Kaja Lutsoja () (Department of Economics at Tallinn University of Technology) Margus Lutsoja
Abstract
The main objective of this paper is to analyze main changes of financial behaviour of Estonian companies in the period of economic transition in Estonia from 1994 to 2002. Empirical results of Estonian firms’ interview study, undertaken annually during 1994-2003, are presented in the paper. Other sources used in preparation of this paper are derived from publicly disclosed statistics of financial institutions and different financial instruments. The analyze concentrates on informal borrowing and lending in comparison of average interest rate being applicable on official lending from Estonian commercial banks. There exists strong tendency of decrease of informal lending and borrowing. If the informal borrowing was mentioned as an important source of financing in the questionnaires of mid-1990, it has become insignificant in last questionnaires. The same can be seen in lending to own employees together with increase in availability of the loans to “ordinary” people the lending from employer has decreased.
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Publisher Info
Paper provided by School of Economics and Business Administration, Tallinn University of Technology in its series Working Papers with number
113.
Length: 17 Date of creation: 2004 Date of revision: Publication status: Published in Working Papers in Economics.School of Economics and Business Administration,Tallinn University of Technology (TUTWPE), Pages 153-169 Handle: RePEc:ttu:wpaper:113
Note: Support from the Estonian Science Foundation (project 5185) is greatly acknowledged by authors of the paper. Contact details of provider: Postal: Kopli tn. 101, 11712 Tallinn Phone: +(372)620 3535 Fax: +(372)620 3946 Email: Web page: http://majandus.ttu.ee More information through EDIRC
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