Working Papers of Eesti Pank 1/2021 In this paper we investigate house price misalignments and their effect on the real economy. We estimate the long-term relationship between house prices and the fundamentals that determine long-term house prices for a panel of European countries with dynamic... more
Working Papers of Eesti Pank 7/2019 In this paper we aim to analyse the evolution of the real exchange rate (RER) as a measure of competitiveness for a group of Central and Eastern European countries. To do so, we apply unit root tests with breaks and estimate equations with structural... more
Working Papers of Eesti Pank 3/2019 This paper presents empirical estimates of bank credit procyclicality for a sample of 11 Central and Eastern Europe countries (CEECs) for the period 2000Q1–2016Q4. In the first step we estimate a traditional-type panel VAR model and analyse the evolution of... more
Working Papers of Eesti Pank 6/2018 The aim of this paper is to shed some light on the degree of sustainability of fiscal debt for a group of Central and Eastern European countries. We apply a battery of time series econometrics methods to show how the financial crisis has affected the debt... more
Working Papers of Eesti Pank 5/2018 We study the impact of exchange rate misalignment on economic activity in nine Central and Eastern European (CEE) economies. Exchange rate misalignments are computed from country-specific long-run exchange rate relationships with determinants... more
Working Papers of Eesti Pank 7/2017 This paper empirically assesses the potential nonlinear relationship between competition and bank risk for a sample of commercial banks in the Baltic countries over the period 2000–2014. Competition is measured by two alternative indexes, the... more
Working Papers of Eesti Pank 2/2017 This paper investigates the mutual dependence between housing prices and housing credit in Estonia, a country which experienced rapid debt accumulation during the 2000s and big swings in house prices during that period. We use Bayesian econometric methods... more

Senior Economist
E-mail: Juan.Carlos.Cuestas [at] eestipank.ee

Research interests:

  • International finance
  • European integration
  • Unemployment
  • Sovereign debt
  • Applied macroeconomics
  • Time series econometrics
  • ... more
Working Papers of Eesti Pank 2/2016 The aim of this paper is to analyse empirically whether the level of institutional quality influences how financial development affects poverty for a sample of developing countries covering the period from 1984 to 2012. Using an interaction... more
This paper examines the empirical validity of the hypothesis of uncovered interest parity (UIP) using data from five Central and Eastern European countries with floating exchange rates for the period 2003–2014. The analysis includes forward-looking as well as static expectations... more
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