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