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Corporate and Household Debt Distress in Latvia; Strengthening the Incentives for a Market-Based Approach to Debt Resolution

  • Magnus Saxegaard
  • Michaela Erbenova
  • Yan Liu

This paper reviews Latvia’s efforts to manage the increase in debt distress resulting from the unwinding of the 2000-07 credit boom and spillovers from the global financial crisis. The authorities have designed a strategy that strengthens incentives for marked-based debt resolution by improving the legal framework for credit enforcement, introducing tax incentives for debt write-downs, and strengthening financial sector supervision. These measures have started to yield results, but further steps are needed to speed up bankruptcy procedures and reduce credit enforcement costs. Latvia’s experience with market-based debt resolution may provide insights on managing debt distress in other countries with limited fiscal resources.

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Paper provided by International Monetary Fund in its series IMF Working Papers with number 11/85.

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Length: 25
Date of creation: 01 Apr 2011
Date of revision:
Handle: RePEc:imf:imfwpa:11/85
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  1. Anne Krueger & Aaron Tornell, 1999. "The Role of Bank Restructuring in Recovering from Crises: Mexico 1995-98," NBER Working Papers 7042, National Bureau of Economic Research, Inc.
  2. Fabian Valencia & Luc Laeven, 2008. "Systemic Banking Crises; A New Database," IMF Working Papers 08/224, International Monetary Fund.
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