"Sihtfinantseerimine" projekt SF0140059s12
SF0140059s12 "Majandussüsteemi fluktuatsioonid Kesk- ja Ida-Euroopas: Põhjused, tagajärjed ja väljakutsed (1.01.2012−31.12.2014)", Karsten Staehr, Tallinna Tehnikaülikool, Majandusteaduskond.
SF0140059s12
Majandussüsteemi fluktuatsioonid Kesk- ja Ida-Euroopas: Põhjused, tagajärjed ja väljakutsed
Economic Fluctuations in Central and Eastern Europe: Causes, Consequences and Challenges
1.01.2012
31.12.2014
Sihtfinantseerimine
ValdkondAlamvaldkondCERCS erialaFrascati Manual’i erialaProtsent
2. Ühiskonnateadused ja kultuur2.12. MajandusteadusS183 Majandustsüklid 5.2 Majandusteadus ja ärindus50,0
2. Ühiskonnateadused ja kultuur2.12. MajandusteadusS180 Majandus, ökonomeetrika, majandusteooria, majanduslikud süsteemid, majanduspoliitika5.2 Majandusteadus ja ärindus30,0
2. Ühiskonnateadused ja kultuur2.12. MajandusteadusS181 Rahandus5.2 Majandusteadus ja ärindus20,0
AsutusRollPeriood
Tallinna Tehnikaülikool, Majandusteaduskondkoordinaator01.01.2012−31.12.2014
PerioodSumma
01.01.2012−31.12.201241 920,00 EUR
01.01.2013−31.12.201341 920,00 EUR
01.01.2014−31.12.201441 920,00 EUR
125 760,00 EUR

Ülemaailmne finants- ja majanduskriis ning võlakriis rõhutavad majandussüsteemi fluktuatsioonide olulisust majandusprotsesside kujunemisel, näidates samas selgelt, et nimetatud temaatikat pole veel piisavalt uuritud. Projekti ülesandeks on pakkuda teoreetilisi ja empiirilisi uurimistulemusi majandussüsteemi fluktuatsioonide põhjustest ja mõjudest Kesk- ja Ida-Euroopa riikides ning seonduvatest majanduspoliitilistest aspektidest. Projekt hõlmab omavahel seotud kitsamaid alateemasid, millest igaüks käsitleb fluktuatsioonide ja tsüklilise majandusarengu teatud dimensiooni. Majanduspoliitilises perspektiivis on projekti eesmärgiks välja tuua võimalusi sisemiste ja väliste šokkide võimalikult varaseks tuvastamiseks ning nende negatiivsete mõjude maandamiseks. Lisaks on eesmärgiks tuvastada meetmeid tagamaks ettevõtete, majapidamiste, finantsturgude ja avaliku sektori kohanemisvõimet lühiajaliste šokkide ning pikaajaliste sotsiaalmajanduslike arengute suhtes heitlikus globaalkeskkonnas.
The global financial and economic crisis and the recent debt crisis has highlighted that economic fluctuations are an important, yet relatively under-investigated, part of the economic landscape. Our project seeks to provide theoretical and empirical insights into the causes, consequences and policy implications of economic fluctuations in Central and Eastern European countries. The project combines several inter-related themes, each of them focusing on a specific dimension of economic fluctuations and economic performance. The policy-oriented objective is to devise ways to recognise external and internal shocks and address possible adverse effects at an early stage. Another objective is to identify the possibilities of companies, households, financial markets and the public sector to become more adaptable to short-term shocks as well as long-term societal and economic changes under global turmoil.

