Siirry sisältöön


Laura Solanko
Russian monetary and fiscal policies in 2014–2018
Forthcoming in Putin's Russia: Past Imperfect, Future Uncertain (Seventh Edition)
Heli Simola
Chinese production chains rely increasingly on domestic services
Forthcoming in Asian Economic Papers
BOFIT Policy Brief 4/2017
Mariarosaria Comunale, Heli Simola
The pass-through to consumer prices in CIS economies: The role of exchange rates, commodities and other common factors
Research in International Business and Finance, Volume 44, April 2018, Pages 186–217 DOI
BOFIT DP 16/2016
Denis Davydov, Zuzana Fungáčová, Laurent Weill
Cyclicality of bank liquidity creation
Forthcoming in Journal of International Financial Markets, Institutions & Money
BOFIT Discussion Paper 5/2017
Zuzana Fungáčová, Laurent Weill
Trusting banks in China
Forthcoming in Pacific Economic Review
BOFIT Discussion Paper 9/2017


Iikka Korhonen, Riikka Nuutilainen
Breaking monetary policy rules in Russia
Published in Russian Journal of Economics, Volume 3, Issue 4, December 2017, Pages 366–378 DOI
BOFIT Policy Brief 9/2017
Caroline Stern, Mikko Mäkinen, Zongxin Qian
FinTechs in China – with a special focus on peer to peer lending
Published in Journal of Chinese Economic and Foreign Trade Studies, Vol. 10 Issue: 3, 215-228 DOI
BOFIT Policy Brief 8/2017
K.C. Fung, Nathalie Aminian, Iikka Korhonen, Keith Wong
Internationalization of the use of Chinese currency: Perspectives from the new and the ancient silk roads
Published online in Journal of Chinese Economic and Business Studies DOI
BOFIT Policy Brief 6/2017
Zuzana Fungáčová, Iftekhar Hasan, Laurent Weill
Trust in banks
Forthcoming in Journal of Economic Behavior & Organization
BOFIT DP 7/2016
Zuzana Fungáčová, Anastasiya Shamshur, Laurent Weill
Does bank competition reduce cost of credit? Cross-country evidence from Europe
Published online in Journal of Banking and Finance, Oct 2017 DOI
BOFIT DP 6/2016
Zuzana Fungáčová, Laurent Weill
Banking competition in China
Published in Handbook of Competition in Banking and Finance (editors: Jacob A. Bikker and Laura Spierdijk), Chapter 8, Sep 2017 DOI
Simo Leppänen, Laura Solanko, Riitta Kosonen
The Impact of Climate Change on Regional Government Expenditures: Evidence from Russia
Published in Environmental and Resource Economics, Volume 67, Issue 1, May 2017: 67–92 DOI
BOFIT DP 27/2015
Derek C. Jones, Panu Kalmi, Takao Kato, Mikko Mäkinen
Complementarities between Employee Involvement and Financial Participation. Do Institutional Context, Differing Measures, and Empirical Methods Matter?
Published in Industrial and Labor Relations (ILR) Review, Volume 70, Issue 2, March 2017: 395–418  DOI
Zuzana Fungáčová, Laurent Weill, Mingming Zhou
Bank capital, liquidity creation and deposit insurance 
Published in Journal of Financial Services Research, 51 (1), 2017:  97-123 DOI
BOFIT DP 17/2010

