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Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries

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  • Valerie Herzberg

Abstract

Between 2000 and 2007 nonfinancial private sector credit expanded rapidly in the Baltic countries, resulting in a non-negligible build-up of debt. Could this legacy debt hold back the economic recovery of the region? This paper analyzes the setting in each of the three countries and, with the help of an experimental Debt Overhang Index (DOI), draws tentative conclusions for domestic demand.

Suggested Citation

  • Valerie Herzberg, 2010. "Assessing the Risk of Private Sector Debt Overhang in the Baltic Countries," IMF Working Papers 10/250, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:10/250
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    References listed on IDEAS

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    1. Reuven Glick & Kevin J. Lansing, 2009. "U.S. household deleveraging and future consumption growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may15.
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    Cited by:

    1. Kukk, Merike, 2016. "How did household indebtedness hamper consumption during the recession? Evidence from micro data," Journal of Comparative Economics, Elsevier, vol. 44(3), pages 764-786.
    2. Brown, Martin & Lane, Philip R., 2011. "Debt overhang in emerging Europe ?," Policy Research Working Paper Series 5784, The World Bank.
    3. Mari Avarmaa & Aaro Hazak & Kadri Männasoo, 2013. "Does leverage affect labour productivity? A comparative study of local and multinational companies of the Baltic countries," Journal of Business Economics and Management, Taylor & Francis Journals, vol. 14(2), pages 252-275, April.
    4. repec:pal:compes:v:59:y:2017:i:4:d:10.1057_s41294-017-0034-4 is not listed on IDEAS

    More about this item

    Keywords

    Credit; private sector debt; Baltic economies; debt overhang; corporate sector; debt service; central bank; Financial Economics: General; Financial Institutions and Services: General;

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