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On the Fast Track to EU Accession: Macroeconomic Effects and Policy Challenges for Estonia

Author

Listed:
  • Mr. Günther Taube
  • Mr. Rene Weber

Abstract

This paper assesses the macroeconomic impact and policy challenges related to Estonia’s prospective accession to the EU and its potential adoption of the euro. Our analysis of the trade, financial, and fiscal channels includes a model-based illustrative scenario using MULTIMOD. We conclude that the welfare enhancing effects for Estonia of further EU integration are likely to outweigh the drawbacks of more pronounced macroeconomic imbalances that could accompany this process. To smooth Estonia’s accession-related adjustment, its fiscal and structural policies should be geared toward mitigating domestic demand pressures, promoting saving, and ensuring efficient public investment.

Suggested Citation

  • Mr. Günther Taube & Mr. Rene Weber, 1999. "On the Fast Track to EU Accession: Macroeconomic Effects and Policy Challenges for Estonia," IMF Working Papers 1999/156, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1999/156
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    1. repec:lic:licosd:20908 is not listed on IDEAS
    2. Martins Kazaks & Duo Qin, 2002. "Short-run lats rate movements: impact of foreign currency shocks via trade and financial markets," UCL SSEES Economics and Business working paper series 26, UCL School of Slavonic and East European Studies (SSEES).
    3. Campos, Nauro & Dabusinskas, Aurelijus, 2002. "So Many Rocket Scientists, so Few Marketing Clerks: Occupational Mobility in Times of Rapid Technological Change," CEPR Discussion Papers 3531, C.E.P.R. Discussion Papers.
    4. George Viksnins, 2000. "Baltic monetary regimes in the XXI st century," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 35(5), pages 213-218, September.
    5. Egert Juuse & Rainer Kattel, 2014. "Financialisation and the Financial and Economic Crises: The Case of Estonia," FESSUD studies fstudy20, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    6. Dmitry Kulikov & Karsten Staehr, "undated". "Microeconometric analysis of household saving in Estonia: income, wealth, financial exposure," Bank of Estonia Working Papers wp2007-8, Bank of Estonia, revised 03 Feb 2015.
    7. Veerle Miranda & Marialuz Moreno Badia & Ilke Van Beveren, 2012. "Globalization drives strategic product switching," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 148(1), pages 45-72, April.
    8. Campos, Nauro F. & Dabusinskas, Aurelijus, 2009. "So many rocket scientists, so few marketing clerks: Estimating the effects of economic reform on occupational mobility in Estonia," European Journal of Political Economy, Elsevier, vol. 25(2), pages 261-275, June.

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