Working Papers of Eesti Pank 10/2017 This paper estimates panel data models that use macroeconomic and macrofinancial variables to forecast the ratio of non-performing loans to total loans. The panels consist of either all EU countries or various subgroups, and the time sample is... more

Economists and people interested in economics are kindly invited to attend the open seminars of Eesti Pank. The goal of the open seminars is to promote exchange of ideas between the central bank, the academic community and economic policy institutions.

The program of open seminars was... more

Working Papers of Eesti Pank 9/2017 This paper empirically assesses the effects of competition in the financial sector on credit procyclicality by estimating both an interacted panel VAR (IPVAR) model using macroeconomic data and a single-equation model with bank-level European banking... more
Working Papers of Eesti Pank 8/2017 This paper conducts growth accounting for 11 EU countries from Central and Eastern Europe for the years 1996–2016. Its contributions include the estimation of new capital stock series, adjustment for the utilisation of the capital stock and a time-... 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
Occasional Paper Series 1/2017 Against the backdrop of continuing adjustment in EU labour markets in response to the Great Recession and the sovereign debt crisis, the European System of Central Banks (ESCB) conducted the third wave of the Wage Dynamics Network (WDN) survey in 2014... more
Working Papers of Eesti Pank 6/2017 This paper examines the role of credit providers in the EMU and assesses the effects of credit spreads and credit quantities on economic activity. Movements in credit spreads are far more successful than movements in the external finance mix in... more
Working Papers of Eesti Pank 5/2017 The conflict between Russia and Ukraine that started in March 2014 led to bilateral economic sanctions being imposed on each other by Russia and Western countries, including the members of the euro area. The paper investigates the impact of the sanctions on... more
Working Papers of Eesti Pank 4/2017 This paper analyses the financial fragility of the Estonian household sector using microdata from the Household Finance and Consumption Survey (HFCS). We use a stress-testing framework where the probability of default is evaluated on the basis of the... more
Working Papers of Eesti Pank 3/2017 According to "Schwartz’s conventional wisdom" and what has been called "divine coincidence", price stability should imply macroeconomic and financial stability. However, in light of the recent financial crisis, with monetary... more
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