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Microfoundations of Economic Success

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  • David G. Mayes

Abstract

This book uses detailed data on individual firms and households to explore the basis behind Estonia’s record as the most successful of all the EU countries over the last decade. We find that much of the reason is the greater flexibility of the Estonian economy, in both price setting in employment and wages and in consumption. Estonia is also able to adjust to shocks more rapidly and with less cost than other countries. Coupled with a favourable macroeconomic policy and a good institutional structure and legal framework, Estonia will be an example to others despite the recent downturn.

Suggested Citation

  • David G. Mayes (ed.), 2009. "Microfoundations of Economic Success," Books, Edward Elgar Publishing, number 13158.
    • Handle: RePEc:elg:eebook:13158
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    File URL: http://www.e-elgar.com/shop/isbn/9781847209290
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    Citations

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    Cited by:

    1. Colin C. Williams, 2014. "Confronting the Shadow Economy," Books, Edward Elgar Publishing, number 15370.
    2. Merike Kukk & Karsten Staehr, 2014. "Income underreporting by households with business income: evidence from Estonia," Post-Communist Economies, Taylor & Francis Journals, vol. 26(2), pages 257-276, June.
    3. Leibfritz, Willi, 2011. "Undeclared economic activity in central and eastern Europe -- how taxes contribute and how countries respond to the problem," Policy Research Working Paper Series 5923, The World Bank.
    4. Dabusinskas, Aurelijus & Rõõm, Tairi, 2011. "How wages respond to shocks: asymmetry in the speed of adjustment," Working Paper Series 1340, European Central Bank.
    5. Merike Kukk & Dmitry Kulikov & Karsten Staehr, 2016. "Estimating Consumption Responses to Income Shocks of Different Persistence Using Self-Reported Income Measures," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(2), pages 311-333, June.
    6. Raul Eamets, 2013. "Labour market and labour market policies during great recession: the case of Estonia," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-25, December.
    7. Merike Kukk, 2014. "Distinguishing the components of household financial wealth: the impact of liabilities on assets in Euro Area countries," Bank of Estonia Working Papers wp2014-2, Bank of Estonia, revised 10 Oct 2014.
    8. Johannes Koettl & Truman Packard & Claudio E. Montenegro, 2012. "In From the Shadow : Integrating Europe's Informal Labor," World Bank Publications - Books, The World Bank Group, number 9377, December.

    More about this item

    Keywords

    Economics and Finance;

    JEL classification:

    • F5 - International Economics - - International Relations, National Security, and International Political Economy

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