Financialisation and the Financial and Economic Crises: The Case of Estonia

Egert Juuse and Rainer Kattel ()
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Egert Juuse: Tallinn University of Technology (TTU), Estonia

FESSUD studies from Financialisation, Economy, Society & Sustainable Development (FESSUD) Project

Abstract: This study on Estonia examines the long-run changes between the financial and the non-financial sectors of the economy, and in particular the effects of financialisation on key variables / categories of the real economy as well as the their contribution to the financial crisis of 2007/08. The first part provides the background historical overview of last 20 years in Estonia with some descriptive statistics on GDP, growth contributions of the main demand aggregates, and the financial balances of the macroeconomic sectors since early 1990s, and it classifies the Estonian development path as following the ‘debt-led consumption’ one. The following chapters examine the effects of financialisation and their extent, accompanied by transition processes, on income distribution, financing of capital stock investments, consumption and current account dynamics in detail. The final parts deal with the elaboration on the causes of the financial and economic crisis as well as the policy response in Estonia.

Keywords: current account balance; trade balance; income distribution; finance-dominated capitalism; transition economies; financialisation; financial and economic crisis; Estonia. (search for similar items in EconPapers)
JEL-codes: D31 D33 D43 E25 E61 E64 E65 F40 F43 P20 P21 R21 (search for similar items in EconPapers)
Pages: 117 pages
Date: 2014-12-01
New Economics Papers: this item is included in nep-acc, nep-fdg, nep-his, nep-mac and nep-tra
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Citations: View citations in EconPapers (9)

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