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The Finnish markka ((フィンランド語:Suomen markka, abbreviated mk), (スウェーデン語:finsk mark), currency code:FIM) was the currency of Finland from 1860 until 28 February 2002, when it ceased to be legal tender. The markka was replaced by the euro (€), which had been introduced, in cash form, on 1 January 2002, after a transitional period of three years when the euro was the official currency but only existed as 'book money'. The dual circulation period – when both the Finnish markka and the euro had legal tender status – ended on 28 February 2002. The markka was divided into 100 pennies ((フィンランド語:penni), with numbers ''penniä'', (スウェーデン語:penni)), postfixed "p"). At the point of conversion, the rate was fixed at €1 = 5.94573 mk. ==History== The markka was introduced in 1860 by the Bank of Finland, replacing the Russian ruble at a rate of four markka equal to one ruble. In 1865 the markka was separated from the Russian ruble and tied to the value of silver. Up to World War 1, the value of markka fluctuated within +23%/-16% of its initial value, but with no trend. However, the markka suffered heavy inflation (91%) during 1914-18.〔Nordean rahanarvokerroin.〕 After Finland gained independence in 1917 the currency was backed by gold. Prices remained stable until 1940.〔 The gold standard was abolished in 1940, and the markka suffered heavy inflation (17% annually on average〔) during the war years and then up to 1951, and again in 1956-57 (11%).〔 In 1963 the markka was replaced by the ''new markka'', equivalent to 100 old units. Finland joined the Bretton Woods Agreement in 1948. The value of markka was pegged to the dollar at 320 mk/$, which became 3.20 new mk/$ in 1963 and devalued to 4.20 mk/$ in 1967. After the breakdown of the Bretton Woods agreement in 1971, a basket of currencies became the new reference. Inflation was high (over 5%) during 1971-85.〔 Occasionally, devaluation was used, 60% in total between 1975 and 1990, allowing the currency to more closely follow the depreciating US dollar than the rising German mark. The paper industry, which mainly traded in US dollars, was often blamed for demanding these devaluations to boost their exports. Various economic controls were removed and the market was gradually liberalized throughout the 1980s and the 1990s. The monetary policy called "strong markka policy" (''vahvan markan politiikka'') was a characteristic feature of the 1980s and early 1990s. The main architect of this policy was President Mauno Koivisto, who opposed floating the currency and devaluations. As a result, the nominal value of markka was extremely high and in the year 1990, Finland was nominally the most expensive country in the world. Koivisto's policy was maintained only briefly after Esko Aho was elected Prime Minister. In 1991, markka was pegged to the currency basket ECU, but the peg had to be withdrawn after two months with a devaluation of 12%. In 1992, Finland was hit by a severe recession, the early 1990s recession in Finland. It was caused by several factors, the most severe being the incurring of debt, as the 1980s economic boom was based on debt. Also, Soviet Union had collapsed, which brought an end to the bilateral trade, and existing trade connections were severed. The most important source of export revenue, Western markets, were also depressed during the same time. As a result, by some opinions years overdue, the artificial fixed exchange rate was abandoned and the markka was floated.〔Genberg, Hans: (''Monetary Policy Strategies after EU Enlargement'' ). Graduate Institute of International Studies, Geneva, Switzerland, 2 February 2004. Accessed 7 February 2009.〕 Its value immediately decreased 13% and the inflated nominal prices converged towards German levels. In total, the value of markka had decreased 40% as a result of the recession. Also, as a result, several entrepreneurs who had borrowed money denominated in foreign currency suddenly faced insurmountable debt.〔http://www.barrikadi.fi/artikkelit/kun-oikeutta-ohjattiin〕 Inflation was low during markka's independent existence as a floating currency (1992-1999): 1.3% annually on average.〔 The Finnish markka was added into the ERM system in 1996 and then became a fraction of the euro in 1999, physical euro money arriving later in 2002. It has been speculated that if Finland had not joined the euro, market fluctuations such as the dot-com bubble would have reflected as wild fluctuations in the price of markka. (Nokia, formerly traded in markka, was in 2000 the European company with the highest market capitalization.) 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Finnish markka」の詳細全文を読む スポンサード リンク
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