Zuzana Fungáčová, Riikka Nuutilainen, Laurent Weill 
Reserve requirements and the bank lending channel in China
Journal of Macroeconomics, Volume 50, December 2016: 37–50 DOI 
BOFIT DP 26/2015
Jarko Fidrmuc, Iikka Korhonen
Meta-analysis of Chinese business cycle correlation 
Published online in Pacific Economic Review, Sep 2016 DOI
BOFIT DP 6/2015
Markus Eller, Jarko Fidrmuc, Zuzana Fungáčová
Fiscal policy and regional output volatility: Evidence from Russia
Regional Studies, Volume 50, 2016, Issue 11: 1849–1862 DOI
BOFIT DP 13/2013
Fungáčová, Zuzana, Weill, Laurent
Determinants of Financial Inclusion in Asia
in Financial Inclusion in Asia: Issues and Policy Concerns (editors: S. Gopalan and T. Kikuchi), Palgrave Macmillan 2016: 35-57 DOI    
Iikka Korhonen, Anatoly Peresetsky 
What Influences Stock Market Behavior in Russia and Other Emerging Countries?
Emerging Markets Finance and Trade, Volume 52, Issue 5, 2016: 1210–1225 DOI
BOFIT DP 4/2013
Risto Herrala, Rima Turk-Ariss
Capital accumulation in a politically unstable region
Journal of International Money and Finance, Volume 64, June 2016: 1–15 DOI
BOFIT DP 29/2012
Qing He, Iikka Korhonen, Junjie Guo, Fangge Liu
The geographic distribution of international currencies and RMB internationalization 
International Review of Economics & Finance, Volume 42, March 2016: 442–458 DOI
BOFIT DP 20/2015
Veronika Belousova, Rajeev K. Goel, Iikka Korhonen 
Corruption perceptions versus corruption incidence: Competition for rents across
Russian regions
Journal of Economics and Finance, January 2016, Volume 40, Issue 1: 172–187 DOI
BOFIT DP 31/2011


Heli Simola
Tracing trade interdependency between EU and East Asia 
Global Economic Review, Volume 44, Issue 4, 2015: 420–430 DOI 
BOFIT Policy Brief 3/2014
Riikka Nuutilainen 
Contemporary Monetary Policy in China: An Empirical Assessment
Pacific Economic Review, Volume 20, Issue 3, August 2015: 461–486 DOI
BOFIT DP 10/2015
Zuzana Fungáčová, Laurent Weill
Understanding Financial Inclusion in China 
China Economic Review, Volume 34, July 2015: 196–206 DOI
BOFIT DP 10/2014
Risto Herrala, Yandong Jia
Toward State Capitalism in China?
Asian Economic Papers, Summer 2015, Vol. 14, No. 2: 163–175 DOI
Jarko Fidrmuc, Zuzana Fungáčová, Laurent Weill
Does Bank Liquidity Creation Contribute to Economic Growth? Evidence from Russia
Open Economies Review, Volume 26, Issue 3, 2015: 479–496 DOI
BOFIT DP 7/2015
Zuzana Fungáčová, Anna Kochanova, Laurent Weill
Does Money Buy Credit? Firm-Level Evidence on Bribery and Bank Debt
World Development, Volume 68, April 2015: 308–322 DOI
BOFIT DP 4/2014



Jarko Fidrmuc, Iikka Korhonen, Jitka Poměnková
Wavelet Spectrum Analysis of Business Cycles of China and G7 Countries
Applied Economics Letters, Volume 21, Issue 18, 2014: 1309–1313 DOI
BOFIT DP 5/2014
Zuzana Fungácová, Laura Solanko, Laurent Weill
Does competition influence the bank lending channel in the euro area?
Journal of Banking & Finance, Volume 49, December 2014: 356–366 DOI
BOFIT DP 17/2013
Iftekhar Hasan, Liang Song, Paul Wachtel
Institutional development and stock price synchronicity: Evidence from China
Journal of Comparative Economics, Volume 42, Issue 1, February 2014: 92–108 DOI
BOFIT DP 20/2013
Iikka Korhonen, Maria Ritola
An Empirical Note on the Success of Forecasting Economic Developments in Major Emerging Markets 
Asian Economic Papers, Winter 2014, (13), No. 1: 131–154 DOI
Yin-Wong Cheung, Risto Herrala
China’s capital controls: Through the prism of covered interest differentials
Pacific Economic Review, 19: 1 (2014): 112–134 DOI
BOFIT DP 22/2013
Martin Feldkircher, Iikka Korhonen
The rise of China and its implications for the global economy: Evidence from a global vector autoregressive model
Pacific Economic Review, 19: 1 (2014): 61–89 DOI
BOFIT DP 20/2012


