Did taxes,decrees or credibility drive money? Early nineteenth century Finland from a chartalist perspective

Chartalist theories assume the government determines the currency used by the public. Finland’s experience following the Russo-Swedish war in 1808–1809 would seem to contradict the chartalist view. Having become a Grand Duchy under Russia, the Finnish Government sought to replace Swedish riksdalers in circulation with roubles. However, due to a resilient trade surplus with Sweden and the resulting flood of Swedish money into Finland, bans on the riksdaler were largely ineffective. Taxation proved a particularly clumsy tool for leveraging the switch to roubles. Taxpayers almost forced the government to accept payments in a foreign currency. Even the government had to use Swedish money. Issuing roubles was of limited use. As a result, the rouble failed to establish itself as Finland’s main currency until the introduction of a silver standard in 1840–1842.     

The parameters of the gravity model are changing – how and why?

Friction of distance in spatial interaction grows when the distance increases. This is a well-known fact and almost self-evident on the basis of the gravity model analogy and numerous empirical studies. Because this friction should apparently decrease over time, the change of the distance–decay parameter should be monotonic along time. We present empirical and theoretical evidence that this is only partially true. We also investigate the role of another parameter which is the scale parameter and the factors influencing on it. An empirical and theoretical explanation will be given as to why the changes of that parameter are rather contrary to the changes of the distance parameter.     

The ineffectiveness of R&D subsidies—An oligopoly theoretic insight

In several European countries, governments subsidise private firms in their product development. Existing empirical literature indicates that these subsidies do not have much impact on firms' R&D efforts. It is suggested that this inefficiency may reflect strategic, oligopolistic behaviour: not to apply for subsidies is a strategic commitment to non-aggressive behaviour. Firms may be willing to apply for subsidies mainly when they know they are not going to affect their R&D efforts significantly.     

Managers and efficiency in banking

This paper presents evidence on the impact of managers on cost efficiency in banking. Stochastic frontier analysis is applied to a unique Finnish data set. Manager age and education have strong yet complicated effects on efficiency. The impact of age on efficiency depends on education. A university degree is useful mainly in the largest banks of the sample. Educational background seems to be less important for young managers than for mature ones. Managing director changes are systematically followed by efficiency changes. Retirement typically causes an efficiency improvement whereas other manager changes can either improve or weaken efficiency. However, in many cases mature managers outperform their young colleagues.     

Analyzing systemic customer value in scalable business services

This paper examines complex service offerings and the creation of systemic customer value in such settings. We explore the extent to which customers value systemic offerings as opposed to more separated offerings. We conducted a questionnaire survey within the customer base of two Finnish service companies. We utilized t-tests to find out how systemic offerings and separated offerings differed in terms of perceived customer value along different dimensions. The findings support the claim that systemic offerings are valued more than offerings that are more separated in nature. The results of the study carry practical implications for firms offering complex and integrated service solutions. In addition, analyses of the service-value elements included in the offering and of the related customer value will enable firms to optimize their service provisioning so as to give higher customer value and subsequently enhance their competitive advantage.     

The links between securities settlement systems: An olihopoly theoretic approach

A duopoly model of the securities settlement industry is presented. Because pooling payments can help in using liquidity efficiently, issuers prefer systems where a large number of securities are issued. If the central securities depositories (CSDs) establish a mutual link that enables investors to make transactions with foreign securities, cost savings can be achieved. However, these links may have unexpected effects on CSDs' pricing, and the issuers' share of the fee burden can increase substantially. It is not advisable to ban additional fees for using the link, as the CSDs might simply increase the fee for domestic transactions.     

What not to wear? Oppositional ideology,fashion, and governmentality in wardrobe self-help

In this paper, we draw attention to the emancipatory premises of oppositional ideologies and the ideological nature of consumption in the context of fashion. Drawing on the Foucauldian concept of power, we illustrate how a specific genre of self-help literature, which we have termed wardrobe self-help (WSH), produces an alternative mode of discourse about fashion and clothing as a cultural mediator. Our findings challenge the prevailing fashion ideology that capitalizes on emancipation, and unravel the means through which WSH oppositional ideology governs consumers. Consequently, we argue that while oppositional ideologies can blur the boundaries between coercion and consent, and act as vehicles of repression and liberation, they ultimately come to govern, if not limit, consumer choice and expression.