Vastutav täitja (1)

IsikKraadTöökoht ja ametCVOsalemise periood
Karsten StaehrdoktorikraadEST / ENG01.01.2012−31.12.2014

Põhitäitjad (9)

IsikKraadTöökoht ja ametCVOsalemise periood
Aaro HazakdoktorikraadEST / ENG01.01.2012−31.12.2013
Kaie KeremdoktorikraadEST / ENG01.01.2012−31.12.2014
Laivi LaidroodoktorikraadEST / ENG01.01.2012−31.12.2014
Enn ListradoktorikraadEST / ENG01.01.2012−31.12.2014
Kadri MännasoodoktorikraadEST / ENG01.01.2012−31.12.2013
Kaire PõderdoktorikraadEST / ENG01.01.2012−31.12.2014
Tairi RõõmdoktorikraadEST / ENG01.01.2012−31.12.2014
Ako SaugadoktorikraadEST / ENG01.01.2012−31.12.2014
Tõnn TalpseppdoktorikraadEST / ENG01.01.2012−31.12.2014

Täitjad (14)

IsikKraadTöökoht ja ametCVOsalemise periood
Kalle Ahimagistrikraad (teaduskraad)EST / ENG01.01.2012−31.12.2014
Silver AiastemagistrikraadEST / ENG01.01.2012−31.12.2012
Mari AvarmaadoktorikraadEST / ENG01.01.2012−31.12.2012
Fabio FilipozzidoktorikraadEST / ENG01.01.2012−31.12.2012
Kersti Harkmannmagistrikraad (teaduskraad)EST / ENG01.01.2012−31.12.2014
Indrek KaldojamagistrikraadEST / ENG01.01.2012−31.12.2014
Aino KiisEST / ENG01.01.2012−31.12.2014
Merike KukkdoktorikraadEST / ENG01.01.2012−31.12.2014
Raili Lilomagistrikraad (teaduskraad)EST / ENG01.01.2012−31.12.2014
Peeter Luikmelmagistrikraad (teaduskraad)EST / ENG01.01.2012−31.12.2014
Mari MännistemagistrikraadEST / ENG01.01.2012−31.12.2014
Aleksei NetšunajevdoktorikraadEST / ENG01.01.2012−31.12.2012
Marge ReinapmagistrikraadEST / ENG01.01.2012−31.12.2014
Martti SingimagistrikraadEST / ENG01.01.2012−31.12.2014

Projektiga seotud tööjõud (3)

IsikKraadAsutusAmetKoormusKoormus väljaspoolOsalemise periood
ProjektisKoormus väljaspool
Dmitry KulikovBank of Estonia, Senior Researcher0,101.01.2012−31.12.2014
Juan Carlos CuestasLecturer in Economics0,101.01.2012−31.12.2014
Martti RandveerBank of Estonia, Head of the Economics and Research Department0,101.01.2012−31.12.2014
Projektid
Projekt
B617A; "Majandustsüklid Kesk- ja Ida-Euroopa üleminekumajandustes"; Karsten Staehr;
ETF8796; "Ettevõtete jätkusuutlikkus majandustsükliliste tegurite ja seadusandlike regulatsioonide mõju tingimustes"; Aaro Hazak;
ETF8997; "EESTI KOOLIVALIKU MEHHANISMID: Efektiivsus, Stabiilsus ja Segregatsioon Koolide ja Õpilaste Paaripanekul (ESCM)"; Kaire Põder;
Publikatsioonid
Publikatsioonid
Maripuu, P.; Männasoo, K. (2013). Financial distress and cycle-sensitive corporate investments. 5th International Conference "Economic Challenges in Enlarged Europe", Conference Proceedings, 16-18 June 2013, Tallinn. Tallinn: Tallinna Tehnikaülikool,.
Männasoo, K.; Maripuu, P. (2014). Company Performance, Investment Decision and Cyclical Sensitivity: a Dynamic Estimation on Company Micro-Data. 6th International Conference "Economic Challenges in Enlarged Europe", Conference Proceedings, 15-17 June 2014, Tallinn. Tallinn: Tallinna Tehnikaülikool,.
Männasoo, K.; Maripuu, P. (2014). Company Performance, Investment Decision and Cyclical Sensitivity: a Dynamic Estimation on Company Micro-Data. Conference Proceedings: Doctoral Summer School 2014, 5-8 August 2014, Kubija. Tartu: Doctoral School in Economics and Innovation,.
