Labor Market Transitions During the Great Recession in Estonia

Jaanika Meriküll

A chapter in Labor Migration, EU Enlargement, and the Great Recession, 2016, pp 345-363 from Springer

Abstract: Abstract The global financial crisis that started in 2008 has led to similar turbulence in the Estonian labor market to that experienced during the economic transition period in the 1990s. When Estonian real GDP fell by 14 % in 2009, the currency exchange rate was unchanged and most of the adjustment to the crisis took place through the labor market. Nominal wages fell by around 3 % from the first half of 2008 to the first half of 2010, but more importantly the unemployment rate increased from 4 % to 18 % in the same period. Purfield and Rosenberg ((2010). Adjustment under a currency peg: Estonia, Latvia and Lithuania during the global finanacial crisis 2008–2009. IMF Policy Discussion Paper, 10/213) state in an IMF Policy Discussion Paper, 10/213, that this change in the aggregate nominal wage level and the fiscal adjustment in all the Baltic countries are internationally unprecedented.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-662-45320-9_14

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DOI: 10.1007/978-3-662-45320-9_14

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