This paper analyses the equilibrium level of private credit to GDP in 11 Central and Eastern European countries in order to see whether the high credit growth recently observed in some of these countries led to above equilibrium private credit-to-GDP levels. We use estimation results obtained...

This article reviews a set of key issues arising in the context of the prospective monetary integration of Central and Eastern European countries into the euro area. It explores economic arguments that relate to the timing of a future euro adoption by new EU Member States. In doing so, the...

This paper studies the determinants of house prices in eight transition economies of central and eastern Europe (CEE) and 19 OECD countries. The main question addressed is whether the conventional fundamental determinants of house prices, such as GDP per capita, real interest rates, housing...

The unemployment rate in Estonia rose sharply in 2010 to one of the highest levels in the EU, after the country entered a severe recession in 2008. While the rate declined relatively rapidly in 2011, it remained high especially for the less educated. In 2009, the Employment Contract Law relaxed...

This symposium includes four papers dealing with labour market-related issues. The papers examine the impacts of the recent financial and economic crisis on labour market outcomes, changes in wage inequality and how the impacts of policies are influenced (amplified or attenuated) by financial...