Karilaid, I.; Talpsepp, T.; Vaarmets, T. (2014). Implications of the liquidity crisis in the Baltic-Nordic region. Baltic Journal of Economics, 1−20.10.1080/1406099X.2014.949603.
Vaarmets, T.; Liivamägi, K.; Talpsepp, T. (2014). The brilliant mind of investors. TUT Economic Research Series, 1−28.
Liivamägi, K.; Vaarmets, T.; Talpsepp, T. (2014). Masters of the Stock Market. TUT Economic Research Series, 1−27.
Kukk, M. (2014). Distinguishing the Components of Household Financial Wealth: the Impact of Liabilities on Assets in Euro Area Countries. Working Papers of Eesti Pank, 2, 1−47.
Kukk, M. (2014). How Did Household Indebtedness Hamper Consumption during the Recession? Evidence from Micro Data. TUT Economic Research Series, 5, 1−38.
Kukk, M.; Kulikov, D.; Staehr, K. (2016). Estimating Consumption Responses to Income Shocks of Different Persistence Using Self-Reported Income Measures. Review of Income and Wealth, 62 (2), 311−333.10.1111/roiw.12163.
Männasoo, K.; Meriküll, J. (2014). R&D, Credit Constraints, and Demand Fluctuations: Comparative Micro Evidence from Ten New EU Members. Eastern European Economics, 52 (2), 49−64.
Gabrisch, H.; Staehr, K. (2015). The Euro Plus Pact. Competitiveness and external capital flows in the EU Countries. Journal of Common Market Studies, 53 (3), 558−576.10.1111/jcms.12220.
Baldi, G.; Staehr, K. (2016). The European debt crisis and fiscal reactions in Europe 2000-2014. International Economics and Economic Policy, 13 (2), 297−317.10.1007/s10368-014-0309-4.
Kukk, M.; Staehr, K. (2015). Enhanced fiscal governance in the European Union: The Fiscal Compact. Baltic Journal of European Studies, 5 (1), 73−92.10.1515/bjes-2015-0006.
Staehr, K. (2014). The Maastricht inflation criterion and entry to the eurozone: challenges and options for EU countries from central and eastern Europe. In: Hölscher, J. (Ed.). Poland and the Eurozone (139−164).. Palgrave Macmillan. (Studies in Economic Transition).
Cuestas, J.-C.; Gil-Alana, L. A.; Staehr, K. (2014). Government debt dynamics and the global financial crisis: has anything changed in the EA12? Economic Letters, 124 (1), 64−66.10.1016/j.econlet.2014.04.014.
Filipozzi, F.; Staehr, K. (2013). Covered Interest Parity and the Global Financial Crisis in Four Central and Eastern European Countries. Eastern European Economics, 51 (1), 21−36.
Staehr, K. (2014). Corporate income taxation in Estonia. Is it time to abandon dividend taxation? Tallinn University of Technology.
Laidroo, L.; Sokolova, M. (2015). International banks’ CSR disclosures after the 2008 crisis. Baltic Journal of Management, 10 (3), 270−294.
Kukk, M.; Staehr, K. (2014). Income underreporting by households with business income. Evidence from Estonia. Post-Communist Economies, 26 (2), 257−276.10.1080/14631377.2014.904110.
Kukk, M.; Staehr, K. (2014). Identification of income underreporting by the self-employed: employment status or reported business income? Tallinn University of Technology.
Kukk, M.; Staehr, K. (2013). Income Underreporting by Households with Business Income. Evidence from Estonia. Working Papers of Eesti Pank, 6, 1−35.
Aben, M.; Kukk, M.; Staehr, K. (2012). Housing Equity Withdrawal and Consumption Dynamics in Estonia 2002-2011. Research in Economics and Business: Central and Eastern Europe, 4 (1), 19−40.
