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Austerity that Never Was? The Baltic States and the Crisis

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  • Rainer Kattel
  • Ringa Raudla

Abstract

The commonly cited example of the successful application of "internal" devaluation as a strategy for economic recovery is that of the Baltic economies. In this Policy Note, we discuss whether the Baltic austerity plan worked, how it was designed to work-and, most important, whether it can be replicated anywhere else. We argue that the Baltic recovery has unique features that do not relate to domestic austerity policies, nor are they replicable elsewhere.

Suggested Citation

  • Rainer Kattel & Ringa Raudla, 2012. "Austerity that Never Was? The Baltic States and the Crisis," Economics Policy Note Archive 12-05, Levy Economics Institute.
  • Handle: RePEc:lev:levypn:12-05
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    File URL: http://www.levyinstitute.org/pubs/pn_12_05.pdf
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    Cited by:

    1. Raul Eamets, 2013. "Labour market and labour market policies during great recession: the case of Estonia," IZA Journal of European Labor Studies, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-25, December.
    2. K. B. Usha, 2014. "Social Consequences of Neoliberal Economic Crisis and Austerity Policy in the Baltic States," International Studies, , vol. 51(1-4), pages 72-100, January.
    3. Egert Juuse & Rainer Kattel, 2014. "Financialisation and the Financial and Economic Crises: The Case of Estonia," FESSUD studies fstudy20, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.

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