This book explores the nature of the flexibility of Estonia's rapid
growth, that enables it to swiftly seize opportunities and weather
crises without undue cost.The distinguished cast of contributors
draws upon detailed data on individual firms and households to
explore the basis for Estonia's record as the most successful of
all the EU accession countries over the last decade. They conclude
that much of this accomplishment can be attributed to the greater
flexibility of the Estonian economy, both in price setting in
employment and wages, and in consumption. The book also reveals
that Estonia is able to adjust to shocks more rapidly and with less
real impact than other countries. Coupled with a favourable
macroeconomic policy and a good institutional structure and legal
framework, this indicates that Estonia will be an excellent example
to other countries despite the recent downturn. This unique book
will be of great interest to researchers and students of the
economics of transition, and will prove invaluable to policy-makers
and their advisors in both transition countries and the rest of the
EU, as well as graduate students studying microeconomics and
monetary policy.
General
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