Kukk, M.; Kulikov, D.; Staehr, K. (2012). Consumption Sensitivities in Estonia: Income Shocks of Different Persistence. In: Eesti Pank, Working Paper Series..
Talpsepp, T.; Vlcek, M.; Wang, M. (2014). Speculating in gains, waiting in losses: A closer look at the disposition effect. Journal of Behavioral and Experimental Finance, 2, 31−43.
Talpsepp, T. (2012). International Comparison of Local Currency Effects on Stock Market Volatility Asymmetry in Asian Markets. International Proceedings of Economics Development and Research, 36, 46−51.
Talpsepp, T. (2012). Local Currency Effect on Volatility Asymmetry in Asian Stock Markets. International Journal of Trade, Economics and Finance, 3 (4), 293−298.
Kukk, M. (2016). How did household indebtedness hamper consumption during the recession? Evidence from micro data. Journal of Comparative Economics, 44 (3), 764−786.10.1016/j.jce.2015.07.004.
Gabrisch, H.; Staehr, K. (2015). The Euro Plus Pact. Competitiveness and external capital flows in the EU Countries. Journal of Common Market Studies, xx−xx.10.1111/jcms.12220 [ilmumas].
Kukk, M.; Staehr, K. (2015). Enhanced fiscal governance in the European Union: The Fiscal Compact. Baltic Journal of European Studies, 1, 73−92 [ilmumas].
Netsunajev, Aleksei (2013). Reaction to technology shocks in Markov-switching structural VARs: Identification via heteroskedasticity. Journal of Macroeconomics, 36, 51−62.10.1016/j.jmacro.2012.12.005.
Cuestas, J. C.; Staehr, K. (2013). Fiscal shocks and budget balance persistence in the EU countries from Central and Eastern Europe. Applied Economics, 45 (22), 3211−3219.10.1080/00036846.2012.703316.
Staehr, K. (2013). Austerity in the Baltic States During the Global Financial Crisis. Intereconomics, 48 (5), 293−302.10.1007/s10272-013-0472-9.
Filipozzi, F.; Staehr, K. (2012). Uncovered interest parity in Central and Eastern Europe: convergence and the global financial crisis. In: Discussions on Estonian Economic Policy (58−82).. Berlin: Berliner Wissenschafts-Verlag. (1).
Avarmaa, Mari; Hazak, Aaro; Männasoo, Kadri (2013). Does leverage affect labour productivity? A comparative study of local and multinational companies of the Baltic countries. Journal of Business Economics and Management, 14 (2), 252−275.10.3846/16111699.2011.651624.
Avarmaa, M. (2012). Credit constraints, corporate investments and economic fluctuations: Implications for local versus multinational companies. International Research Journal of Finance and Economics. International Research Journal of Finance and Economics, 91, 64−77.
Harkmann, Kersti (2014). Stock Market Contagion from Western Europe to Central and Eastern Europe during the Crisis Years 2008-2012. Eastern European Economics, 1−9 [ilmumas].
Netsunajev, A. (2012). Intra Industry Trade in the Baltic States: Long Run Analysis. Journal of Business and Economics, 3 (2), 107−116.
Hartšenko, J.; Sauga, A. (2013). The role of financial support in SME and economic development in Estonia. Business and Economic Horizons, 9 (2), 10−22.
Listra, E.; Shetty, S.; Krishnan, S. (2012). The Evolution of Commercial Banking in Estonia. Academy of Banking Studies Journal (ABSJ), 11 (1), 31−42.
Listra, E. (2012). Successful transformation of small countries: the cases of Estonia and Slovenia. Vrontis, D., Weber, Y., Kaufmann, R., Tarbo, e.. Proceedings of 5th annual Euromed conference of the Euromed Academy of Business (1817−1818).. Gion-Montreaux, Switzerland: EuroMed Press.
