Capital flows and the boom-bust cycle: The case of Estonia

Economic Systems

Volumn 34, Issue 1, 2010, Pages 55-72

  Brixiova, Zuzana ^a   Vartia, Laura ^b   Wörgötter, Andreas ^b  

^a AFRICAN DEVELOPMENT BANK   (Tunisia)

^b OECD   (France)

Author keywords

Boom bust cycle; Capital flows; Estonia; Global financial and economic crisis

Indexed keywords

EID: 77649186632     PISSN: 09393625     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ecosys.2009.11.002     Document Type: Article

References (37)

1. Bernanke B., and Gertler M. Agency costs, net worth, and business fluctuations. American Economic Review 79 (1989) 14-31
2. Blanchard, O., 2006. Adjustment within the euro: the difficult case of Portugal. Draft. Available at: http://econ-www.mit.edu/files/740.
3. Boorman, J., 2009. The impact of the financial crisis on emerging market economies: the transmission mechanism, policy responses, and lessons. Discussion draft for the Global Meeting of the Emerging Markets Forum 2009.
4. Calvo G.A. Capital flows and capital market crises: simple economics of sudden stops. Journal of Applied Economics 1 (1998) 35-54
5. Dooley M.P., Folkerts-Landau D., and Garber P. The revived Bretton-Woods system. International Journal of Finance and Economics 9 (2004) 307-313
6. Edwards S. Thirty years of current account imbalances, current account reversals, and sudden stops. IMF Staff Papers 51 (2004) 1-49
7. Edwards S. Capital inflows into Latin America: a stop-go story?. In: Feldstein M. (Ed). International Capital Flows (2000), NBER - The University of Chicago Press, Chicago, IL 5-42
8. Edwards S. How effective are capital controls?. Journal of Economic Perspectives 13 (1999) 65-84
9. Fatas, A., 2005. Is there a case for sophisticated balanced-budget rules? Economics Department Working Paper 466, OECD, Paris.
10. Frenkel R., and Rapetti M. A developing country view of the current global crisis: what should not be forgotten and what should be done. Cambridge Journal of Economics 33 (2009) 685-702
11. Haberer, M., 2003. Some criticism of Tobin tax. University of Konstanz Discussion Paper 03/01, Konstanz.
12. Hahm J., and Mishkin M. The Korean financial crisis: an asymmetric information perspective. Emerging Markets Review 1 (2000) 21-52
13. Hegerty S.W. Capital inflows, exchange market pressure, and credit growth in four transition economies with fixed exchange rates. Economic Systems 33 (2009) 155-167
14. International Monetary Fund, 2009a. Republic of Estonia: Financial system stability assessment. IMF Country Report 09/89, IMF, Washington, DC.
15. International Monetary Fund, 2009b. Sweden: 2009 Article IV Consultation. IMF Country Report 09/247, IMF, Washington, DC.
16. International Monetary Fund, 2008. The European credit cycle: Diverging patterns. IMF Regional Economic Outlook for Europe (October), 37-66. Available at: http://www.imf.org/external/Pubs/FT/REO/2008/EUR/ENG/ereo1008.pdf.
17. International Monetary Fund. World Economic Outlook (September) (2004), IMF, Washington, DC
18. Ito T. Capital flows to East and Southeast Asia. In: Feldstein M. (Ed). International Capital Flows (2000), NBER - The University of Chicago Press, Chicago, IL 111-132
19. Jannsen, N., 2009. National and international business cycle effects of housing crises. Kiel Working Paper 1510, Kiel.
20. Jonung, L., Schuknecht, L., Tujula, M. 2006. The boom-bust cycle in Finland and Sweden 1984-1995 in an international perspective. CFS Working Paper 2006/13, Frankfurt/Main.
21. Kalantzis, Y., 2005. Financial fragility in emerging market countries: Firm balance sheets and the productive structure. PSE Working Paper 2005-2017, Paris.
22. Kaminsky G.L., Reinhart C., and Vegh C.A. When it rains it pours: procyclical capital flows and macroeconomic policies. In: Gertler M., and Rogoff K. (Eds). NBER Macroeconomics Annual 19 (2004), The MIT Press, Cambridge, MA 11-82
23. Kiyotaki N., and Moore J. Credit cycles. Journal of Political Economy 105 (1997) 211-248
24. Korinek A. Systemic risk-taking: Accelerator effects, externalities, and regulatory responses. Paper Presented at the Conference on Liquidity: Concepts and Risks, CESifo. Munich (October) (2008)
25. Korinek, A., 2009. Excessive dollar borrowing in emerging markets: Balance sheet effects and macroeconomic externalities. Draft. Available at: http://ssrn.com/abstract=967524.
26. Mishkin F. Understanding financial crises: A developing country perspective. In: Bruno M., and Pleskovic B. (Eds). Annual World Bank Conference on Development Economics 1996 (1996), World Bank, Washington D.C. 29-62
27. Lamine, B., 2009. Estonia: Analysis of a housing boom. ECFIN Country Focus 6/7. Available at: http://ec.europa.eu/economy_finance/publications/publication_summary15574_en.htm.
28. Lamine, B., 2008. Estonia: Overheating and sectoral dynamics. ECFIN Country Focus 5/7. Available at: http://ec.europa.eu/economy_finance/publications/publication_summary13053_en.htm.
29. Leamer, E., 2007. Housing is the business cycle. NBER Working Paper 13428, NBER, Cambridge, MA.
30. Meen G. The time-series behavior of house prices: transatlantic divide. Journal of Housing Economics 11 (2002) 1-23
31. Minsky H. Financial factors in economics of capitalism. Journal of Financial Services Research 9 (1995) 197-208
32. Organisation for Economic Cooperation Development. OECD Economic Surveys-Estonia (2009), OECD, Paris
33. Organisation for Economic Cooperation Development. Housing Finance Markets in Transition Economies: Trends and Challenges (2005), OECD, Paris
34. Schoenmaker D., and Oosterloo S. Financial supervision in Europe: Do we need a new architecture? Cahier Comte Boël, vol. 12 (2006), European League for Economic Co-operation, Brussels
35. Sults, M., 2004. Credit constrained households in Estonia. In: Rudolf, S. (Ed.), Emerging markets: Social, political, and economic challenges. Proceedings of the 13th Annual Convention, Cairo, Egypt, pp. 563-570.
36. Tamm M. Housing finance in Estonia: a short note on recent developments. Kroon&Economy 2 (2007) 18-27
37. Von Hagen, J., Siedschlag, I., 2008. Managing capital flows: Experiences from Central and Eastern Europe. Economic and Social Research Institute Working Paper 234, Dublin.