Microfoundations of Economic Success

Edited by David Mayes

in Books from Edward Elgar Publishing

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.

Keywords: Economics and Finance (search for similar items in EconPapers)
JEL-codes: F5 (search for similar items in EconPapers)
Date: 2009
ISBN: 9781847209290
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Citations: View citations in EconPapers (10)

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