The shortage of entrepreneurial skills has lowered search effectiveness of potential young entrepreneurs and the rate of youth start-ups. This paper contributes to closing a gap in the literature on entrepreneurship and development by developing a model of costly firm creation with skill...

This study aims to identify which factors explain why some countries enjoy long durations of stability, while others experience crises in shorter intervals. We analyze the duration of stability periods between currency, debt, and banking crises by employing an innovative econometric strategy,...

From 2000 to 2007, Estonia was one of the fastest growing emerging market economies. A housing boom, fuelled by capital inflows and credit, resulted in skyrocketing house prices and an over-expanded construction sector. However, the currency board limited the Bank of Estonia’s ability to curb...