How Latvia Came Through the Financial Crisis
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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Ch 1 Latvias PostSoviet Transition
Ch 2 The Boom 200407
Ch 3 Policy Choices and the Program of Crisis Resolution 2008
Ch 4 To Devalue or Not to Devalue
Ch 5 Implementation of the Stabilization Program 2009
20 percent accessed on December accessed on November adopt the euro Anders Åslund Argentina austerity Baltic countries Bank of Latvia billion boom budget deficit Cabinet of Ministers crisis resolution currency board current account deficit cuts debt DELFI disbursement ē ļ early economists Einars Repše Estonia euro area European Commission European Union exports figure fiscal adjustment fixed exchange rate government’s Greens and Farmers Harmony Center ī ā inflation internal devaluation International Monetary Fund investment Ivars Godmanis June lats Latvian economy Latvian government LETA liquidity loan March ment October Parex Bank parliament parliamentary elections pensions People’s Party percent of GDP Peterson Institute political Prime Minister public expenditures quarter of 2010 Republic of Latvia Riga Russian Saeima sector Slakteris social stabilization program Stand-By Arrangement structural reforms Swedish banks tion Union of Greens Valdis Dombrovskis wages World Bank www.delfi.lv www.imf.org www.mk.gov.lv accessed Zatlers