The Resource Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia, Zuzana Brixiova, Laura Vartia and Andreas Wörgötter, (electronic resource)

Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia, Zuzana Brixiova, Laura Vartia and Andreas Wörgötter, (electronic resource)

Label
Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia
Title
Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia
Statement of responsibility
Zuzana Brixiova, Laura Vartia and Andreas Wörgötter
Creator
Contributor
Subject
Language
eng
Summary
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
Member of
Cataloging source
FR-PaOEC
http://library.link/vocab/creatorName
Brixiova, Zuzana
Government publication
international or intergovernmental publication
Index
no index present
Literary form
non fiction
Nature of contents
dictionaries
http://library.link/vocab/relatedWorkOrContributorName
  • Vartia, Laura
  • Wörgötter, Andreas
Series statement
OECD Economics Department Working Papers,
Series volume
no.700
http://library.link/vocab/subjectName
  • Economics
  • Estonia
Label
Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia, Zuzana Brixiova, Laura Vartia and Andreas Wörgötter, (electronic resource)
Instantiates
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762083834
Dimensions
21 x 30 cm
Extent
1 online resource 33 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/224121736171
Specific material designation
remote
System control number
(OCoLC)762083834
Label
Capital Inflows, Household Debt and the Boom-bust Cycle in Estonia, Zuzana Brixiova, Laura Vartia and Andreas Wörgötter, (electronic resource)
Publication
Antecedent source
not applicable
Carrier category
online resource
Carrier category code
  • cr
Carrier MARC source
rdacarrier
Content category
text
Content type code
  • txt
Content type MARC source
rdacontent
Control code
762083834
Dimensions
21 x 30 cm
Extent
1 online resource 33 pages
File format
one file format
Form of item
online
Media category
computer
Media MARC source
rdamedia
Media type code
  • c
Other control number
10.1787/224121736171
Specific material designation
remote
System control number
(OCoLC)762083834

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