives and exports past innovations as well as shocks to and from the US and World market.