Adjustment Under a Currency Peg: Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09
The paper traces the Baltics' adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics under...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2010
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 10/213 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | The paper traces the Baltics' adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics undertook an internal devaluation that relied on unprecedented fiscal and nominal wage adjustment, steps to preserve financial sector stability as well as complementary efforts to facilitate voluntary private debt restructuring. One-and-half years on, the strategy is making good progress but not yet complete. Confidence in the exchange rate was maintained, the banking system was supported by its parent banks, external imbalances and inflation have largely disappeared, competitiveness is improving, and fiscal deficits are gradually being brought back towards pre-crisis levels. However, amid record levels of unemployment, further reforms are needed to foster a return to more balanced growth, fiscal sustainability, and a healthier banking system |
| Beschreibung: | 1 Online-Ressource (34 p) |
| ISBN: | 1455205443 9781455205448 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:19Z |
| indexdate | 2024-07-10T09:35:26Z |
| institution | BVB |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Purfield, Catriona Verfasser aut Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 Purfield, Catriona Washington, D.C International Monetary Fund 2010 1 Online-Ressource (34 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 10/213 The paper traces the Baltics' adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita income levels back to 2005/06 levels. In response to this shock, the Baltics undertook an internal devaluation that relied on unprecedented fiscal and nominal wage adjustment, steps to preserve financial sector stability as well as complementary efforts to facilitate voluntary private debt restructuring. One-and-half years on, the strategy is making good progress but not yet complete. Confidence in the exchange rate was maintained, the banking system was supported by its parent banks, external imbalances and inflation have largely disappeared, competitiveness is improving, and fiscal deficits are gradually being brought back towards pre-crisis levels. However, amid record levels of unemployment, further reforms are needed to foster a return to more balanced growth, fiscal sustainability, and a healthier banking system Online-Ausg Rosenberg, Christoph B. Sonstige oth http://elibrary.imf.org/view/IMF001/11285-9781455205448/11285-9781455205448/11285-9781455205448.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Purfield, Catriona Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| title | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| title_auth | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| title_exact_search | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| title_exact_search_txtP | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| title_full | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 Purfield, Catriona |
| title_fullStr | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 Purfield, Catriona |
| title_full_unstemmed | Adjustment Under a Currency Peg Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 Purfield, Catriona |
| title_short | Adjustment Under a Currency Peg |
| title_sort | adjustment under a currency peg estonia latvia and lithuania during the global financial crisis 2008 09 |
| title_sub | Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 |
| url | http://elibrary.imf.org/view/IMF001/11285-9781455205448/11285-9781455205448/11285-9781455205448.xml |
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