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Adjustment Under a Currency Peg
			: Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09

Adjustment Under a Currency Peg : Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 »

Volume/Issue: 2010/213

Series: IMF Working Papers

Author(s): Catriona Purfield , and Christoph Rosenberg

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2010

DOI: http://dx.doi.org/10.5089/9781455205448.001

ISBN: 9781455205448

Keywords: Internal devaluation, boom bust, competitiveness, wage adjustment, global financial crisis, wage, benefits, wages, fiscal balance,

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 i...

The Cross-Country Incidence of the Global Crisis

The Cross-Country Incidence of the Global Crisis »

Volume/Issue: 2010/171

Series: IMF Working Papers

Author(s): Gian Milesi-Ferretti , and Philip Lane

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 July 2010

DOI: http://dx.doi.org/10.5089/9781455201822.001

ISBN: 9781455201822

Keywords: private credit, international financial integration, output growth, current account balance, short-term debt,

We examine whether the cross-country incidence and severity of the 2008-2009 global recession is systematically related to pre-crisis macroeconomic and financial factors. We find that the pre-crisis level of develo...

Globalization Drives Strategic Product Switching

Globalization Drives Strategic Product Switching »

Volume/Issue: 2008/246

Series: IMF Working Papers

Author(s): Marialuz Moreno Badia , Veerle Slootmaekers , and Ilke Van Beveren

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2008

DOI: http://dx.doi.org/10.5089/9781451871043.001

ISBN: 9781451871043

Keywords: product switching, exit, domestic market, export markets, industry trade,

Using firm-level data for Estonia for the years 1997-2005, we analyze the impact of international competition on firm dynamics, considering both firm closedown and product switching. We contribute to the literature...