Zuzana Fungáčová, Pierre Pessarossi, Laurent Weill
Is bank competition detrimental to efficiency? Evidence from China
China Economic Review, Volume 27, December 2013: 121–134 DOI
BOFIT DP 31/2012
Iftekhar Hasan, Krzysztof Jackowicz, Oskar Kowalewski, Łukasz Kozlowski
Market discipline during crisis: Evidence from bank depositors in transition countries
Journal of Banking & Finance, Volume 37, Issue 12, December 2013: 5436–5451 DOI
BOFIT DP 21/2013
Mustafa Disli, Koen Schoors, Jos Meir
Political connections and depositor discipline
Journal of Financial Stability, Vol. 9, No. 4, 2013: 804–819 DOI
BOFIT DP 6/2013
Rajeev K. Goel, Risto Herrala, Ummad Mazhar
Institutional Quality and Environmental Pollution: MENA Countries versus Rest of the World
Economic Systems, Vol. 37, Issue 4, Dec 2013: 508–521 DOI
Jouko Rautava
Oil Prices, Excess Uncertainty and Trend Growth, A forecasting Model for Russia's Economy

Focus on European Economic Integration, Q4/13: 77–87 PDF
Zuzana Fungáčová, Risto Herrala, Laurent Weill
The Influence of Bank Ownership on Credit Supply: Evidence from the Recent Financial Crisis
Emerging Markets Review, Volume 15, June 2013: 136–147 DOI
BOFIT DP 34/2011
Jarko Fidrmuc, Iikka Korhonen and Ivana Bátorová
China in the world economy: Dynamic correlation analysis of business cycles
CESifo Economic Studies, Vol. 59, 2/2013: 392–411 DOI
BOFIT DP 7/2008
William Pyle, Laura Solanko
The composition and interests of Russia's business lobbies: testing Olson's hypothesis of the "encompassing organization"
Public Choice, April 2013, Volume 155, Issue 1: 19-41 DOI
BOFIT DP  5/2010
Zuzana Fungáčová, Laurent Weill
Does competition influence bank failures? Evidence from Russia 
Economics of Transition, Volume 21, Issue 2, April 2013: 301–322 DOI
BOFIT DP 12/2009
Iftekhar Hasan, Ru Xie
Foreign bank entry and bank corporate governance in China
Emerging Markets Finance and Trade, Volume 49, Issue 2, 2013: 4-18 DOI
BOFIT DP 8/2012
Zuzana Fungáčová, Petr Jakubík
Bank stress tests as an information device for emerging markets: The case of Russia
Czech Journal of Economics and Finance, Volume 63, Issue 1, 2013: 87–105 PDF
BOFIT DP 3/2012
Aaron Mehrotra, Riikka Nuutilainen, Jenni Pääkkönen
Changing economic structures and impacts of shocks: Evidence from a Dynamic Stochastic General Equilibrium Model for China
Pacific Economic Review, Volume 18, Issue 1, February 2013: 92–107 DOI
BOFIT DP 5/2011
Alexei Karas, William Pyle, Koen Schoors
Deposit insurance, banking crises, and market discipline: Evidence from a natural experiment on deposit flows and rates
Journal of Money, Credit and Banking, Volume 45, Issue 1, February 2013: 179–200 DOI
BOFIT DP 8/2010
Yi Yao, Rong Yang, Zhiyuan Liu, Iftekhar Hasan
Government intervention and institutional trading strategy: Evidence from a transition country
Global Finance Journal, Volume 24, Issue 1, 2013: 44–68 DOI
BOFIT DP 9/2012 


