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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...