Crisis Management for Public Sector During the European Financial Crisis: Lessons of Estonia in 2008-2011

Journal of Eastern Europe Research in Business and Economics, Vol. 2018, 2018, DOI: 10.5171/2018.563930

9 Pages Posted: 19 Apr 2018

See all articles by Raul Markus

Raul Markus

Tallinn University of Technology (TUT)

Viljar Veebel

Tallinn University of Technology (TUT)

Date Written: March 21, 2018

Abstract

The austerity implementation experience of the Estonian Government during the European financial crisis has high value both in practical terms when improving preparations for future crises, and as a case for academic research, especially when compared with the other Baltic States and Visegrad countries. The crisis response was even more complicated as a simultaneous goal was set to fulfil Eurozone accession criteria. When studied carefully, the Estonian experience is valuable from the wider future perspective as it offers experience and answers to whether extreme austerity is an efficient solution to counter a financial crisis, the economic and social costs it includes, the best administrative practices to be suggested when implementing austerity and some hints how to implement unpopular austerity politically.

Keywords: European Union, Austerity, Public Sector, Financial Crisis

JEL Classification: E42, E58, G18, H12

Suggested Citation

Markus, Raul and Veebel, Viljar, Crisis Management for Public Sector During the European Financial Crisis: Lessons of Estonia in 2008-2011 (March 21, 2018). Journal of Eastern Europe Research in Business and Economics, Vol. 2018, 2018, DOI: 10.5171/2018.563930, Available at SSRN: https://ssrn.com/abstract=3154585

Raul Markus

Tallinn University of Technology (TUT) ( email )

Ehitajate tee 5
Tallinn, 12618
Estonia

Viljar Veebel (Contact Author)

Tallinn University of Technology (TUT) ( email )

Ehitajate tee 5
Tallinn, 12618
Estonia

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
98
Abstract Views
163
rank
292,541
PlumX Metrics