Laidroo, L. (2016). Bank Ownership and Lending - Does Bank Ownership Matter? Emerging Markets Finance and Trade, 52 (2), 285−301.10.1080/1540496X.2015.1095032.
Laidroo, L.; Sokolova, M. (2015). International banks’ CSR disclosures after the 2008 crisis. Baltic Journal of Management, xx−xx [ilmumas].
Laidroo, L.; Männasoo, K. (2015). Perils of excessive credit growth: Evidence from 11 new EU member states. Baltic Journal of Economics, 14, 17−34.10.1080/1406099X.2014.942541.
Laidroo, L.; Ööbik, U. (2014). Banks’ CSR disclosures – headquarters versus subsidiaries. Baltic Journal of Management, 9 (1), 47−70.
Laidroo, L.; Grigaliuniene, Z. (2012). Testing for Asymmetries in Price Reactions to Quarterly Earnings Announcements on Tallinn, Riga and Vilnius Stock Exchanges during 2000-2009. Baltic Journal of Economics, 12 (1), 61−86.
Põder, Kaire; Lauri, Triin (2014). When Public Acts Like Private: the failure of Estonia’s school choice mechanism. European Educational Research Journal, 13, 2, 220−234.
Põder, Kaire ; Lauri, Triin (2014). Will Choice Hurt? Compared to What? A School Choice Experiment in Estonia. Journal of School Choice, 8 (3), 446−474.10.1080/15582159.2014.942177.
Lauri, Triin; Põder, Kaire (2013). School choice policy – seeking to balance educational efficiency and equity: A comparative analysis of 20 European countries. European Educational Research Journal, 12, 4, 534−552.
Põder, K.; Kerem, K.; Lauri, T. (2013). Efficiency and equity within European education systems and school choice policy: Bridging qualitative and quantitative approches. Journal of School Choice, 7 (1), 1 −36.
Põder, K.; Kerem, K. (2012). School Choice and Educational Returns in the EU: With a Focus on Finland and Estonia. Baltic Journal of European Studies, 2 (2, 12), 65−86.
Põder, K.; Kerem, K. (2012). Welfare State and School Choice: Evidence of Recent Developments in EU. The Business Review, Cambridge, 19 (2), 280−287.
Põder, K. (2012). What Makes Some Schools Better Than Others? Estonian Case. The Business Review, Cambridge, 19 (2), 216−223.
Küttim, M.; Kallaste, M.; Venesaar, U.; Kiis, A. (2014). Entrepreneurship education at university level and students’ entrepreneurial intentions. Procedia - Social and Behavioral Sciences, 110, 658−668.10.1016/j.sbspro.2013.12.910.
Fainstein, G.; Netsunajev, A. (2012). Development of Estonian Foreign Trade with the EU in transition period. Economic Sciences, 2, 348−353.
Sauga, Ako; Mankin, Romi; Ainsaar, Ain (2012). Resonant behavior of a fractional oscillator with fluctuating mass. In: Michail D. Todorov (Ed.). APPLICATION OF MATHEMATICS IN TECHNICAL AND NATURAL SCIENCES: 4th International Conference — AMiTaNS'12 Memorial Volume devoted to Prof. Christo I. Christov (224−232).. Amer Inst Physics. (AIP Conference Proceedings Subseries: Mathematical and Statistical Physics; 1487).
Babecký, J.; Du Caju, P.; Kosma, T.; Lawless, M.; Messina, J.; Rõõm, T. (2012). How do European firms adjust their labour costs when nominal wages are rigid? Labour Economics, 19 (5), 792−801.10.1016/j.labeco.2012.03.010.
Maripuu, P.; Männasoo, K. (2015). Financial distress and cycle-sensitive corporate investments. Baltic Journal of Economics, xx−xx.10.1080/1406099X.2014.999481 [ilmumas].
Männasoo, K. (2013). Determinants of Bank Interest Spreads in Estonia. Eastern European Economics, 51 (1), 36−60.
