Corporate and Household Debt Distress in Latvia
AbstractThis paper reviews Latviaâ€™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. Latviaâ€™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 InfoPaper provided by International Monetary Fund in its series IMF Working Papers with number 11/85.
Date of creation: 01 Apr 2011
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-05-14 (All new papers)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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