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STAREBEI:Transport Infrastructure Financing Through Land Value Capture: Application to Estonia
Our objective in this work was to evaluate through standard econometric analyses the effects of the speculative trend in real estate prices in Tallinn and investigate the influence of public transport cost on real estate prices; in particular, we inquired into whether public transport costs mitigate cyclical economic downturn effects. The Estonian economy in the past two decades was highly leveraged and was characterized by increases in real estate prices. This increase in prices had the pattern of a speculative bubble. We examined the Estonian business cycle in particular in order to assess the presence and development of speculative bubbles in the financial and real estate markets. The analysis was extended to evaluate how the Estonian land fiscal system failed to prevent the market distortion. We demonstrated that a more rigorous implementation of the Estonian land tax could have diminished the effects of the boom and bust dynamics in the real estate market in Estonia.
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