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Corporate and Household Debt Distress in Latvia

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Author Info

  • Magnus Saxegaard
  • Michaela Erbenova
  • Yan Liu

Abstract

This paper reviews Latvia’s efforts to manage the increase in debt distress resulting from the unwinding of the 2000-07 credit boom and spillovers from the global financial crisis. The authorities have designed a strategy that strengthens incentives for marked-based debt resolution by improving the legal framework for credit enforcement, introducing tax incentives for debt write-downs, and strengthening financial sector supervision. These measures have started to yield results, but further steps are needed to speed up bankruptcy procedures and reduce credit enforcement costs. Latvia’s experience with market-based debt resolution may provide insights on managing debt distress in other countries with limited fiscal resources.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/85.

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Length: 25
Date of creation: 01 Apr 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/85

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Keywords: Debt restructuring; Bank supervision; Banking sector; Corporate sector; Tax incentives; debt; restructuring; insolvency; loans; creditors; interest; corporate debt; debtors; repayment; insolvency law; insolvency proceedings; obligations; foreclosure; debt resolution; liabilities; creditor; insolvency regime; debt overhang; external debt; unsecured creditors; asset management; insolvency framework; debt service; debts; credit risk; corporate insolvency; new insolvency; public debt; secured creditors; insolvency procedures; payments; debt sustainability; household debt; debt burden; debt forgiveness; bankruptcy procedures; bank loans; personal bankruptcy; insolvency practitioners; insolvency matters; tax exemptions; debt relief; debt for equity swaps; corporate governance; commencement of insolvency; efficient insolvency; foreign borrowing; regulatory environment; debt workout; commencement of insolvency proceedings; state aid; mortgage lending; insolvency administrators; household insolvency; secured claims; interest differentials; insolvency legislation; syndicated loans; insolvency administrator; insolvency legal framework; consumer credit; credit risk management; debt service burden; new insolvency law; value added tax; corporate insolvency law; principal amount;

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References

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  1. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises," IMF Working Papers 08/224, International Monetary Fund.
  2. Anne Krueger & Aaron Tornell, 1999. "The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1872, Harvard - Institute of Economic Research.
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Cited by:
  1. Yan Liu & Christoph B. Rosenberg, 2013. "Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox," IMF Working Papers 13/44, International Monetary Fund.

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