Simo Leppänen, Mikael Linden, Laura Solanko
Firms, Public Good Provision and Institutional Uncertainty: Evidence from Russia
Economic Systems, Volume 36, Issue 4, December 2012: 522–530 DOI
BOFIT DP 16/2009 
Tuuli Koivu
Monetary policy, asset prices and consumption in China
Economic Systems, Volume 36, Issue 2, June 2012: 307–325 DOI
BOFIT DP 18/2010
Zuzana Fungáčová, Laurent Weill
Bank liquidity creation in Russia
Eurasian Geography and Economics, Volume 53, Issue 2, 2012: 285–299 DOI
Olivier De Jonghe, Mustafa Disli, Koen Schoors
Corporate governance, opaque bank activities, and risk/return efficiency: pre- and post-crisis evidence from Turkey
Journal of Financial Services Research, April 2012, Volume 41, Issue 1: 51–80 DOI
Rajeev K. Goel, Aaron Mehrotra
Financial Payment Instruments and Corruption
Applied Financial Economics, Volume 22, Issue 11, 2012: 877–886 DOI
BOFIT DP 4/2011
Jenni Pääkkönen
Are there industrial and agricultural convergence clubs in China?
Journal of Chinese Economic and Business Studies, Volume 10, Issue 1, 2012: 1–13 DOI
BOFIT DP 15/2009
Tuuli Juurikkala, Olga Lazareva
Non-wage benefits, costs of turnover and labour attachment. Evidence from Russian firms
Economics of Transition, Volume 20, Issue 1, 2012: 113–136 DOI
BOFIT DP 4/2006


Christophe J. Godlewski, Zuzana Fungáčová, Laurent Weill
Stock market reaction to debt financing arrangements in Russia
Comparative Economic Studies, 2011, 53, Issue 4: 679–693 DOI
BOFIT DP 16/2010
Zuzana Fungáčová, Tigran Poghosyan
Determinants of bank interest margins in Russia: Does bank ownership matter? 
Economic Systems 35 (2011), Issue 4: 481–495 DOI
BOFIT DP 22/2009
Aaron Mehrotra, Jenni Pääkkönen
Comparing China’s GDP Statistics with Coincident Indicators
Journal of Comparative Economics, Vol. 39, Iss. 3, Sept. 2011: 406–411 DOI
BOFIT DP 1/2011
Iikka Korhonen, Maria Ritola
Renminbi misaligned - Results from meta-regressions
Yin-Wong Cheung, Guonan Ma (eds.): Asia and China in the Global Economy, World Scientific, 2011
BOFIT DP 13/2009
Aaron Mehrotra, José R. Sánchez-Fung
Assessing McCallum and Taylor rules in a cross-section of emerging market economies
Journal of International Financial Markets, Institutions and Money, 21(2), 2011: 207-228 DOI
BOFIT DP 23/2009
Rajeev K. Goel, Iikka Korhonen
Exports and Cross-National Corruption: A Disaggregated Examination
Economic Systems 35 (2011), Issue 1: 109–124 DOI
BOFIT DP 5/2009
Tuuli Juurikkala, Alexei Karas, Laura Solanko
The Role of Banks in Monetary Policy Transmission: Empirical Evidence from Russia
Review of International Economics, 19(1), February 2011: 109–121 DOI
BOFIT DP 8/2009
Zuzana Fungáčová, Christophe J. Godlewski, Laurent Weill
Asymmetric information and loan spreads in Russia: Evidence from syndicated loans 
Eastern European Economics Vol. 49, 2011, Issue 1: 13–29 DOI
BOFIT DP 7/2009


Aaron Mehrotra, José R. Sánchez-Fung
China’s monetary policy and the exchange rate
Comparative Economic Studies, 52(4), 2010: 497-514 DOI
BOFIT DP 10/2010
Allen N. Berger, Iftekhar Hasan, Mingming Zhou
The effects of focus versus diversification on bank performance: Evidence from Chinese banks
Journal of Banking & Finance, Volume 34, Issue 7, July 2010: 1417–1435 DOI
BOFIT DP 4/2010
Iikka Korhonen, Svetlana Ledyaeva
Trade linkages and macroeconomic effects of the price of oil
Energy Economics, Vol. 32, Issue 4, July 2010: 848-856 DOI
BOFIT DP 16/2008
Jarko Fidrmuc, Iikka Korhonen
The impact of the global financial crisis on business cycles in Asian emerging economies
Journal of Asian Economics, Volume 21, Issue 3, June 2010: 293–303 DOI
BOFIT DP 11/2009
Aaron Mehrotra, Tuomas Peltonen, Alvaro Santos Rivera
Modelling inflation in China – A regional perspective
China Economic Review 21 (2), 2010: 237-255 DOI
BOFIT DP 19/2007
Iikka Korhonen, Aaron Mehrotra
Money Demand in post-crisis Russia: Dedollarization and Remonetization
Emerging Markets Finance and Trade, 46, Issue 2, 2010, 5-19 DOI
BOFIT DP 14/2007
Zuzana Fungáčová, Laura Solanko, Laurent Weill
Market Power in the Russian Banking Industry
International Economics 124 (2010): 127-146 DOI
BOFIT DP 3/2010



