Bank of Finland’s Institute for Economies in Transition (BOFIT)
Bank of Finland’s Institute for Economies in Transition – BOFIT – specialises in high-level study of transition economics. BOFIT monitors and analyses current economic developments and performs in-depth academic research emphasising applied macroeconomics. We provide expertise on economic development, economic policy and structural reforms, focusing on Russia and China in particular.
BOFIT is a prime research unit within the European System of Central Banks (ESCB) dedicated to transition economies. We not only assist the Bank of Finland, the ESCB and many public institutions, we also serve private businesses, scientific bodies, the media and interested individuals. Our experts benefit from a broad network of international contacts made up of public officials and research institutes in the countries studied and in third countries, international experts working on transition issues and international organisations. We sponsor an on-going visiting economist program, inviting top researchers from countries studied, as well as other countries.
BOFIT was created at the beginning of 1998, when the Bank of Finland’s Unit for Eastern European Economies (established 1991) was given an expanded mandate. As a unit within a central bank, the institute enjoys a high degree of independence, as well as access to the central bank’s diverse and dependable international information sources and solid economic expertise. Central banks are traditionally well versed in macroeconomic issues such as monetary stabilisation and development of the financial system, i.e. key issues facing transition economies.