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• W1550160072 abstract "In this paper, we review how Latvia developed during the boom period and discuss the key structural features of the Latvian economy. We show that a combination of monetary and fiscal expansion contributed to a greater vulnerability to external shocks. We also show that the GDP growth was largely driven by capital deepening, while productivity gains played a significantly smaller role. As a result, one of the most important explanations for the exceptionally deep recession in Latvia should be distortions in the non-traded sectors of the economy. Finally, we give a brief analysis on policy measures that have been taken to correct the distortions and possible pros and cons of an external devaluation." @default.
• W1550160072 created "2016-06-24" @default.
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• W1550160072 date "2010-01-01" @default.
• W1550160072 modified "2023-09-25" @default.
• W1550160072 title "CAUSES OF FINANCIAL CRISIS: THE CASE OF LATVIA" @default.
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• W1550160072 doi "https://doi.org/10.15388/ekon.2010.0.988" @default.
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