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How Latvia Came through the Financial Crisis

Author

Listed:
  • Anders Aslund

    () (Peterson Institute for International Economics)

  • Valdis Dombrovskis

    (Republic of Latvia)

Abstract

Latvia stands out as the East European country hardest hit by the global financial crisis; it lost approximately 25 percent of its GDP between 2008 and 2010. It was also the most overheated economy before the crisis. But in the second half of 2010, Latvia returned to economic growth. How did this happen so quickly? Current Latvian Prime Minister Valdis Dombrovskis, who shepherded Latvia through the crisis, and renowned author Anders Åslund discuss why the Latvian economy became so overheated; why an IMF and European Union stabilization program was needed; what the Latvian government did to resolve the financial crisis and why it made these choices; and what the outcome has been. This book offers a rare insider's look at how a national government responded to a global financial crisis, made tough choices, and led the country back to economic growth.

Suggested Citation

  • Anders Aslund & Valdis Dombrovskis, 2011. "How Latvia Came through the Financial Crisis," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 6024.
  • Handle: RePEc:iie:ppress:6024
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    Citations

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    Cited by:

    1. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "EU-IMF assistance to euro area countries: an early assessment," Blueprints, Bruegel, number 779.
    2. Anders Aslund, 2012. "Southern Europe Ignores Lessons from Latvia at Its Peril," Policy Briefs PB12-17, Peterson Institute for International Economics.
    3. Anders Åslund, 2016. "Why Have the Baltic Tigers Been So Successful?," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 16(4), pages 03-08, January.
    4. Barry Eichengreen, 2012. "Regional Financial Arrangements and the International Monetary Fund," Finance Working Papers 23354, East Asian Bureau of Economic Research.
    5. repec:taf:intecj:v:30:y:2016:i:3:p:409-428 is not listed on IDEAS
    6. Juan Carlos Cuestas & Karsten Staehr, 2013. "Fiscal shocks and budget balance persistence in the EU countries from Central and Eastern Europe," Applied Economics, Taylor & Francis Journals, vol. 45(22), pages 3211-3219, August.
    7. Eric M. Leeper, 2015. "Fiscal Analysis is Darned Hard," Caepr Working Papers 2015-021 Classification-E, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
    8. Anders Aslund, 2011. "Lessons from the East European Financial Crisis, 2008-10," Policy Briefs PB11-9, Peterson Institute for International Economics.
    9. IlmÄ rs Sņucins & Ieva Kodoliņa-MiglÄ ne, 2015. "Reform of labour taxes in Latvia 2011-2013," Financial Theory and Practice, Institute of Public Finance, vol. 39(4), pages 371-391.
    10. Holger Wolf, 2016. "Currency boards as a path towards the Eurozone: lessons from the Baltics," International Economics and Economic Policy, Springer, vol. 13(1), pages 45-57, January.
    11. Hilmar Tór HILMARSSON, 2014. "Managing Financial Crisis: The Case of Iceland and Latvia," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(2), pages 200-214, May.
    12. Anders Aslund, 2012. "Lessons from Reforms in Central and Eastern Europe in the Wake of the Global Financial Crisis," Working Paper Series WP12-7, Peterson Institute for International Economics.
    13. Deborah Mabbett & Waltraud Schelkle, 2015. "What difference does Euro membership make to stabilization? The political economy of international monetary systems revisited," Review of International Political Economy, Taylor & Francis Journals, vol. 22(3), pages 508-534, June.
    14. Anders Aslund, 2014. "An Economic Strategy to Save Ukraine," Policy Briefs PB14-24, Peterson Institute for International Economics.
    15. Anders Aslund, 2012. "Why a Breakup of the Euro Area Must Be Avoided: Lessons from Previous Breakups," Policy Briefs PB12-20, Peterson Institute for International Economics.
    16. Mark Weisbrot & Rebecca Ray, 2011. "Latvia's Internal Devaluation: A Success Story?," CEPR Reports and Issue Briefs 2011-25, Center for Economic and Policy Research (CEPR).
    17. Olivier Blanchard & Mark Griffiths & Bertrand Gruss, 2013. "Boom, Bust, Recovery Forensics of the Latvia Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 47(2 (Fall)), pages 325-388.
    18. Karsten Staehr, 2016. "Public Finances and Fiscal Policy in the Baltic States 1991–2015," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 8(1).
    19. Olivier Blanchard & Mark Griffiths & Bertrand Gruss, 2013. "Boom, Bust, Recovery: Forensics of the Latvia Crisis," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 44(2 (Fall)), pages 325-388.
    20. repec:pal:compes:v:59:y:2017:i:4:d:10.1057_s41294-017-0034-4 is not listed on IDEAS
    21. Hilmar Þór Hilmarsson, 2013. "Post Crisis “Success” Stories? Economic Outcomes And Social Progress In Iceland And Latvia," SSE Riga/BICEPS Occasional Papers 9, Baltic International Centre for Economic Policy Studies (BICEPS);Stockholm School of Economics in Riga (SSE Riga).
    22. Ludmila Fadejeva & Ieva Opmane, 2016. "Internal labour market mobility in 2005–2014 in Latvia: the micro data approach," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 16(2), pages 152-174.
    23. Jaan Masso & Kerly Espenberg, 2013. "Early application of fiscal austerity measures in the Baltic states," Chapters,in: Public Sector Shock, chapter 3, pages 84-133 Edward Elgar Publishing.

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