Czasopismo
Tytuł artykułu
Autorzy
Warianty tytułu
Języki publikacji
Abstrakty
The purpose of this article is to outline the main reasons and effects of the Estonian adjustments in response to the global financial and economic crisis. Estonia chose significant budgetary savings, in contrast with most other countries stimulating their economies by expansionary fiscal policy and leading to fiscal imbalances and growing public debts. Estonia did not carry out a devaluation of its currency, but restored competitiveness through internal devaluation. This strategy allowed Estonia to maintain a fixed exchange rate, fulfill the Maastricht criteria and adopt the single currency. As a result, Estonia has increased the stability of its economy, restoring and enhancing confidence among investors. At the same time, the Estonian strategy confirmed the existence of non-Keynesian effects - the positive economic results of public spending reduction.(original abstract)
Twórcy
autor
- Wrocław University of Economics, Poland
Bibliografia
- Action Plan for Growth and Jobs 2008-2011 for the implementation of the Lisbon strategy (2008), Tallinn, www.valitsus.ee.
- Bauc J. (1995), Estonian Way to Liberal Economic System, "CASE Network Studies and Analyses No. 38", Center for Social & Economic Research, Warsaw, http://dx.doi.org/10.2139/ssrn.1479559.
- Bhattacharya R. (1999), Private Sector Consumption Behavior and Non-Keynesian Effects of Fiscal Policy, "IMF Working Paper", No. 112.
- Blanchard, O. J., M. Das, H. Faruqee, H. (2010): The Initial Impact of the Crisis on Emerging Market Countries, "Brookings Papers on Economic Activity", Spring 2010, The Brookings Institution, Washington.
- Doing Business (2013), Smarter Regulations for Small and Medium-Size Enterprises, www.doingbusiness.org. Economic Freedom of the World (2012), Annual Report, www.freetheworld.com Estonian Investment Agency, www.eia.ee (15.12.2012).
- European Commission (2012), Fiscal Framework across Member States: Commission services country fetches from the 2011 EPC peer review, "European Economy Occasional Papers" No. 91.
- European Commission (2012a), General Government Data, General Government Revenue, Expenditure, Balances and Gross Debt, Autumn 2012.
- Erixon F. (2010), Baltic economic reforms: a crisis review of Baltic economic policy, "Ecipe Working Paper" No. 04.
- Giavazzi F., T. Jappelli, M. Pagano (2000), Searching for Non-Linear Effects of Fiscal Policy: Evidence from Industrial and Developing Countries, "NBER Working Paper" No. 7460, http://dx.doi.org/10.1016/S0014-2921(00)00038-6.
- Greeley B. (2012), Krugmenistan vs. Estonia, July 20, www.businessweek.com.
- IMF (2009), Republic of Estonia: Financial System Stability Assessment, "IMF Country Report" No. 09/89.
- Kosiedowski W. (1996), Piec lat reform w postradzieckich państwach bałtyckich - próba podsumowania [in:] Transformacja społeczno-gospodarcza postkomunistycznych państw bałtyckich, UMK Toruń.
- Knöbl A., A. Sutt, B. B. Zavoiceo (2002), The Estonian Currency Board: Its Introduction and Role in the Early Success of Estonia's Transition to a Market Economy,"IMF Working Paper" No. 96.
- Kuczyński G. (2003), Estonia pod rządami prawicy, "Międzynarodowy Przeglad Polityczny", nr 4.
- Lipset S. M., G. S. Lenz (2003), Korupcja, kultura i funkcjonowanie rynków, [in:] L. E. Harrison, S. Huntington (ed.) Kultura ma znaczenie. Jak wartości wpływają na rozwój społeczeństw, Zysk i s-ka, Poznań.
- NBP (2012), Analiza sytuacji gospodarczej w krajach Europy Środkowej i Wschodniej, NBP, Instytut Ekonomiczny, Biuro Gospodarki Światowej, styczeń.
- OCED (2012), Estonia, "OECD Economic Surveys", OECD Publishing.
- Pautola N. (1997), Fiscal Transition in the Baltics [in:] Review of Economies in Transition no. 2, Bank of Finland.
- Purfield C., C. Rosenberg (2010), Adjustment under a Currency Peg: Estonia, Latvia and Lithuania during the Global Financial Crisis 2008-09, "IMF Working Paper" No. 213.
- Roman S. (2007), Web rumor sparks weekend currency panic, "The Baltic Times", November 28.
- Rzońca A., P. Ciżkowicz (2005), Non-keynesian effects of fiscal contraction in new member states, "ECB Working Paper Series" No. 519.
- Siarkiewicz P. (2011), Rządzaca centroprawica wygrywa wybory parlamentarne w Estonii, Ośrodek Studiów Wschodnich, 2011-03-09, www.osw.waw.pl Updated Convergence Programme of the Republic of Estonia (2010), Tallin.
- Sepp U., Lättemäe R., Randveer M. (2002), The History und Sustainability of the CBA in Estonia [in]: Sepp U., Randveer M., (ed.), Alternative Monetary Regimes in Entry to EMU, Bank of Estonia, Tallinn.
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.ekon-element-000171348825