کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5056535 1371641 2010 18 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Capital flows and the boom-bust cycle: The case of Estonia
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Capital flows and the boom-bust cycle: The case of Estonia
چکیده انگلیسی

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 entry, and the currency board facilitated massive capital inflows, which led to credit and real estate booms. In late-2008 a domestic slowdown was greatly amplified by the global financial and economic crisis. To resume sustainable growth, the country will need to regain competitiveness and rebalance resources to exports. Estonia's experience underscores the importance for other emerging market economies to retain some flexibility in their macroeconomic frameworks and approach capital account liberalization cautiously.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Economic Systems - Volume 34, Issue 1, March 2010, Pages 55-72
نویسندگان
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