The Bank of Finland Research Paper Series comprise two discussion paper series representing the key areas of research at the Bank of Finland, areas that are topical from the viewpoint of the Bank's strategic aims. The Bank of Finland Research Discussion Papers series disseminates research on the stability of financial markets and the macro economy and the interplay between them. This is the key area of research pursued in the Bank's Research Unit. The Bank of Finland BOFIT Discussion Papers series focuses on relevant macroeconomic and financial market research on emerging economies - especially Russia and China - carried out in the Bank's Institute for Economies in Transition (BOFIT).
The authors of both series include both staff economists and visiting scholars. Any opinions expressed in the papers are those of the authors and do not necessarily reflect those of the Bank of Finland or the European System of Central Banks.
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