This paper examines patterns of firm survival in Estonia using a discrete time estimation approach with a complementary log-log hazard function. A firm is defined as sound if it meets the minimum capital requirement set by the law and distressed otherwise. Firms in default not only fall short of...

The recent global financial turmoil increased bank interest spreads in Estonia to the highest levels recorded since the Russian crisis in 1998-99. The pure spread concept and the two-step estimation approach of Ho and Saunders (1981) have been used to break down the interest spreads in Estonia....

This paper investigates the implications of innovation on employment at the firm and industry levels using Estonian data. The paper contributes to the pertinent literature in two respects. First, in contrast to most other studies, which use data from developed and technologically leading...

This paper investigates the effect of foreign research and development (R&D) stock on the productivity of Central and Eastern European (CEE) countries. We employ industry-level panel data on twenty-two manufacturing industries from six CEE countries from 1995 to 2007. The findings indicate that...