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Adjustment Under a Currency Peg : Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09

Purfield, Catriona - 2010

The paper traces the Baltics’ adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics...

Persistent link: https://www.econbiz.de/10014397545

The Estonian Currency Board : Its Introduction and Role in the Early Success of Estonia's Transition to a Market Economy

Sutt, Andres - 2002

, 1992, Estonia became the first country from the former Soviet Union to abandon the Russian ruble and introduce its own … assesses the economic impact of the reform and also compares Estonia''s experience with that of its Baltic neighbors. It … concludes that although the currency board arrangement made an important contribution to the early success of Estonia …

Persistent link: https://www.econbiz.de/10014399419

Global value chains and productivity : micro evidence from Estonia

Banh, Hang T.; Wingender, Philippe; Gueye, Cheikh - 2020

participation on productivity in Estonia using firm-level data from 2000 to 2016. We find that higher GVC participation at the … are important to raise aggregate productivity and potential growth in Estonia …

Persistent link: https://www.econbiz.de/10012252668

On the Fast Track to EU Accession : Macroeconomic Effects and Policy Challenges for Estonia

Taube, Günther - 1999

This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU …-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are … Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand …

Persistent link: https://www.econbiz.de/10014400750

Globalization Drives Strategic Product Switching

Moreno Badia, Marialuz - 2008

Using firm-level data for Estonia for the years 1997-2005, we analyze the impact of international competition on firm …

Persistent link: https://www.econbiz.de/10014401739

Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries

Herzberg, Valerie - 2010

Between 2000 and 2007 nonfinancial private sector credit expanded rapidly in the Baltic countries, resulting in a non-negligible build-up of debt. Could this legacy debt hold back the economic recovery of the region? This paper analyzes the setting in each of the three countries and, with the...

Persistent link: https://www.econbiz.de/10014402659

Why Was Asia Resilient? : Lessons from the Past and for the Future

Jeasakul, Phakawa - 2014

Asia proved to be remarkably resilient in the face of the global financial crisis, but why was its output performance stronger than that of other regions? The paper shows that better initial conditions—in the form of lower external and financial vulnerabilities—contributed significantly to...

Persistent link: https://www.econbiz.de/10014411153

IMF-Supported Programs in Low Income Countries : Economic Impact over the Short and Longer Term

Mumssen, Christian - 2014

This paper studies the short and longer-term impact of IMF engagement in Low-Income Countries (LICs) over nearly three decades. In contrast to earlier studies, we focus on a sample composed exclusively of LICs and disentangle the different effects of IMF longer-term engagement and short-term...

Persistent link: https://www.econbiz.de/10014411165

External Finance, Sudden Stops, and Financial Crisis : What is Different This Time?

Ozkan, F. Gulcin - 2010

This paper develops a two-country DSGE model to investigate the transmission of a global financial crisis to a small open economy. We find that economies hit by a sudden stop arising from financial distress in the global economy are likely to face a more prolonged crisis than sudden stop...

Persistent link: https://www.econbiz.de/10014412199

Foreign Investors Under Stress : Evidence from India

Patnaik, Ila - 2013

Emerging market policy makers have been concerned about the financial stability implications of financial globalization. These concerns are focused on behavior under stressed conditions. Do tail events in the home country trigger off extreme responses by foreign investors – are foreign...

Persistent link: https://www.econbiz.de/10014395180