Brixiova, Zuzana; Vartia, Laura; Woergoetter, Andreas - 2009
From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital … board limited the Bank of Estonia’s ability to curb credit growth, while the fiscal policy framework amplified the cycle … tightened lending standards and capital outflows. Estonia is now in a severe recession. To restore high and sustainable growth …