E-mail: natalia.levenko [at] eestipank.ee

Research interests:
Economic development and productivity
Business cycles
Macro-data analysis

2014 — Ph. D. Studies in Economics, Tallinn University of Technology, Estonia... more

Working Papers of Eesti Pank 1/2019 I extend a standard two-period OLG model to investigate the interplay between the risks of a binding zero lower bound and asset price bubbles in a low interest rates environment. The nature of the bubble is crucial when the risk-free real interest... more
Working Papers of Eesti Pank 10/2018 We investigate how adopting the euro affects exports using firm-level data from Slovakia and Estonia. In contrast to previous studies, we focus on countries that adopted the euro individually and had different exchange rate regimes prior to doing so... more
Working Papers of Eesti Pank 9/2018 The paper studies the determinants of household saving in Europe with particular focus on the impact of labour income uncertainty. Panel data models are estimated on aggregate data for 24 European countries in 1996–2017 using system GMM. The... more
Working Papers of Eesti Pank 8/2018 The paper seeks to determine the factors that drive the current account dynamics of the 11 EU members from Central and Eastern Europe (CEE). Panel data models are estimated on annual data for the period 1997–2017 and both domestic pull factors and... more
Working Papers of Eesti Pank 7/2018 This paper complements the standard Basel countercyclical capital buffer framework by suggesting four additional measures for credit gaps that can be used to measure the financial cycle and to decide on countercyclical capital buffers for banks. The new... more

The Eesti Pank research award at the doctoral level was awarded to Tarmo Puolokainen for his Doctoral Dissertation on how to measure the performance of emergency services. The prizes in the Master’s category went to Janely Põllumägi for her Master’s thesis on the determinants of credit card... 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 4/2018 This study is the first to provide comparative estimates of the extent of income underreporting by the self-employed across countries in Europe. The estimates are derived using the consumption method developed by Pissarides & Weber (1989) and the data from... more
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