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The Baltic Republics and the Crisis of 2008–2011

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  • Rainer Kattel
  • Ringa Raudla

Abstract

This essay explores how the Baltic republics responded to the crisis of 2008–2011. We argue that while there are significant differences in how the Baltic economies responded to the crisis, these responses not only remain within the neo-liberal policy paradigm characteristic of the region from the early 1990s, but that the crisis radicalised Baltic economies and particularly their fiscal stance. We show that there are a number of unique features in all three Baltic republics' political economies that made such a radicalisation possible. However, these unique features make it almost impossible for the Baltic experience to be replicable anywhere else in Europe.

Suggested Citation

  • Rainer Kattel & Ringa Raudla, 2013. "The Baltic Republics and the Crisis of 2008–2011," Europe-Asia Studies, Taylor & Francis Journals, vol. 65(3), pages 426-449.
    • Handle: RePEc:taf:ceasxx:v:65:y:2013:i:3:p:426-449
    DOI: 10.1080/09668136.2013.779456
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    References listed on IDEAS

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    1. Marek Tiits & Tarmo Kalvet, 2012. "Nordic small countries in the global high-tech value chains: the case of telecommunications systems production in Estonia," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 38, TUT Ragnar Nurkse Department of Innovation and Governance.
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    Cited by:

    1. Egert Juuse & Rainer Kattel, 2014. "Financial Regulation in Estonia," Working papers wpaper57, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    2. Jiri Mazurek, 2014. "Examination of European Union economic cohesion: A cluster analysis approach," Business and Economic Horizons (BEH), Prague Development Center, vol. 9(4), pages 8-17, January.
    3. H. Lehmann & T. Razzolini & A. Zaiceva, 2017. "Internal Devaluation and Labor Market Outcomes: Evidence from Latvia," Working Papers wp1095, Dipartimento Scienze Economiche, Universita' di Bologna.
    4. Falkowski Krzysztof, 2018. "Competitiveness of the Baltic States in International High-Technology Goods Trade," Comparative Economic Research, Sciendo, vol. 21(1), pages 25-43, March.
    5. Dünhaupt, Petra & Hein, Eckhard, 2018. "Financialisation, distribution & the macroeconomic regimes before & after the crisis: A post-Keynesian view on Denmark, Estonia & Latvia," IPE Working Papers 104/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    6. Egert Juuse & Rainer Kattel, 2014. "Financialisation and the Financial and Economic Crises: The Case of Estonia," FESSUD studies fstudy20, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
    7. D�ra Győrffy, 2015. "Austerity and growth in Central and Eastern Europe: understanding the link through contrasting crisis management in Hungary and Latvia," Post-Communist Economies, Taylor & Francis Journals, vol. 27(2), pages 129-152, June.
    8. Győrffy, Dóra, 2021. "Felzárkózási pályák Kelet-Közép-Európában két válság között [Convergence paths in Central and Eastern Europe between two crises]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 47-75.
    9. Čekanavičius Linas, 2018. "On the Choice of Fiscal Adjustment to Financial Crises: Expansionary vs. Contractionary Policies," Ekonomika (Economics), Sciendo, vol. 97(2), pages 7-17, December.
    10. Mazurek, Jiri, 2013. "A Comparison of GDP growth of European countries during 2008-2012 period from regional and other perspectives," MPRA Paper 51178, University Library of Munich, Germany.
    11. Mazurek Jiří, 2015. "A Comparison Of GDP Growth Of European Countries During 2008-2012 From The Regional And Other Perspectives / Porównanie Wzrostu Pkb W Okresie 2008-2012 W Krajach Europejskich Z Regionalnej I Innej Per," Comparative Economic Research, Sciendo, vol. 18(3), pages 5-18, August.

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