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Autor
Baran Bernadeta (Wrocław University of Economics, Poland)
Tytuł
Budgetary Discipline and Internal Devaluation - Estonian Method to Overcome the Crisis
Źródło
Equilibrium, 2014, vol. 9, nr 2, s. 9-23, tab., rys., bibliogr. 23 poz.
Słowa kluczowe
Kryzys gospodarczy, Kryzys finansowy, Dewaluacja, Kryzys walutowy
Economic crisis, Financial crisis, Devaluation, Currency crisis
Uwagi
summ.
Kraj/Region
Estonia
Estonia
Abstrakt
The purpose of this article is to outline the main reasons and effects of the Estonian adjustments in response to the global financial and economic crisis. Estonia chose significant budgetary savings, in contrast with most other countries stimulating their economies by expansionary fiscal policy and leading to fiscal imbalances and growing public debts. Estonia did not carry out a devaluation of its currency, but restored competitiveness through internal devaluation. This strategy allowed Estonia to maintain a fixed exchange rate, fulfill the Maastricht criteria and adopt the single currency. As a result, Estonia has increased the stability of its economy, restoring and enhancing confidence among investors. At the same time, the Estonian strategy confirmed the existence of non-Keynesian effects - the positive economic results of public spending reduction.(original abstract)
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Bibliografia
Pokaż
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  13. Knöbl A., A. Sutt, B. B. Zavoiceo (2002), The Estonian Currency Board: Its Introduction and Role in the Early Success of Estonia's Transition to a Market Economy,"IMF Working Paper" No. 96.
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  18. Pautola N. (1997), Fiscal Transition in the Baltics [in:] Review of Economies in Transition no. 2, Bank of Finland.
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Cytowane przez
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ISSN
1689-765X
Język
eng
URI / DOI
http://dx.doi.org/10.12775/EQUIL.2014.008
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