How Latvia Came through the Financial Crisis

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How Latvia Came through the Financial Crisis

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Product Details

  • ISBN-13: 9780881326024
  • Publisher: Peterson Institute for International Economics
  • Publication date: 4/28/2011
  • Pages: 128
  • Product dimensions: 5.90 (w) x 8.90 (h) x 0.40 (d)

Table of Contents

Preface ix

Authors' Note xiii

About the Authors xv

Map xvii

Introduction 1

Motivation 1

Key Lessons 3

Structure of the Book 4

1 Latvia's Post-Soviet Transition 5

A Bitter Struggle for Independence 5

Radical Transition to a Normal Market Economy 7

Evolution of Latvia's Democratic Politics 13

Notes 15

2 The Boom, 2004-07 17

EU Accession Crowning the Success of Transition 17

Capital Inflows Overheat the Economy 19

Politics of Complacency 30

Notes 31

3 Policy Choices and the Program of Crisis Resolution, 2008 33

Fall 2008: The Bubble Pops 34

Run on Parex Bank: Latvia Calls in the IMF 39

The International Assistance Package 42

Notes 47

4 To Devalue or Not to Devalue 51

Arguments for a Fixed Exchange Rate 51

Arguments for Devaluation 54

How Latvia Differs from Argentina 58

The IMF Verdict 60

Notes 63

5 Implementation of the Stabilization Program, 2009 65

Collapse of the Godmanis Government 65

Formation of the Dombrovskis Government 67

A New Stabilization Program Takes Shape 69

Devaluation Crisis, But Adoption of a New Budget, June 2009 78

Complicated IMF-EU Negotiations 85

Budget for 2010 88

Notes 90

6 The Healing Begins, 2010 95

Estonia Qualifies for the Euro, March-June 2010 96

October 2010 Parliamentary Elections: Popular Approval of Crisis Resolution 96

Budget for 2011 100

Economic Growth Returns 102

Notes 110

7 Latvia's Lessons for Itself and the World 113

Why Latvia Was Right Not to Have Devalued 113

Latvian Peculiarities 117

Lessons from Latvia for the World 118

Eyes on the Prize: Euro Adoption and European Convergence 121

Notes 123

Leading Latvian Officials 125

Chronology of Events 127

Index 133

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