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How Latvia Came through the Financial Crisis

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Author Info

  • Anders Aslund

    ()
    (Peterson Institute for International Economics)

  • Valdis Dombrovskis

    (Republic of Latvia)

Abstract

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 Åslund 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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Bibliographic Info

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This book is provided by Peterson Institute for International Economics in its series Peterson Institute Press: All Books with number 6024 and published in 2011.

ISBN: 978-0-88132-602-4
Handle: RePEc:iie:ppress:6024

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Cited by:
  1. Hilmar Þór Hilmarsson, 2013. "Post Crisis “Success” Stories? Economic Outcomes And Social Progress In Iceland And Latvia," SSE Riga/BICEPS Occasional Papers 9, Baltic International Centre for Economic Policy Studies (BICEPS) and Stockholm School of Economics in Riga (SSE Riga).
  2. Anders Aslund, 2011. "Lessons from the East European Financial Crisis, 2008-10," Policy Briefs PB11-9, Peterson Institute for International Economics.
  3. Anders Aslund, 2012. "Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis," Working Paper Series WP12-7, Peterson Institute for International Economics.
  4. Mark Weisbrot & Rebecca Ray, 2011. "Latvia's Internal Devaluation: A Success Story?," CEPR Reports and Issue Briefs 2011-25, Center for Economic and Policy Research (CEPR).
  5. Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Governance Working Papers 23354, East Asian Bureau of Economic Research.
  6. Anders Aslund, 2012. "Southern Europe Ignores Lessons from Latvia at Its Peril," Policy Briefs PB12-17, Peterson Institute for International Economics.
  7. Anders Aslund, 2012. "Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups," Policy Briefs PB12-20, Peterson Institute for International Economics.
  8. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries: an early assessment," Blueprints, Bruegel, number 779, October.

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