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Lessons from the East European Financial Crisis, 2008-10

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  • Anders Aslund

    (Peterson Institute for International Economics)

Abstract

In the fall of 2008, Central and Eastern Europe became a flashpoint in the global financial crisis. The positive surprise, however, is that after about two years, the crisis in the region had more or less abated. Public attention moved from Latvia, Estonia, and Lithuania to the PIIGS (Portugal, Ireland, Italy, Greece, and Spain). The issue was no longer why Latvia must devalue but what Greece could learn from Latvia. What lessons can be drawn from the resolution of the financial crisis in Eastern Europe for the rest of the European Union and the world at large?

Suggested Citation

  • Anders Aslund, 2011. "Lessons from the East European Financial Crisis, 2008-10," Policy Briefs PB11-9, Peterson Institute for International Economics.
    • Handle: RePEc:iie:pbrief:pb11-09
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    2. Hasan Cömert & Esra Nur Uğurlu, 2015. "The Impacts of the 2008 Global Financial Crisis on Developing Countries: The Case of the 15 Most Affected Countries," ERC Working Papers 1509, ERC - Economic Research Center, Middle East Technical University, revised Oct 2015.
    3. Kibritçioğlu, Aykut, 2011. "2006-2011 Küresel Ekonomik Krizinin Bileşenleri ve Karmaşıklığı [The Components and Complexity of the Global Economic Crisis of 2006-2011]," MPRA Paper 33515, University Library of Munich, Germany, revised 18 Jul 2011.
    4. Richard Pomfret, 2011. "Global Crises, Fiscal Imbalances and Global Instability: Interests and Reactions of Asian Economies," School of Economics and Public Policy Working Papers 2011-33, University of Adelaide, School of Economics and Public Policy.
    5. Richard Pomfret, 2012. "The Post-2007 Crises and Europe's Place in the Global Economy," CASE Network Studies and Analyses 439, CASE-Center for Social and Economic Research.
    6. Beqiraj, Elton & Di Bartolomeo, Giovanni & Di Pietro, Marco & Serpieri, Carolina, 2018. "Comparing Central Europe and the Baltic macro-economies: A Bayesian approach," EconStor Preprints 175242, ZBW - Leibniz Information Centre for Economics.
    7. Stanislav PERCIC, 2018. "Credit expansion and social welfare in the European Union," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 10(4), pages 491-509, January.

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