How Latvia Came Through the Financial Crisis

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Peterson Institute, 2011 - Political Science - 140 pages
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Latvia stands out as the East European country hardest hit by the global financial crisis; it lost approximately 25 percent of its GDP between 2008 and 2010. It was also the most overheated economy before the crisis. But in the second half of 2010, Latvia returned to economic growth. How did this happen so quickly? Current Latvian Prime Minister Valdis Dombrovskis, who shepherded Latvia through the crisis, and renowned author Anders Aslund discuss why the Latvian economy became so overheated; why an IMF and European Union stabilization program was needed; what the Latvian government did to resolve the financial crisis and why it made these choices; and what the outcome has been. This book offers a rare insider's look at how a national government responded to a global financial crisis, made tough choices, and led the country back to economic growth.
 

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Contents

Introduction
1
Ch 1 Latvias PostSoviet Transition
5
Ch 2 The Boom 200407
17
Ch 3 Policy Choices and the Program of Crisis Resolution 2008
33
Ch 4 To Devalue or Not to Devalue
51
Ch 5 Implementation of the Stabilization Program 2009
65
Ch 6 The Healing Begins 2010
95
Ch 7 Latvias Lessons for Itselfand the World
113
Leading Latvian Officials
125
Chronology of Events
127
Index
133
Copyright

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About the author (2011)

Anders Aslund is a leading specialist on postcommunist economic transformation with more than 35 years of experience in the field. The author of eleven books, he has also worked as an economic advisor to the Russian, Ukrainian and Kyrgyz governments. Dr Aslund joined the Peterson Institute for International Economics in Washington DC as a senior fellow in 2006. Before that he was the Director of the Russian and Eurasian Program at the Carnegie Endowment for International Peace. He teaches at Georgetown University. He earned his PhD from Oxford University. He was born in Sweden and served as a Swedish diplomat.

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