IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789814602464_0010.html
   My bibliography  Save this book chapter

Impact of the Global Financial Crisis on the Baltic States: Focus on Latvia

In: THE EU'S EASTWARD ENLARGEMENT Central and Eastern Europe's Strategies for Development

Author

Listed:
  • Yoji Koyama

Abstract

A quarter of a century has passed since the system change in Central and Eastern European countries (Central Europe + South Eastern Europe + Baltic States). These countries have undergone remarkable development since the mid-1990s and have realized a long-cherished desire, i.e., membership of the European Union (EU) from 2004 through 2007. The new EU member states (NMS) seemed to continue their economic development in a relatively satisfactory way even after dark clouds began to hang over the world economy in 2007 due to the subprime loan problem in the USA. However, the global financial crisis arising from the collapse of Lehman Brothers in September 2008 caused NMS to take a direct hit. The NMS fell into more or less economic crisis. The economic crisis was very serious in Hungary and the Baltic States. It is in Lithuania, Latvia and Estonia that GDP growth rates made doubledigit falls in 2009. At that time, some newspapers reported that the crisis in NMS might shake advanced EU member States (for example, Austria, Sweden, etc.) due to a huge amount of credit which banks in the latter countries had given…

Suggested Citation

  • Yoji Koyama, 2015. "Impact of the Global Financial Crisis on the Baltic States: Focus on Latvia," World Scientific Book Chapters, in: THE EU'S EASTWARD ENLARGEMENT Central and Eastern Europe's Strategies for Development, chapter 10, pages 259-284, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814602464_0010
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789814602464_0010
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789814602464_0010
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789814602464_0010. See general information about how to correct material in RePEc.

    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.

    We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

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

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.