haku: @indexterm Economic shocks / yhteensä: 36
viite: 16 / 36
| Tekijä: | Eamets, R. Varblane, U. Sõstra, K. |
| Otsikko: | External macroeconomic shocks and the Estonian economy: how did the Russian financial crisis affect Estonian unemployment and foreign trade? |
| Lehti: | Baltic journal of economics
2003 : SPRING/SUMMER, VOL. 3:2, p. 5-24 |
| Asiasana: | Economic shocks International trade Macroeconomics Transition economies Unemployment Estonia Russia |
| Kieli: | eng |
| Tiivistelmä: | This empirical paper examines how the Russian (here as: R.) financial crisis affected Estonian (here as: E.) unemployment and foreign trade. The authors interpret that the R. crisis caused depression in the E. economy, but simultaneously it also caused a relatively fast reallocation of trade. Eastward export flows declined drastically while exports to Finland and Sweden largely increased. Several manufacturing companies went into bankcruptcy and foreign investors benefited from relatively low stock prices and bought majorities in many E. companies. Although the main FDI inflow was connected with the banking sector, it can be said that the banking sector was in crisis because of the poor performance of manufacturing. As a result of FDI, labour efficiency increased and labour demand declined. Employment declined most in the sectors that were most affected by the R. crisis. Unemployment remained relatively high even as GDP rose, largely because of increased productivity. |
SCIMA