Labor Market Policies and Labor Market Flexibility During the Great Recession: The Case of Estonia

Raul Eamets

A chapter in Labor Migration, EU Enlargement, and the Great Recession, 2016, pp 365-396 from Springer

Abstract: Abstract In Estonia, a liberal market economy, a relatively small public sector, and a relatively low tax burden result in scarce resources for policy options. Attempts to achieve an annually balanced state budget have a pro-cyclical nature, which means that it works well during economic booms, exaggerating growth through growing public expenditures. The opposite took place during the recession when the government tried to cut expenditures in order to keep the budget deficit under control. As taxes were relatively low, the government also missed sufficient automatic stabilizers. In general, one can say that government had limited fiscal tools to smooth cyclical fluctuations.

Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-662-45320-9_15

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DOI: 10.1007/978-3-662-45320-9_15

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