Talpsepp, T.; Vlcek, M.; Wang, M. (2014). Speculating in gains, waiting in losses: A closer look at the disposition effect. Journal of Behavioral and Experimental Finance, 2, 31−43.
Talpsepp, T. (2012). International Comparison of Local Currency Effects on Stock Market Volatility Asymmetry in Asian Markets. International Proceedings of Economics Development and Research, 36, 46−51.
Talpsepp, T. (2012). Local Currency Effect on Volatility Asymmetry in Asian Stock Markets. International Journal of Trade, Economics and Finance, 3 (4), 293−298.
Laidoo, L.; Karmo, I. (2014). Baltic Listed Companies' Disclosure Quality - Far Ahead or Lagging Behind? Discussions on Estonian economic policy: Theory and practice of economic policy, 22 (1), 99−121.
Hansson, A.; Randveer, M. (2013). Economic adjustment in the Baltic countries. In: Nowotny, E.; Mooslechner, P.; Ritzberger-Grünwald, D. (Ed.). A New Model for Balanced Growth and Convergence. Achieving Economic Sustainability in CESEE Countries (190−205).. Cheltenham: Edward Elgar Publishing.
Juhendamised
Juhendamised
Mari Avarmaa, doktorikraad, 2012, (juh) Aaro Hazak; Kadri Männasoo, Implications of Capital Structure and Credit Constraints for Company Performance: A Comparative Study of Local and Multinational Companies in the Baltics (Kapitali struktuuri ja krediidipiirangute mõju ettevõtte majandustulemustele Baltimaade kohalike ja rahvusvaheliste ettevõtete näitel), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Peeter Maripuu, magistrikraad, 2012, (juh) Kadri Männasoo, Erineva investeerimisaktiivsusega ettevõtete jätkusuutlikkus majandustsükli eri faasides, Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut.
Fabio Filipozzi, doktorikraad, 2012, (juh) Karsten Staehr, The Efficiency of Interest Rate and Foreign Exchange Markets in the Euro Area and Central and Eastern Europe. (Intressi ja valuutaturgude efektiivsus euroalal ning Kesk- ja Ida-Euroopas), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Aleksei Netšunajev, doktorikraad, 2012, (juh) Grigori Fainštein, Developments and Determinants of Intra-Industry Trade in the Baltic States (Majandusharusisene kaubandus Balti riikides: areng ja mõjutegurid), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Majandusteooria õppetool, Majandusteooria õppetool.
Erik Aru, magistrikraad, 2014, (juh) Karsten Staehr, Banking Balance Sheets and Financial Cycles (Pangabilansid ja finantstsüklid), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Natalia Levenko, magistrikraad (teaduskraad), 2014, (juh) Karsten Staehr, The Theory of Optimum Currency Areas and Business Cycle Synchronization in Central and Eastern European Countries (Optimaalse valuutapiirkonna teooria ja majandustsüklite sünkroniseerimine Kesk- ja Ida-Euroopa riikides), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Gerle Loide, magistrikraad, 2014, (juh) Karsten Staehr, The Taylor Rule as a Benchmark for ECB Interest Rate Setting (EKP intressimäära seadmise võrdlusanalüüs Taylori reeglit rakendades), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Caliskan Murat, magistrikraad, 2014, (juh) Karsten Staehr, Testing for Uncovered Interest Parity between Turkey and the Euro Area (Türgi ja Euroala vahelise katmata intressimäärade pariteetsuse testimine), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Maria-Valeria Potapova, magistrikraad, 2014, (juh) Karsten Staehr, Currency risk management and exchange rate forecasting, Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.
Matis Tomiste, magistrikraad, 2014, (juh) Karsten Staehr, Correlation Modelling and Forecasting of Financial Data (Korrelatsiooni modelleerimine ning prognoosimine finantsandmetel), Tallinna Tehnikaülikool, Majandusteaduskond, Rahanduse ja majandusteooria instituut, Rahanduse ja panganduse õppetool.