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Eesti Pank on inflation in December

STATISTICAL RELEASE. Financial accounts statistics Q3 2024

STATISTICAL RELEASE. Balance of payments flash estimate (Nov 2024)

Governor Madis Müller attends a meeting of the General Board of the European Systemic Risk Board (ESRB)

Governor Madis Müller attends a meeting of the Bank for International Settlements (BIS)

Governor Madis Müller participates in the formal award of the Mikhail Bronštein Prizes for Economic Sciences at the Estonian Academy of Sciences

Payment Forum meeting

Deputy Governor Veiko Tali attends a meeting of the Supervisory Board of the Single Banking Supervision of the European Central Bank (SSM)

Deputy Governor Ülo Kaasik attends an OSKA Coordination Council meeting

Eesti Panga president Madis Müller esineb Pirita Majandusgümnaasiumi majanduskonverentsil

Meeting of the Supervisory Board of Eesti Pank

Deputy Governor Veiko Tali attends a meeting of the Digital Currency HLTF 

Deputy Governor Ülo Kaasik attends a seminar of the Fiscal Council

Governor Madis Müller speaks at a PARE experience exchange event

Governor Ülo Kaasik and Eesti Pank economists speak at the 20th annual conference of the Estonian Economic Association

Governor Madis Müller and Deputy Governor Ülo Kaasik meet with the minister of economy and industry

STATISTICAL RELEASE. Payment statistics Q4 2024

STATISTICAL RELEASE. Statistics on banks and leasing companies (December 2024)

Governor Madis Müller and Deputy Governor Ülo Kaasik attend a meeting of the ECB Governing Council in Frankfurt

STATISTICAL RELEASE. Statistics on savings and loan associations (Q4 2024)

Head of the Payment and Settlement Systems Department Rainer Olt speaks at the World Banking Forum 2025 in Vienna

You are kindly invited to attend the Eesti Pankʼs research seminar on 30 January at 11:00 am, during which Mykola Ryzhenkov (University of Osnabrück) will present on “Financial frictions, markups and unilateral trade liberalization”. The co-authors of the study are Andrii Tarasenko and Volodymyr Vakhilov.

The authors study the response of a small open economy with credit constraints and variable markups to unilateral trade liberalization by a more developed trading partner. They use a dynamic heterogeneous agents model to quantify the welfare and allocative efficiency effects of unilateral increase in Ukraine’s market access to the EU in 2014. To obtain a better match with the data, they allow for variable markups in the domestic market, endogenous trade imbalances, and interest rate increasing with the level of foreign debt. The authors find that better market access improves welfare but lowers allocative efficiency in the economy, as reduction in markup dispersion is too weak to offset increase in capital misallocation. Variable markups exacerbate worsening allocative efficiency in the presence of credit constraints.

More&nbsp;information on&nbsp;Mykola Ryzhenkov: <a href="https://sites.google.com/view/mykolaryzhenkov">https://sites.google.com/view/mykolaryzhenkov</a>&nbsp;

Meeting information in <a href="https://teams.microsoft.com/l/meetup-join/19%3ameeting_M2Y5ZWVmMWQtM2VmMC00ZmI4LThkYTgtNGFhNzY3MTlhM2Zi%40thread.v2/0?context=%7b%22Tid%22%3a%227612cc54-c497-4c75-8ece-146688e01419%22%2c%22Oid%22%3a%2234f7d67c-4c01-4f87-999e-db6bff5cc8d7%22%7d">Microsoft Teams</a>: 
Meeting ID: 385 179 756 607 
Password: cE755vx7

RESEARCH SEMINAR. Financial frictions, markups and unilateral trade liberalization

jaanuar 2025