Andres Kuusk

Econometric Analysis of Income Convergence in Selected EU Countries and Their Nuts 3 Level Regions

The paper estimates equations for regional income convergence in selected EU countries and their NUTS 3 level regions during the European Union pre-enlargement period (1995–2002), using both spatial and non-spatial approaches. There has been absolute income convergence between regions in both the groups of countries looked at, the countries of the EU15, or the old member states, and the new member states or NMS. When national effects are included in convergence equations using country dummies, no evidence of regional income convergence can be observed. The results of the analysis assert the importance of regional policies in inhibiting the increase of regional income disparities and improving conditions for income growth, particularly within the new member states.

Contagion of financial crises: what does the empirical evidence show?

Purpose – The purpose of this paper is to give an overview of variability of empirical results of several financial contagion studies, taking into account the role of financial markets, data sets and the applied definitions and methods that may explain the variability of empirical evidence.Design/methodology/approach – The authors used qualitative analysis of published research materials about previous financial crises and analyzed the variability of empirical results of around 75 studies of financial contagion, taking into account the particularities of financial markets, data sets and tests methods.Findings – The results of the analysis show that empirical studies provide heterogeneous results depending on applied definitions and methods, as well as chosen crises, destination countries and financial indices. Summing up all the relevant empirical findings the results supporting the contagion hypothesis are in clear dominance, but taking into account differences in definitions and testing methodologies th...

A Meta-Analysis-Based Approach for Examining Financial Contagion with Special Emphasis on CEE Economies

This paper provides an insight into the realm of financial contagion, and applies a meta-analytical approach to focus on Central and Eastern European (CEE) economies. Our results show that, on average, asset market correlations have increased, albeit moderately, during turbulent periods as compared to more tranquil times. The selected financial crises are found to vary in terms of their contagiousness. Interestingly, the level of development in a given country is not shown to significantly influence the susceptibility to contagion. Our testing of CEE transition economies indicates that, relative to the sample average, they are less susceptible to financial contagion. An interesting finding relating to CEE transition countries is that they seem to have been affected mostly by crises originating in the United States, even though we have also considered crises originating in Russia and the Czech Republic in the sample.

Tree stems from terrestrial laser scanner measurements

Abstract Terrestrial laser scanner (TLS) measurements were carried out in mature birch, pine, and spruce stands in Järvselja, Estonia. The structure of stands has been previously studied. A simple special clustering procedure is developed for automatic detection of stem positions and estimation of tree stem dimensions from the TLS point cloud. Tree stem diameter at breast height (DBH), vertical profile of stem and size distribution of DBH is estimated with high precision in the pine stand where the second growth tree layer is almost missing. The presence of second growth limits estimating stem dimensions accurately in the birch stand, and the procedure fails in the dense spruce stand of rich undergrowth and low dead branches. In such stands the TLS measurements should be done in dense grid with short-range sounding setup only. The developed procedure is undemanding for computers and can be applied on simple PC-s.

Reflectance reference target at Järvselja, Estonia for the calibration of optical remote sensing sensors and lessons learned

Abstract A calibration target for the support of airborne and satellite measurements was built at the Jarvselja site for ecological and remote sensing studies located in southeastern Estonia. The calibration target is a 10 × 10 m concrete panel which is protected by a removable roof. Optical properties of the panel are carefully studied in order to serve as a reference in spectroscopic remote sensing measurements. In this study we report the spectral distribution of reflectance in the wavelength range of 350–2500 nm, the angular distribution of directional reflectance and the linear polarization of the reflected radiation. The reflectance spectrum of the panel is smooth in the visible and NIR wavelengths but with steep decrease at wavelengths less than 400 nm. Variations of reflectance over the panel surface are less than 1%. The radiation is partly polarized in forward scattering direction. No temporal changes of optical properties have been observed. The calibration target improves the metrological quality of airborne spectral measurements at the Jarvselja test site and neighboring areas. It can also be used for ground truth to aid the validation of adjacency correction algorithms for data from high spatial resolution satellite images, as well as a reference for the registration of airborne and satellite images. It can also serve as an elevation reference for both lidar and radar altimeter measurements.

Contagion of Financial Crises with Special Emphasis on Cee Economies: A Meta-Analysis

The paper offers new insights on the subject of financial contagion using a meta-analysis methodology and paying particular attention to the transition economies of Central and Eastern Europe (CEE). The results show that on average, asset market correlations have increased during turbulent periods, but the increase is rather moderate. When correlation coefficients are adjusted for the presence of heteroscedasticity, the increase is considerably smaller, but still statistically significant. The crises have been more and less contagious, but the level of development of the chosen afflicted country seems not to have played a significant role in determining whether crises spread there or not. Transition economies in CEE have on average been somewhat less susceptible to financial contagion than the sample as a whole, but the increase in the asset prices correlation during times of crisis is statistically insignificant. Interestingly, the financial contagion ‘snowball’ seems to have affected the CEE transition economies most after crises in the US rather than one in Russia or the Czech Republic.