Brixiova, Zuzana; Vartia, Laura; Wörgötter, Andreas - In: Economic Systems 34 (2010) 1, pp. 55-72
During 2000-2007, Estonia was among the fastest growing emerging market economies, but in late-2008 entered a deep recession. This paper examines shocks, institutions, and policies that have made Estonia's boom-bust cycle so severe. It finds that an open capital account, the prospect for EU...