“Latin Americanization” of the Estonian economy: institutional analysis of financial fragility and the financialization process

Juuse, Egert

doi:10.1080/01603477.2015.1070270

Cited by 3 publications

(3 citation statements)

References 22 publications

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“…The financialization of the Baltic economies that preceded the financial crisismassive inflows of foreign direct investment (FDI), as well as the rapid increase in current account deficits and private sector indebtednessis intimately linked with accession to the EU (e.g. Kattel and Raudla 2013;Juuse 2015;Raudla et al 2015;Pataccini 2017). The EU not only provided structural support to these countries to the tune of 3-4% of GDP annually but also opened the Baltic markets for FDI through regulatory harmonization.…”

Section: Editorialmentioning

confidence: 99%

Introduction: Europeanization and financial crisis in the Baltic Sea region: implications, perceptions and conclusions ten years after the collapse

Pataccini

Kattel

Raudla

2019

Journal of Baltic Studies

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Section: Editorialmentioning

confidence: 99%

Introduction: Europeanization and financial crisis in the Baltic Sea region: implications, perceptions and conclusions ten years after the collapse

Pataccini

Kattel

Raudla

2019

Journal of Baltic Studies

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“…Regarding the Eastern European periphery of the Global North, substantial research has been undertaken for the Visegrad countries and the Baltics (e.g. Ban and Bohle 2020;Bohle 2014;Dünhaupt and Hein 2019;Gabor 2010Gabor , 2011Gabor , 2012Juuse 2015;Raviv 2007Raviv , 2008, covering aspects from housing to financial sector financialisation and cross-case analysis. In these two regions, financialisation most notably manifests itself in an increasing number of loans in foreign currency for real estate and consumption purposes, driven by the European Union (EU), Western banking groups and local policy in these countries.…”

Section: The Present State Of Research On Financialisation In South-e...mentioning

confidence: 99%

“…Moving towards Eastern Europe, Juuse (2015) draws on the Minsky-Kregel framework and the historical Institutionalist tradition to outline the factors that created increased fragility and that promoted financialisation in Estonia in recent decades. Juuse (2015) shows how, in a small, extremely open economy, large capital inflows fuelled consumer and real-estate-related loans, creating a bubble that burst in the GFC. Liberalisation of capital accounts, policies geared towards securing down payments for housing loans and tax reforms favourable to both borrowers and lenders fostered this development.…”

Section: International Financialisation In Peripheral Countriesmentioning

confidence: 99%

Financialisation in south-eastern Europe

Zeitinger¹

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This dissertation analyses the degrees and trajectories of financialisation in the region of South-Eastern Europe. It modifies and applies an eclectic comparative framework for comparing the degrees of financialisation across time and space on different levels. The thesis finds that from the turn of the century until the Great Financial Crisis of 2008, most South-Eastern European countries have increased their degree of financialisation on the different levels, especially on the levels of household, international financialisation and partly the financial sector. Financialisation of non-financial companies is barely existing. After the financial crisis, financialisation is revealed to stagnate in the region. In a second step, the dissertation conducts three case studies on extreme cases: financial sector financialisation in Bulgaria, international financialisation in Serbia and non-financial company and household financialisation in Croatia. Their trajectories are exposed to be mainly driven by deregulation, changed practices by foreign banks, the privatisation of public goods and the liberation of capital controls. The dissertation serves to geographically enlarge the research of financialisation to a peripheral region of the Global North and to add to the discussion on comparative financialisation approaches.

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Distributive cycles in the export-led growth model: On the macroeconomics of a pro-labor shift in Central and Eastern Europe

Grodzicki,

Możdżeń

2024

Socio-Economic Review

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This article aims to reassess a stylized fact, increasingly well-established in the Comparative Political Economy scholarship, that Central and Eastern Europe (CEE) economies exhibit characteristics of the so-called export-led growth (ELG) model. We can confirm the ‘ELG in CEE’ hypothesis by developing and testing a Goodwinian distributive cycles’ macroeconomic model focused on the productivity–employment–wage share nexus. Moreover, our approach allows us to shed light on the apparent contradiction between ELG characteristics and the dynamic wage and employment growth experienced in the region after the global financial crisis (GFC) by exploring the possibility of a productivity-induced shift within the ELG model. We conclude that CEE countries experienced technical upgrading, which allows them to maintain export competitiveness despite a visible pro-labor shift in the income distribution.

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“Latin Americanization” of the Estonian economy: institutional analysis of financial fragility and the financialization process

Cited by 3 publications

References 22 publications

Introduction: Europeanization and financial crisis in the Baltic Sea region: implications, perceptions and conclusions ten years after the collapse

Introduction: Europeanization and financial crisis in the Baltic Sea region: implications, perceptions and conclusions ten years after the collapse

Financialisation in south-eastern Europe

Distributive cycles in the export-led growth model: On the macroeconomics of a pro-labor shift in Central and Eastern Europe

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