Juuso Kaaresvirta, Aaron Mehrotra
Business surveys and inflation forecasting in China
Economic change and restructuring, Vol. 42, Issue 4 (2009): 263-271 DOI
BOFIT DP 22/2008
Tuuli Koivu
Has the Chinese Economy become more sensitive to interest rates? Studying credit demand in China
China Economic Review, 2009; Volume 20, Issue 3, September: 455–470 DOI
BOFIT DP 1/2008
K.C. Fung, Iikka Korhonen, Ke Li, Francis Ng
China and Central and Eastern European Countries: Regional networks, global supply chain or international competitors?
Journal of Economic Integration, September 2009, 24 (3): 476–504 DOI
BOFIT DP 9/2008
Aaron Mehrotra
The Case for Price Level or Inflation Targeting - What Happened to Monetary Policy Effectiveness during the Japanese Disinflation?
Japan and the World Economy, 2009, 21 (3): 280–291 DOI
Iftekhar Hasan, Haizhi Wang, Mingming Zhou
Do better institutions improve bank efficiency? Evidence from a transitional economy
Managerial Finance, Vol. 35 Issue 2 (2009): 107-127 DOI
BOFIT DP 28/2008
Tuuli Koivu, Aaron Mehrotra, Riikka Nuutilainen
An analysis of Chinese money and prices using a McCallum-type rule
Journal of Chinese Economic and Business Studies, Vol. 7, Issue 2, 2009: 219-235 DOI
BOFIT DP 15/2008
Iikka Korhonen, Tuuli Juurikkala
Equilibrium exchange rates in oil-dependent countries
Journal of Economics and Finance, Volume 33, 1/2009: 71-79 DOI
BOFIT DP 8/2007
Iftekhar Hasan, Paul Wachtel, Mingming Zhou
Institutional development, financial deepening and economic growth: Evidence from China
Journal of Banking & Finance, vol. 33, Issue 1, 2009: 157-170 DOI
BOFIT DP 12/2006 
Tomasz Koźluk, Aaron Mehrotra
The Impact of Chinese Monetary Policy Shocks on East and South-East Asia
Economics of Transition, Vol. 17, Issue 1, 2009: 121-145 DOI
BOFIT DP 5/2008
Zuzana Fungáčová, Laura Solanko
Risk-taking by Russian banks: Do location, ownership and size matter?
HSE Economic Journal, 2009, Tom 13, No 1: 101–129 PDF
BOFIT DP 21/2008
Laura Solanko, Pekka Sutela
Too much or too little Russian gas for Europe?
Eurasian Geography and Economics, 2009, Vol 50, No. 1: 58–74 DOI


Alicia Garcίa-Herrero, Tuuli Koivu
China's Exchange Rate Policy and Asian Trade
Economie Internationale, Volume 116, Issue 4, 2008: 53-92 Link
BOFIT DP 6/2007
Aaron Mehrotra, José R. Sánchez-Fung
Forecasting Inflation in China
China Economic Journal, Vol. 1, No. 3, 2008: 317-322 DOI
BOFIT DP 2/2008
Aaron Mehrotra and Jouko Rautava
Do sentiment indicators help to assess and predict actual developments of the Chinese economy?
Journal of Chinese Economic and Business Studies, Vol. 6 (3), 2008: 225-239 DOI
BOFIT DP 11/2007
Laura Solanko
Unequal fortunes: a note on income convergence across Russian regions
Post-Communist Economies Vol 20; 3, 2008: 287-302 DOI
Aaron N. Mehrotra
Demand for Money in Transition: Evidence from China's Disinflation
International Advances in Economic Research, vol. 14(1), 2008: 36-47 DOI
BOFIT DP 10/2006


