A vector error correction model is applied to empirically investigate and compare the influence of macroeconomic and real estate market variables on the level of non-performing loans in the three Baltic States. A secondary goal is to analyze the effect of constant loan portfolio growth on the...

In the transition to a market economy the countries of Eastern Europe underwent a significant structural changes. There is a plenty of literature on the structural changes in industry in transition countries. Some works on industrial restructuring have appeared in Estonia as well. By now the...

The purpose of this paper is twofold. First, we aim at analysing the development of regional specialisation in Estonia since the beginning of trade liberalisation and integration into the EU in the early 1990s. Second, given the patterns of developments in specialisation, we analyse how trade...

Purpose – The purpose of this article is to investigate empirically the influence of macroeconomic and real estate market variables on the level of non-performing loans. A secondary goal is to analyse the effect of constant loan portfolio growth on the level of non-performing loans....