This paper investigates determinants of lending growth and cyclicality in banks of 15 Central and Eastern European countries during the period of 2004-2010. The results support, as expected, cyclicality in lending growth, but contrary to expectations, the association between GDP growth and...

Within the first 20 years of the market economy in Estonia, the public school market has been decentralized in Tallinn. Firstly, we describe how students are allocated to primary schools in a narrative, and secondly, in a formal mechanism design language. We indicate the closest equivalent...

In our recent work (Vaarmets, Liivamägi and Talpsepp (2014)), we offer strong evidences that people with higher mental abilities are more likely to participate in the stock market. We dig deeper into the behaviour of individual investors and can give a more precise picture how education and...

Countries in the Asia and Pacific region have shown many macroeconomic similarities such as current account surpluses, exchange rate appreciation, export-oriented economies, growth success, etc. This paper argues that there may be one more macroeconomic feature to add to the list: strong tax...

Estonia introduced a new corporate income tax system in 2000, under which corporate profit is taxed only when it is paid out as dividends to shareholders. The switch to distributed profit or dividend taxation was billed as a means to attract investment, support enterprises and increase...

This article presents empirical analysis of the effects of school choice policy in Estonia. We show that relying on market and giving autonomy to the schools over student selection without any central priority matching or other central guidelines will produce admission tests, even in...

The EU cohesion policy funding aims to enhance economic, social and territorialcohesion across regions and countries in the European Union. This paper discusses theimplementation of the policy in Estonia since 2004 using as background information surveysof the theoretical and empirical...

The paper investigates the extent to which household indebtedness suppressed consumption during the economic downturn in 2008-2009. The paper uses a unique quarterly panel dataset containing financial information on over 100,000 individuals. The dataset covers the period 2005-2011, when there...

Pissarides & Weber (1989) proposed the use of data on income and food consumption for estimating the extent of income underreporting and possibly tax evasion by the self-employed. This paper is the first to investigate the importance of the way in which self-employed households are identified....

Combining two exhaustive datasets from NASDAQ OMX Tallinn and Estonian national educational registry we dig deeper into the behaviour of the individual investor and paint a picture about how mental abilities in very different areas influence stock market participation. We use different tools of...