Aaron N. Mehrotra
Exchange and interest rate channels during a deflationary era – Evidence from Japan, Hong Kong, and China
Journal of Comparative Economics, March 2007, Vol. 35, No 1: 188-210 DOI
BOFIT DP 17/2005
Simon-Erik Ollus, Heli Simola
Russia's True Imports? 
HSE Economic Journal, Vol. 11 No. 2, 2007: 200-212 PDF
Pekka Sutela
The economic future of Russia
Int. J. of Economic Policy in Emerging Economies, 2007 Vol.1, No.1: 21 - 33 DOI


David G. Mayes, Vesa Korhonen
The CIS: Does the regional hegemon facilitate monetary integration?
International Economics, No 107, Issue 3, 2006 Link
BOFIT DP 16/2007
Jarko Fidrmuc, Iikka Korhonen
Meta-analysis of the business cycle correlation between the euro area and CEECs
Journal of Comparative Economics, Vol.34, No.3 (2006): 518-537 DOI
BOFIT DP 20/2004
Iikka Korhonen, Paul Wachtel
A note on exchange rate pass-through in CIS countries
Research in International Business and Finance Vol. 20, No. 2 (2006): 215-226 DOI
BOFIT DP 2/2005


John P.Bonin, Iftekhar Hasan, Paul Wachtel
Privatization Matters: Bank Performance in Transition Countries
Journal of Banking and Finance, (29), August-September 2005: 2153-2178 DOI
BOFIT DP 8/2004
Byung-Yeon Kim, Iikka Korhonen
Equilibrium Exchange Rates in Transition Countries: Evidence from Dynamic Heterogeneous Panel Models
Economic Systems vol 29, no 2 (2005): 144-162 DOI
BOFIT DP 15/2002



Jarko Fidrmuc, Iikka Korhonen
The Euro goes East: Implications of the 2000-2002 economic slowdown for synchronisation of business cycles between the euro area and CEEs
Comparative Economic Studies,  vol. 46 no 1 (2004): 45-62 DOI
BOFIT DP 6/2003
Jouko Rautava
The role of oil prices and the real exchange rate in Russia's economy—a cointegration approach
Journal of Comparative Economics, vol. 32, no 2 (2004): 315-327 DOI
BOFIT DP  3/2002
Byung-Yeon Kim, Jukka Pirttilä
Money, Barter and Inflation in Russia
Journal of Comparative Economics vol 32, no 2 (2004): 297-314 DOI
BOFIT DP 15/2001


Tuomas Komulainen, Johanna Lukkarila
What drives financial crises in emerging markets?
Emerging Markets Review vol 4, no 3 (2003): 248-272 DOI
BOFIT DP 5/2003
Jarko Fidrmuc, Iikka Korhonen
Similarity of supply and demand shocks between the Euro area and the CEECs
Economic Systems, vol 27, no 3 (2003): 313-334 DOI
BOFIT DP 14/2001
Iikka Korhonen
Some empirical tests on the integration of economic activity between the Euro area and the accession countries
Economics of Transition, vol 11, no 1 (2003): 177-196 DOI
BOFIT DP 9/2001


Tuomas Komulainen, Jukka Pirttilä
Fiscal Explanations for Inflation:  Any Evidence from Transition Economies?
Economics of Planning, vol 35, no 3 (2002), 293-316 DOI
BOFIT DP 11/2000


Juhani Laurila, Rupinder Singh
Sequential reform strategy: The case of   Azerbaijan
Russian and East European Finance and Trade, vol 37, no 3 (2001): 25-76 Link
BOFIT DP 8/2000
Jukka Pirttilä
Fiscal Policy and Structural Reforms in Transition Economies: An Empirical Analysis
Economics of Transition vol 9, no 1 (2001): 29-52 DOI
BOFIT DP 5/2000


Iikka Korhonen
Currency Boards in the Baltic Countries: What Have We Learned?
Post-Communist Economies, vol 12, no 1 (2000): 25-46 DOI
BOFIT DP 6/1999