IDEAS home Printed from https://ideas.repec.org/
MyIDEAS: Log in (now much improved!) to save this article

Managing Financial Crisis: The Case of Iceland and Latvia

Listed author(s):
  • Hilmar Tór HILMARSSON

    ()

    (University of Akureyri, Iceland)

Registered author(s):

    Iceland and Latvia were hard hit by the 2008 global economic and financial crisis. Iceland was the first country hit and Latvia was the hardest hit country. In Iceland the national currency depreciated sharply while Latvia’s national currency remained pegged with the Euro. Both countries cut their fiscal budgets. Latvia implemented a severe austerity program while Iceland’s priority was to protect its welfare system. The reactions of these two small countries has received international attention and continues to be cited among scholars when debating how best to manage such devastating events. After more than five years since the crisis hit policy outcomes are emerging. Both economies now enjoy healthy GDP growth. Latvia’s policy during the crisis was costly in human terms and Latvia still suffers from high rate of unemployment, poverty, social exclusion and high income inequality. In Iceland unemployment is low and the welfare system appears to have protected the most vulnerable relatively well compared with other countries in the European Economic Area.

    If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

    File URL: http://rmci.ase.ro/no15vol2/05.pdf
    Download Restriction: no

    Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT.

    Volume (Year): 15 (2014)
    Issue (Month): 2 (May)
    Pages: 200-214

    as
    in new window

    Handle: RePEc:rom:rmcimn:v:15:y:2014:i:2:p:200-214
    Contact details of provider: Postal:
    6 ROMANA PLACE, 70167 - BUCHAREST

    Phone: 0040-01-2112650
    Fax: 0040-01-3129549
    Web page: http://www.management.ase.ro/
    Email:


    More information through EDIRC

    References listed on IDEAS
    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.:

    as
    in new window


    1. Anders Aslund & Valdis Dombrovskis, 2011. "How Latvia Came through the Financial Crisis," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6024, November.
    2. Hilmar Þór Hilmarsson, 2013. "Small states and big banks – the case of Iceland," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 13(1), pages 31-48, July.
    3. Trung Quang DINH & Hilmar Þor HILMARSSON, 2012. "Private Sector Export to Emerging Market Economies During Times of Crisis: How Can Export Credit Agencies Help?," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 13(1), pages 167-180, March.
    Full references (including those not matched with items on IDEAS)

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    When requesting a correction, please mention this item's handle: RePEc:rom:rmcimn:v:15:y:2014:i:2:p:200-214. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marian Nastase)

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.