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Republic of Latvia: Selected Issues Paper

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  • International Monetary Fund

Abstract

The aim of this paper is to examine selected issues related to Latvia’s economic development. Latvia experienced a large macroeconomic adjustment in the aftermath of the crisis in 2007. The adjustment was characterized by internal devaluation via a combination of wage restraint and productivity gains. Latvia’s creditless recovery has taken unusually long to turn compared to international experience. Although lack of credit has not undermined recovery so far, support from the financial sector will be crucial for its continuation going forward. Emphasis on resuscitating credit growth is key to maintaining recovery. Focus should be on facilitating access to credit for small- and medium-sized enterprises and first-time borrowers, where market failures are the largest.

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  • International Monetary Fund, 2016. "Republic of Latvia: Selected Issues Paper," IMF Staff Country Reports 2016/172, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2016/172
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    References listed on IDEAS

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    1. Bijsterbosch, Martin & Dahlhaus, Tatjana, 2011. "Determinants of credit-less recoveries," Working Paper Series 1358, European Central Bank.
    2. Stijn Claessens & M. Ayhan Kose & Marco E. Terrones, 2009. "What happens during recessions, crunches and busts? [Business cycles for G-7 and European countries]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 24(60), pages 653-700.
    3. Mr. Prakash Kannan, 2010. "Credit Conditions and Recoveries from Recessions Associated with Financial Crises," IMF Working Papers 2010/083, International Monetary Fund.
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