Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia:
From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital inflows and credit, resulted in skyrocketing house prices and an over-expanded construction sector. However, the currency board limited the Bank of Estonia's ability to curb c...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2009
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | Volltext |
| Zusammenfassung: | From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital inflows and credit, resulted in skyrocketing house prices and an over-expanded construction sector. However, the currency board limited the Bank of Estonia's ability to curb credit growth, while the fiscal policy framework amplified the cycle through pro-cyclical spending increases and tax cuts. As credit was mostly financed by cross-border loans from foreign banks, the risks of disruptions to credit flows and financial contagion have increased. Some have already materialised through tightened lending standards and capital outflows. Estonia is now in a severe recession. To restore high and sustainable growth, the country will need to rebalance its resources from non-tradables towards exports. Regaining external competitiveness will be challenging, however, given the fixed exchange rate and recent devaluations in partner countries. Flexibility of the economy will thus be crucial. Over the medium term, policymakers could also strengthen incentives for a better functioning of the housing finance market and gradually remove the pro-cyclical bias of fiscal policy |
| Beschreibung: | 1 Online-Ressource (32 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/224121736171 |
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| spelling | Brixiova, Zuzana Verfasser aut Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia Zuzana Brixiova, Laura Vartia and Andreas Wörgötter = Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie / Zuzana Brixiova, Laura Vartia et Andreas Wörgötter Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie Paris OECD Publishing 2009 1 Online-Ressource (32 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital inflows and credit, resulted in skyrocketing house prices and an over-expanded construction sector. However, the currency board limited the Bank of Estonia's ability to curb credit growth, while the fiscal policy framework amplified the cycle through pro-cyclical spending increases and tax cuts. As credit was mostly financed by cross-border loans from foreign banks, the risks of disruptions to credit flows and financial contagion have increased. Some have already materialised through tightened lending standards and capital outflows. Estonia is now in a severe recession. To restore high and sustainable growth, the country will need to rebalance its resources from non-tradables towards exports. Regaining external competitiveness will be challenging, however, given the fixed exchange rate and recent devaluations in partner countries. Flexibility of the economy will thus be crucial. Over the medium term, policymakers could also strengthen incentives for a better functioning of the housing finance market and gradually remove the pro-cyclical bias of fiscal policy Economics Estonia Vartia, Laura ctb Wörgötter, Andreas ctb https://doi.org/10.1787/224121736171 Verlag kostenfrei Volltext |
| spellingShingle | Brixiova, Zuzana Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia Economics Estonia |
| title | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia |
| title_alt | Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie |
| title_auth | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia |
| title_exact_search | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia |
| title_exact_search_txtP | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia |
| title_full | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia Zuzana Brixiova, Laura Vartia and Andreas Wörgötter = Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie / Zuzana Brixiova, Laura Vartia et Andreas Wörgötter |
| title_fullStr | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia Zuzana Brixiova, Laura Vartia and Andreas Wörgötter = Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie / Zuzana Brixiova, Laura Vartia et Andreas Wörgötter |
| title_full_unstemmed | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia Zuzana Brixiova, Laura Vartia and Andreas Wörgötter = Entrée de capitaux, endettement des ménages et alternance expansion-contraction en Estonie / Zuzana Brixiova, Laura Vartia et Andreas Wörgötter |
| title_short | Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia |
| title_sort | capital inflows household debt and the boom bust cycle in estonia |
| topic | Economics Estonia |
| topic_facet | Economics Estonia |
| url | https://doi.org/10.1787/224121736171 |
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