Republic of Estonia: Selected Issues

International Monetary Fund

No 2009/085, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper focuses on financing constraints and productivity in Estonia. The paper examines two questions: (1) is there evidence of financing constraints among Estonian firms; and (2) have financing constraints reduced firm-level total factor productivity (TFP)? These questions are particularly important in the current environment, in which credit growth in Estonia has slowed down considerably and firms may face increasing financing constraints that could dampen growth. The paper also provides empirical evidence on the existence of financing constraints among Estonian firms.

Keywords: ISCR; CR; foreign exchange; asset; financing constraint; current account gap; observation series; firm level; equilibrium current account; Real exchange rates; Current account; Current account deficits; Productivity; Current account balance; Central and Eastern Europe; Global; Eastern Europe (search for similar items in EconPapers)
Pages: 34
Date: 2009-03-09
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2009/085

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