Estonia: In and Out of Crisis

  • Viktor Trasberg
Keywords: Estonia, fiscal policy, monetary policy, taxation, budget, deficit, government expenditures and revenue


The paper analyses Estonian economic developments during the first decade of 21st century. Estonia provided in that period a clear-cut example of the classical business cycle with an extreme bubble-burst sequence of economic activities. The author analyses the reasons on such a volatile economic growth pattern and explains economic cycle management particularities in Estonia. In the frames of macroeconomic developments will be analyzed monetary and fiscal policies. The author argues, that Estonia’s fiscal policy has been always pro-cyclical, what has deepened country’s macroeconomic volatility. The paper also analyses critically the government activities and policies during the recent crisis


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Author Biography

Viktor Trasberg
University of Tartu
How to Cite
Trasberg, V. (1). Estonia: In and Out of Crisis. Estonian Discussions on Economic Policy, 20(1).
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